eToro Review 2026: NASDAQ IPO, US Crypto Limits & Fees

eToro earns an Expert Score of 4.4/5.0 from BestGuide, positioning it as a competitive multi-asset platform for social and copy trading. This eToro review focuses on the US offering through eToro USA LLC, which differs materially from the global eToro product following a September 2024 SEC enforcement settlement. eToro became a publicly traded company on May 14, 2025, listing on the NASDAQ Global Select Market under ticker ETOR at $52 per share (closing the first trading day at $67, valuing the company at approximately $5.4 billion).

The platform’s primary differentiator is the CopyTrader feature, which allows users to automatically replicate the trading activity of other eToro users. eToro reported approximately 38 million registered users and 3.58 million funded accounts as of Q1 2025 per its first earnings release as a public company. Co-founder Yoni Assia (Yonatan Assia) has served as CEO since the company’s founding in 2007.

For US users specifically, the crypto product was significantly restricted following the September 12, 2024 SEC settlement (discussed in detail below). US customers can currently trade stocks, ETFs, options, and only three cryptocurrencies (BTC, BCH, ETH). Users outside the US continue to access the broader global product with 100+ cryptocurrencies and additional asset classes.

How eToro Works

eToro functions as a multi-asset trading platform that integrates social networking features. US customers operate under eToro USA LLC, which is registered with FinCEN as a Money Services Business and is subject to state-level licensing in jurisdictions where it offers crypto trading. The platform allows users to invest in stocks, ETFs, options, and a limited crypto lineup within a single account.

Creating Your eToro Account (US)

Opening an eToro account is a digital process most users can complete in under 10 minutes. Applicants provide personal information, complete a short questionnaire about trading experience, and verify identity by uploading a government-issued ID and proof of address. The minimum first-time deposit in the US is $100. Crypto trading is currently unavailable to residents of Hawaii and Nevada (state-level licensing restrictions).

Funding and Trading

Once verified, users can deposit funds via bank transfer, credit/debit card, and select e-wallets. Trading is executed through eToro’s web platform or mobile app. For US users, eToro charges a 1% spread fee on cryptocurrency trades (built into the displayed price) and zero commission on US stocks and ETFs. US users can trade three cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH). The 100+ cryptocurrency lineup referenced in some eToro marketing materials applies to non-US users only.

Using eToro CopyTrader

CopyTrader is eToro’s signature feature. The system allows users to browse profiles of other traders, view performance statistics, and automatically replicate their trades. Users can allocate as little as $200 to copy a single trader and can copy up to 100 different traders simultaneously. Past performance of copied traders is not indicative of future results, and copy trading carries the same investment risk as direct trading.

Who eToro Is Best For

eToro USA is best suited for US investors interested in social and copy trading who are comfortable with the limited US crypto lineup (BTC, BCH, ETH only) following the September 2024 SEC settlement. The platform’s $100 minimum deposit and CopyTrader feature make it accessible for newer investors who want to learn from observing other traders. It is not appropriate for US investors who want access to a broader range of cryptocurrencies; competing US-licensed exchanges offer 100+ digital assets. Active stock traders who need advanced charting and analytics may also find eToro’s tools more limited than dedicated brokerages like Schwab, Fidelity, or Interactive Brokers.

eToro IPO and Public Company Status (May 2025)

eToro Group Ltd. completed its initial public offering on May 14, 2025, listing on the NASDAQ Global Select Market under the ticker symbol ETOR. The IPO priced at $52 per share, above the previously announced range of $46-$50, and the stock opened at $69.69 on its first trading day before closing at $67 (a 29% Day 1 gain), valuing the company at approximately $5.4 billion.

• IPO Date: May 14, 2025 (offering closed May 15, 2025)
• Ticker: NASDAQ: ETOR
• IPO Price: $52 per share (upsized from $46-$50 range)
• Shares Offered: 11,923,018 Class A common shares (approximately half sold by eToro, half by existing shareholders)
• Capital Raised: Approximately $310 million
• Day 1 Close: $67 per share (+29% from IPO price); market cap ~$5.4 billion
• Lead Underwriters: Goldman Sachs, Jefferies, UBS, Citigroup
• Q1 2025 Financials (first quarterly report as public company): $217 million net contribution (+8% YoY), $60 million net income, 3.58 million funded accounts (+14% YoY), $14.8 billion assets under administration (+21% YoY)

The successful IPO subjects eToro Group Ltd. to SEC public-company reporting requirements (10-Q quarterly filings, 10-K annual filings, 8-K material event filings), which provides additional financial transparency. eToro had previously attempted to go public in 2021 through a SPAC merger valued at over $10 billion; that deal was terminated in 2022 due to market conditions.

September 2024 SEC Settlement and US Crypto Restrictions

On September 12, 2024, the U.S. Securities and Exchange Commission announced that eToro USA LLC agreed to pay $1.5 million to settle charges that it operated an unregistered broker and unregistered clearing agency in connection with its crypto asset trading platform. The SEC alleged that since at least 2020, eToro facilitated buying and selling of certain crypto assets that the SEC considered to be securities, without the required broker and clearing agency registrations.

Under the settlement terms (eToro did not admit or deny the findings):

• Penalty: $1.5 million paid to the SEC
• Cease-and-Desist Order: eToro agreed to cease and desist from violating applicable federal securities laws
• Limited Crypto Lineup for US: eToro restricted its US crypto offering to only three assets: Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH)
• 180-day liquidation window: US customers had 180 days from September 12, 2024 (until approximately March 11, 2025) to sell crypto assets that eToro could not transfer to customer-controlled wallets
• Affected portfolio share: Per eToro, less than 3% of total dollar value of US customers’ crypto assets was affected

This settlement is the source of the “Government Actions” alert displayed on eToro USA LLC’s Better Business Bureau profile. For prospective US customers, the practical effect is that eToro’s US crypto offering is now meaningfully narrower than competing US-licensed exchanges (which typically support 100+ digital assets). The restriction does not apply to eToro users outside the US, who continue to access the broader global crypto lineup.

eToro Standout Features

CopyTrader (Social Trading): eToro’s signature feature allows users to automatically replicate the trading activity of other eToro users. The system displays transparent performance metrics for each “popular investor” (eToro’s term for traders available to copy). Users can allocate as little as $200 to copy a single trader and can copy up to 100 traders simultaneously.

Smart Portfolios: Previously known as CopyPortfolios, Smart Portfolios are curated multi-asset investment bundles managed by eToro’s investment committee. Portfolios are organized around themes such as renewable energy, AI, and large-cap dividend stocks. Minimum investment is $500 per Smart Portfolio.

Zero-Commission US Stocks and ETFs: eToro US offers $0 commission trading on US-listed stocks and ETFs, in line with industry-standard pricing for digital-first brokerages.

Publicly Traded Parent: eToro Group Ltd. (NASDAQ: ETOR) is subject to SEC public-company reporting requirements following its May 14, 2025 IPO. This provides quarterly and annual financial transparency that is not available for privately held competitors.

Multi-Jurisdictional Regulation: eToro is regulated by FinCEN in the US (Money Services Business registration), the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in the EU, and the Australian Securities and Investments Commission (ASIC) in Australia.

eToro Pros and Cons

Is eToro Legit?

Yes, eToro is a legitimate trading platform. eToro Group Ltd. was founded in 2007 by Israeli brothers Yonatan and Ronen Assia (along with David Ring) and is now publicly traded on the NASDAQ Global Select Market (ticker: ETOR) following its May 14, 2025 IPO. The Israeli parent company is headquartered in Tel Aviv with offices worldwide. The US operating entity, eToro USA LLC, is incorporated in Delaware (Business Incorporated 3/21/2007) with US headquarters at 221 River St Ste 9, Hoboken, NJ 07030-5990.

From a regulatory standpoint, eToro USA LLC is registered with FinCEN as a Money Services Business and holds state money transmitter licenses in jurisdictions where it offers crypto trading. Globally, eToro entities hold licenses from top-tier authorities including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in the EU, and the Australian Securities and Investments Commission (ASIC). The public listing subjects eToro Group Ltd. to SEC reporting requirements (10-Q, 10-K, 8-K filings).

That said, “legitimate” does not mean “without regulatory baggage.” On September 12, 2024, the SEC announced a settlement with eToro USA LLC over charges of operating as an unregistered broker and unregistered clearing agency. eToro paid a $1.5 million penalty, agreed to a cease-and-desist order, and restricted its US crypto offering to Bitcoin, Bitcoin Cash, and Ether (per the section above). This enforcement action is recent enough to appear as a Government Actions alert on eToro USA LLC’s BBB profile as of May 2026 and is material context for any prospective US customer.

eToro USA LLC BBB Rating and Government Actions Alert

eToro USA LLC’s Better Business Bureau profile carries data points that prospective customers should weigh carefully alongside the platform’s product features. Key data points as of May 2026:

• BBB Rating: C (below the industry average for financial services companies)
• BBB Accreditation: Not BBB Accredited (eToro USA LLC is not an accredited business)
• BBB File Opened: 5/6/2019
• Business Incorporated: 3/21/2007
• BBB Alert: “This business has 1 alert” – Government Actions (the September 2024 SEC settlement detailed above)
• Customer Review Score: 1/5 stars across 6 customer reviews
• Total BBB Complaints (Last 3 Years): 45
• BBB Complaints Closed (Last 12 Months): 13
• Unresolved Complaints: 2 complaints filed against business that were not resolved
• Type of Entity: Limited Liability Company (LLC)
• BBB Business Categories: Financial Services, Virtual Currency
• Local BBB: BBB Serving New Jersey
• Address: 221 River St Ste 9, Hoboken, NJ 07030-5990

The C BBB rating is meaningfully below the A and A+ ratings held by many competing US-licensed financial services and crypto trading platforms. The combination of the C rating, the Government Actions alert (September 2024 SEC settlement), and the 1/5 customer review score (small sample of 6 reviews) is a notably negative cluster of trust signals at the BBB level. Common themes in recent BBB customer reviews include difficulty accessing accounts, withdrawal and tax document issues, and challenges reaching live customer support. Prospective customers should weigh these BBB signals alongside the strong product features and the regulatory transparency that comes with the NASDAQ public listing.

eToro Cost: What You Should Expect to Pay (US)

eToro’s US fee structure for the post-September 2024 product is documented below. The platform primarily earns revenue through spreads on crypto trades and through non-trading fees (withdrawal, inactivity).

For crypto trades, the 1% spread is higher than fees at dedicated US crypto exchanges such as Coinbase Advanced (0.00%-0.60% maker/taker tiers) or Kraken Pro (0.16%-0.26% maker/taker tiers). The $5 flat withdrawal fee is also notable, as many competing brokerages and exchanges offer free ACH or bank withdrawals. Frequent traders should factor these costs into total trading economics.

US-Specific Notes (Important for US Customers)

Several aspects of eToro’s product differ for US users compared to the global product. Prospective US customers should understand these differences:

• Crypto Lineup: US users can trade only Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH). Global users can trade 100+ cryptocurrencies. This restriction stems from the September 2024 SEC settlement.
• CFDs Not Available: eToro does not offer Contracts for Difference (CFDs) to US clients. The widely cited “51% of retail investor accounts lose money trading CFDs” risk warning applies to non-US eToro entities; US clients trade actual stocks, ETFs, options, and the three allowed cryptocurrencies, not CFDs.
• State Availability: Crypto trading is currently unavailable to residents of Hawaii and Nevada due to state-level money transmitter licensing requirements. Stock and ETF trading is broadly available across US states.
• Regulatory Coverage: US operations are conducted by eToro USA LLC, registered with FinCEN as a Money Services Business and subject to applicable state money transmitter licensing. eToro USA Securities, Inc. is a registered broker-dealer for stock and ETF activity.

Final Verdict: eToro Review

eToro earns an Expert Score of 4.4/5.0 from BestGuide. The platform offers a distinctive product combination for US investors interested in social and copy trading, with the CopyTrader feature serving as a meaningful differentiator. The May 14, 2025 NASDAQ IPO (ETOR) provides public-company financial transparency that is not available at most digital-first competitors, and the multi-jurisdictional regulatory profile (FinCEN, FCA, CySEC, ASIC) reflects the company’s 18+ year operating history. Q1 2025 financials showed $217 million net contribution, $60 million net income, and 3.58 million funded accounts globally.

The 4.4 score (rather than higher) reflects several material considerations that prospective US customers should weigh. The September 12, 2024 SEC settlement ($1.5 million penalty, cease-and-desist order over operating as unregistered broker and clearing agency) is recent regulatory baggage and the source of the Government Actions alert on the BBB profile. The post-settlement US crypto lineup is restricted to only three assets (BTC, BCH, ETH), which is meaningfully narrower than competing US-licensed exchanges that typically offer 100+ digital assets. eToro USA LLC carries a BBB C rating (Not BBB Accredited) with 45 complaints over three years and a 1/5 customer review score (small 6-review sample). Non-trading fees ($5 per withdrawal, $10/month inactivity after 12 months) are higher than many competitors.

For US investors whose primary interest is social and copy trading with the three major cryptocurrencies (BTC, BCH, ETH) plus US stocks and ETFs, eToro USA delivers a competitive and now publicly accountable product. For US investors seeking broader crypto exposure (altcoins, DeFi tokens, etc.), competing US-licensed exchanges such as Coinbase, Kraken, or Gemini offer materially wider crypto lineups. As with any investment platform, prospective customers should evaluate fees, available assets, regulatory profile, and customer feedback against their specific needs.

Frequently Asked Questions About eToro

What do experts say about eToro?
BestGuide gives eToro an Expert Score of 4.4/5.0. Experts praise the CopyTrader social trading feature, the May 2025 NASDAQ IPO (ETOR) and resulting public-company transparency, multi-jurisdictional regulation (FinCEN, FCA, CySEC, ASIC), and the $0 commission on US stocks and ETFs. Critical considerations include the September 2024 SEC settlement ($1.5M penalty), the resulting restriction of the US crypto lineup to only BTC/BCH/ETH, the BBB C rating with Not Accredited status, and 45 complaints over 3 years.

Is eToro publicly traded?
Yes. eToro Group Ltd. completed its IPO on May 14, 2025, listing on the NASDAQ Global Select Market under ticker ETOR at $52 per share. The stock closed its first trading day at $67 (+29%), valuing the company at approximately $5.4 billion. Lead underwriters were Goldman Sachs, Jefferies, UBS, and Citigroup.

What cryptocurrencies can US customers trade on eToro?
Following the September 12, 2024 SEC settlement, US customers can trade only three cryptocurrencies on eToro: Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH). The settlement resulted from SEC charges that eToro USA LLC operated as an unregistered broker and unregistered clearing agency. Outside the US, eToro users continue to access 100+ cryptocurrencies.

Why did eToro settle with the SEC?
On September 12, 2024, eToro USA LLC agreed to pay $1.5 million to settle SEC charges that since at least 2020 it operated as an unregistered broker and unregistered clearing agency by facilitating buying and selling of crypto assets the SEC considered to be securities. eToro entered into a cease-and-desist order without admitting or denying the findings and restricted its US crypto lineup to BTC, BCH, and ETH. This settlement appears as a Government Actions alert on the eToro USA LLC BBB profile.

Is eToro safe and legit for US users?
eToro USA LLC is a legitimate, regulated trading platform. It is registered with FinCEN as a Money Services Business and holds state money transmitter licenses. eToro Group Ltd. (parent) is publicly traded on NASDAQ (ETOR) since May 14, 2025. Prospective customers should be aware of the September 2024 SEC settlement and resulting US crypto restrictions, the BBB C rating with Not Accredited status, and the 1/5 customer review score on the BBB profile (small 6-review sample).

What are the main fees on an eToro account (US)?
1% spread on crypto trades (built into displayed price); $0 commission on US stocks and ETFs; $5 per withdrawal ($30 minimum withdrawal); $10/month inactivity fee after 12 months of no login activity; $0 USD deposit fee. Minimum first deposit is $100; CopyTrader minimum is $200 per copied trader; Smart Portfolio minimum is $500.

How does eToro compare to Coinbase or Kraken?
eToro USA’s US crypto lineup is restricted to three assets (BTC, BCH, ETH) following the September 2024 SEC settlement, while Coinbase and Kraken offer 100+ cryptocurrencies. eToro’s 1% spread is higher than Coinbase Advanced (0.00%-0.60%) and Kraken Pro (0.16%-0.26%). eToro’s differentiation is CopyTrader social trading plus stocks/ETFs in the same account, features that pure crypto exchanges do not offer.

Is eToro legal in all US states?
eToro USA’s stock and ETF trading is broadly available across US states. Crypto trading is currently unavailable to residents of Hawaii and Nevada due to state-level money transmitter licensing requirements.

Does the “51% of retail investor accounts lose money trading CFDs” warning apply to US users?
No. eToro does not offer CFDs (Contracts for Difference) to US customers. That risk warning applies to non-US eToro entities. US clients trade actual stocks, ETFs, options, and the three allowed cryptocurrencies, not CFDs.

Who is the CEO of eToro?
Yoni Assia (Yonatan Assia) has served as CEO since co-founding eToro in 2007 with his brother Ronen Assia and David Ring. The company is headquartered in Tel Aviv, Israel, with US operations based in Hoboken, NJ. Yoni Assia led the company through its May 14, 2025 NASDAQ IPO.

Can you really make money with eToro Copy Trading?
Copy trading carries the same investment risk as direct trading. Past performance of copied traders is not indicative of future results. Users can lose money. Before allocating funds to CopyTrader, prospective users should review each popular investor’s full performance history (including drawdowns and risk score) rather than relying solely on recent returns.