A subsidiary of eToro Group, this cryptocurrency exchange has been created as an answer to millions of younger traders flooding the market in hopes of earning on crypto trading. When it became obvious that eToro’s main trading platform was insufficient to meet that demand, a new exchange focusing just on cryptocurrencies was launched. And it seems that this exchange is doing pretty well, attracting new users and competing with other major projects. In this article, we provide you with a brief overview of the exchange and help you understand whether it’s worth checking out.
Basic information
Founded in 2019, the exchange now operates across a hundred different countries. Its main goal is to serve as a link between traditional financial instruments and the crypto world. The platform allows you to trade various crypto tokens, including Bitcoin, Ethereum, Litecoin, XRP, and many others. There is a wide choice of stablecoins as well, and you can choose between about 120 crypto assets in total. It is pretty impressive, so it’s no wonder the platform has been able to become pretty popular.
While eToro is widely known for its additional features like a copy trading service, the exchange does not have any such features yet. Basically, all you can do there is trade crypto or convert it to fiat and back. Margin trading is also supported, but that’s pretty much it.
Fees
However, this impressive choice of available tokens is not the only advantage of the exchange. It has pretty low fees, too. On eToroX, there are no fees for depositing money or making transactions, but a withdrawal fee is present. The exchange also has conversion fees: a fee for converting coins to coins is 0.1%, and converting fiat to crypto will cost about 5% of the transaction amount in fees, so be sure you understand how it works before you start converting currencies.
Safety and security
While eToro is known to be regulated by several major financial institutions including FCA and ASIC, its crypto exchange has faced problems with registration since many countries still don’t support any platforms that allow this kind of assets to be traded. However, the platform has managed to become licensed in Gibraltar under the Gibraltar Financial Services Commission (GFSC), so it’s pretty legal now. And the reputation of eToro itself makes the exchange very reliable and safe to use.
