What is Etoro?
eToro is an online trading platform that allows the trading of stocks, cryptocurrencies, contracts for difference (CFDs), commodities and currencies.
Etoro is available for residents of Ireland to use on the web and on mobile (Apple and Android).
This article contains some information on the following:
- Details of Etoro’s regulation
- A summary of the main features of Etoro
- Stock Trading on Etoro
- Buying Fractional Shares
- Crypto Trading
- Details of Etoro Fees for Irish customers
- How to avoid currency conversion fees with Etoro in Ireland
Etoro Regulation
Founded in Israel in 2007 , Etoro operates in Ireland and more than 140 other countries and has over 11 million users.
Irish residents who access eToro will be customers of eToro (Europe) which is based in Cyprus and regulated by the Cyprus Securities & Exchange Commission. It uses EU passporting rules to allow it to operate across the single market.
Share Trading on Etoro
Etoro has access to thousands of shares on several stock exchanges around the world (But not Dublin).
They don’t have access to all the stocks on each exchange – but they do have a pretty large selection.
For example :
- NYSE – 1939 stocks
- NASDAQ 1963 stocks
- London LSE 1377 stocks
- European Exchanges over 700 stocks
- Hong Kong 143
- ETFs (mainly USA) 649
- (Numbers checked November 2024)
Important: eToro is an investment platform, not an exchange or a market. This means that you can BUY or SELL stocks within the eToro investment platform, but it is not possible to move stocks out of your eToro account to another broker or another person.
Buying Fractional Shares on Etoro
You can buy fractional stocks on eToro – the minimum trade size is just $10. This facility is not available with most brokers. Buying fractional shares can be ideal for smaller investors who can’t afford to pay the high prices for shares such as Amazon , Facebook or Microsoft.
More here about Buying Fractional Shares
A selection of ETFs are also available on Etoro –
A small selection of EU/UK ETFS can be bought on Etoro just like shares with no commission. Fractional purchases are possible with ETFs too. (Total of about 200 ETFs in late 2024)
However , non-EU ETFs can only be “traded” as CFDs – so you don’t actually own them and there may be some small fees charged on them. You can trade CFDs without leverage – which will be less risky.
More about CFDs here.
Compare Brokers Fees on ETFs
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
{etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Social Trading on Etoro
One of the unique features of eToro is “social trading “. Basically, this means you can view some of the other traders’ portfolios and detailed statistics. If you feel confident in a trader, you can choose to copy them. This will automatically copy all their future transactions from that point on. Whatever they do in terms of investing and trading will happen with your money too, meaning if they make 10% profit, so do you. Of course – if they make a loss – so do you. Because of the unknown consequences of copy trading – it is high risk.
Share Trading Fees on Etoro
eToro does not charge a commission when you buy or sell shares/stocks
You can see our comparison of Etoro’s fees with other online brokers here.
After 12 months of no login activity, a $10 monthly inactivity fee will be charged on any remaining available balance. So just make sure you log in to Etoro once a year to avoid this fee if you are not trading.
Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees
Figures checked Oct 2024
Buying Cryptocurrency on Etoro
There are about 95 crypto coins available to trade on Etoro.
These include Bitcoin , Ethereum, XRP, BNB, Solana, Cardana , Shiba ,Ripple , Dogecoin , Ethereum ,Cronos
Kyber Network , Flare and several others.
When buying cryptocurrencies on eToro, you gain ownership of the assets.
As with stocks and shares – the minimum crypto trade is just $10 USD – so it’s ideal for small investors or beginners.
When trading cryptocurrencies on eToro, there is a 1% commission when buying or selling. This is on top of any spread . The market spread is the difference between the bid and ask prices, and can vary depending on market conditions.
There is a charge of 2% (capped at $100) if you want to withdraw your crypto assets to the eToro wallet.
There are minimum amounts that can be transferred – depending on the type of Coin. In addition to the fee charged by eToro, there will also be an external blockchain fee.
Buying cryptocurrency on Etoro is fairly simple. You select the crypto coin that you wish to buy, then select Trade then Select BUY.
You need to ensure that leverage is set to X1 and then enter the amount in USD or the number of coins/units you wish to buy – and finally select Open Trade.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
How To Deposit Money With Etoro in Ireland
Irish residents can use any of the following methods to deposit money on Etoro.
- eToro Money App
- Bank Transfer
- Credit /Debit Card
- E-Wallets such as PayPal, Skrill and Neteller
Minimum Deposit on Etoro in Ireland
All deposits via Bank Transfer must be at least $500.
For all other methods, Etoro currently requires a minimum deposit of just $100 USD for Irish customers.
However, they sometimes adjust this minimum level during very busy periods.
eToro Currency Conversion Fees
The eToro platform operates mainly in USD . In June 2024 – they started to allow the buying of selected stocks denominated in Euro currency on European stock markets . (Over 900 of them)
There may be currency conversion fees that you need to take into account . With eToro, all clients can hold funds in a USD account. Clients in Ireland can also hold funds in a EUR account. Currency conversions can be needed in the following scenarios:
- Trading an asset that’s in a different currency to your eToro account. (0.75%)
- Transferring between your USD account and your EUR account. (0.75% fee)
- Depositing or withdrawing in a different currency to your eToro account. (1.5% fee)
How to deposit and withdraw US Dollars and avoid Etoro Conversion fees .
Use Revolut for USD Deposits on Etoro
A Revolut account is accepted for bank transfers USD deposits and withdrawals on eToro. -(we have tried this out and it worked in December 2021).
Revolut Bank Transfers
How to do a bank transfer to Etoro from a Revolut USD account.
On Etoro you select ‘Bank Transfer’ on the “Deposit Funds” page and use the Etoro bank details provided to complete the transfer with Revolut in USD.
The Etoro USD account for Irish deposits is not located in the USA – and Revolut charges a flat fee of €3 to send USD to a USD account that is not located in the USA. (The paid accounts on Revolut (Metal / Premium) allow a small number of free transfers per month)
On a $500 transfer – the €3 charge from Revolut is the equivalent of a 0.77% charge – so you would be slightly better off sending the equivalent of $500 in Euros to Etoro using their Money app and letting them charge you a 0.75% conversion fee. ($2.50)
However – on larger USD bank transfers the €3 Revolut fee will always work out cheaper.
We have also verified that it is possible to withdraw USD from Etoro to a Revolut USD account.
Etoro will usually contact you to request additional documentation, which may include the following:”
- An International Money Transfer form
- A copy of your Revolut account statement showing the transfer to eToro
- A copy of your bank or card statement showing transfers to your Revolut account that cover the amount you wish to deposit to eToro
Be aware that all Etoro deposits via Bank Transfer must be at least $500.
Revolut’s standard (free) account has a €1000 per month limit on free currency conversion – after that, they charge 0.5% . So you might want to get Revolut Premium to have no fees at all on currency conversion if you are planning USD deposits of more than the equivalent of €1000 (Revolut Premium costs €7.99 per month. )
If you hopefully make a profit and eventually need to withdraw more than your total deposit – then you could use a Revolut USD account to avoid the Etoro conversion fees. Otherwise, you will need to pay Etoro a 0.75% fee to withdraw to the Euro account in your Etoro Money app. ($7.50 on every $1000)
Using Other Irish Debit Cards with Etoro
Using any “mainstream” Irish bank debit card (AIB/BOI etc) to pay in USD should also be possible- but there will be a card fee of 2% to 3% (capped at €12 except for An Post) . Etoro will charge 1.5% if you want to pay in EUR to your Etoro USD investment account
If you withdraw USD to your Irish debit card – they will apply their own conversion rate which might not be as good as the rate Etoro would give you.
Withdrawal Fees on eToro
There is a flat $5 fee on all USD withdrawals from Etoro. The minimum withdrawal is $30.
By using the eToro Money App you can withdraw Euros without any currency conversion fees .
Currency conversion fees for all other withdrawals not in USD are 0.75% , just like deposits.
However, if you deposited USD using Revolut , you should be able to withdraw USD to that account from Etoro without any conversion fees.
Etoro Inactivity Fee
After 12 months with no login activity, a $10 monthly inactivity fee will be charged on any remaining available balance. So just make sure you login once a year if you are not trading.
You can see our comparison of Etoro’s fees with other online brokers here.
All the figures and limits given in this article relate to the use of Etoro in Ireland. There may be different fees and limits in other countries.
Disclaimers
eToro is a multi-asset platform that offers both investing in stocks and crypto assets, as well as trading CFDs. Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. {etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.