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
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 hundreds 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 – 1206 stocks
- NASDAQ 888 stocks
- London LSE 288 stocks
- Frankfurt 117 stocks
- Hong Kong 134
- ETFs (mainly USA) 300
- (Numbers checked Feb 2023)
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 to 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. It is 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 –
EU/UK ETFS can be bought just like shares with no commission. Fractional purchases are possible with ETFs too.
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.
79% 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
An added bonus is that eToro pays the stamp duty or Financial Transaction Tax that you would normally have to pay on some stock exchanges.
That will save you 0.5% on purchases on the London Stock Exchange, 0.3% on Fench stock exchanges, and 0.1% on Italian exchanges.
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
Buying Cryptocurrency on Etoro
There are about 80 crypto coins available to trade on Etoro.
These include Bitcoin , Ethereum, Shiba INU ,Ripple , Dogecoin and Cardano , Ethereum ,Cronos
Kyber Network ,LUNA| Terra
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 : eg. 0.75% on Bitcoin 1.9% on Ethereum, 2.9% on Dogecoin (DOGE).
There is a charge of 0.5% (capped at $50) if you want to withdraw your crypto assets to the eToro wallet.
Note : Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Buying cryptocurrency on Etoro is fairly simple. You just 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.
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 (Minimum €50)
- Bank Transfer (Minimum $500)
- Credit Card (minimum $50)
- Debit Card : Only debit cards that can receive funds and have a 3 digit CVV code at the back of the card are accepted for deposits. (Minimum $50)
- E-Wallets such as PayPal, Skrill and Neteller (Minimum $50)
We think the best way to deposit money is probably by using the Etoro Money app. This allows you to send Euros and get it converted to US Dollars without any conversion fees. The other methods of deposit will all incur a 0.5% conversion fee when depositing Euros. The exchange rate used by Etoro Money is the interbank rate.
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 $50 USD for Irish customers.
However, they sometimes increase this minimum level during very busy periods.(It was $200 for a while in 2021).
eToro Currency Conversion Fees
The eToro platform operates in USD only However, you can choose to display your portfolio value in Euros if you wish. Doing so will not change the currency of any other figures on the platform.
With eToro , there is a small currency conversion fee that you need to take into account when you directly deposit or withdraw Euros . This is because all account balances at eToro are denominated in US dollars.
There is no conversion fee when using the Etoro Money App
- Euro bank transfers are charged 0.5% currency conversion fee.
- Debit/credit card, Paypal and Skrill deposits that are not in USD will incur a 1.5% currency conversion fee.
How to deposit and withdraw US Dollars and avoid Etoro Conversion fees .
1. Using the Etoro Money App
If you use the app provided by Etoro (Etoro Money) – you can avoid all conversion fees when depositing or withdrawing Euros. We have tested this out and it works fine and is fee-free. The exchange rates used are as good as you would get anywhere.
2. Using N26 for USD Deposits on eToro
Using an N26 debit card is an option because N26 doesn’t charge any fees on card spending in USD or any other foreign currency. We have tested out using N26 to deposit USD and withdraw USD with Etoro – and it works fine. There are no fees from either N26 or Etoro and the exchange rate used by N26 is good. However – you will only be allowed to withdraw as much as you originally deposited with the N26 card. Any profits will need to be paid to a bank account or Paypal. (See below for more info.)
3. Using 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 and letting them charge you a 0.5% conversion fee. ($2.50)
However – on larger USD bank transfers the €3 Revolut fee will work out cheaper.
For example, a €3 fee on a $5000 transfer works out at $3.86 or 0.077% , this is much lower than letting Etoro charge you a 0.5% conversion fee of $20.
We have also verified that it is possible to withdraw USD from Etoro to a Revolut USD account.
Etoro will 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% which is the same as eToro’s rate. So you will need to get Revolut Premium to have no fees at all on currency conversion but that costs €7.99 per month. Just another reason why we recommend using the Etoro Money app or N26 for deposits.
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 small 0.5% fee to withdraw to a Euro bank account. ($5 on every $1000)
Using a Revolut Debit Card
Etoro does not specify the possibility of using a Revolut card to deposit and withdraw USD. We are aware that many people have used a Revolut card to send USD to Etoro but several others reported problems getting USD back from Etoro to a Revolut card. Using bank transfers to and from a Revolut USD account seems safer.
4. Using Paypal With Etoro
You can use Paypal to deposit and withdraw USD with Etoro. However – we do not recommend using Paypal to convert your Euros to USD before you send them to Etoro. The exchange rate used by Paypal will work out a lot worse than the 0.5% Etoro conversion fee. On the day we tried it – the Paypal exchange rate ended up costing 3.5% – which is 3% more than the 0.5% Etoro fee.
Some people have reportedly used a Revolut card to send USD to Paypal and then send the USD to Etoro. When we tried this out , it worked OK BUT Paypal would not allow the withdrawal of USD back to Revolut. That means you would end up having to use Paypal to convert to Euros and that would be more expensive than paying the 0.5% Etoro fee.
It makes more sense to use the Etoro Money App instead of Paypal.
5 Using Other Irish Debit Cards with Etoro
Using any “mainstream” Irish bank debit card (AIB/BOI etc) to pay in USD is also possible- but there will be a card fee of 2% to 3% (capped at €12 except for An Post) .
We have worked out , if you haven’t got N26 – it would be more expensive to use a “normal” debit card when depositing less than $2500 USD instead of letting Etoro do the conversion at 0.5%.
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 gve you.
Withdrawal Fees on eToro
There is a flat $5 fee on all 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 0.5% , just like deposits.
However, if you deposited USD using a debit card such as N26, you can withdraw USD to that card from Etoro without any conversion fees.
Etoro will send the USD to your N26 debit card in the same way you would get a USD refund from a retailer. N26 will apply the Mastercard exchange rate on the day and automatically convert it to Euros and will not charge any extra conversion or transaction fees.
We can confirm this works and the exchange rate used is as good as you would get from Etoro.
It looks like you are only allowed to withdraw what you originally deposited with a debit card.
So if you make a profit – that will need to be withdrawn to a bank account (or Paypal) .
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.
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. 79% 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.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as a basis for investment decisions. Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission. Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. 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.