How to Create eToro account without a Phone Number

Posted on 07/11/24 12:44 pm

Are you interested in starting to invest in stocks of notable companies and trading cryptocurrencies on the Israeli eToro platform? And does linking your phone number as part of the verification process seem doubtful to you? If so, find out how to verify eToro without a phone number and what opportunities the service offers investors and traders.

What is eToro?

eToro is an Israeli trading platform that operates in over 140 countries. It offers over 3,000 financial instruments, including stocks, cryptocurrencies, ETFs, Forex, and more. Analysts suggest the service is particularly suited for medium-term traders and long-term investors.

The platform supports both a website and mobile apps for iOS and Android. Through the website interface, you can open and close positions, view charts, and access statistics via Web Trader.

eToro Features

What is eToro like in terms of specific features? eToro allows you to:

Open long and short positions
Use leverage and stop orders
Track Bid and Ask prices
Analyze graphs

The company has also implemented a stock screener and a cryptocurrency screener, allowing eToro account holders to track quotes, asset value dynamics, and statistics of leading assets right in their accounts.

Additionally, the platform provides users with the eToro Wallet to store BTC, ETH, and over 120 altcoins. With this wallet, you can transfer cryptocurrencies purchased on eToro into the wallet and make deposits within the platform. When storing cryptocurrencies, eToro account holders earn income via "cryptocurrency staking" (currently only for ADA and TRX coins). Profitability depends on market conditions and the user’s trading activity.

Another feature is eToro Money, which combines the eToro cryptocurrency wallet with a payment system wallet and provides the option to issue a bank card.

Unique Features Offered by eToro

eToro offers CopyTrading, which allows one user to duplicate the trades, investment portfolio, asset deals, and more of another user. Users can copy positions manually or set up automatic copying.

Through Social Trading, users can create their own blog, share forecasts and market news, and disclose details of their transactions. Other users rate these posts, and this, along with the number of profitable transactions and the quality of the forecasts, affects the user’s rating on the platform.

eToro for Beginners and Professional Investors

eToro offers a Practice Account for beginners, which includes $100,000 in virtual funds. This allows new traders to learn the mechanics of investing and improve their risk and money management skills without the risk of real money.

Additionally, beginners can invest in Smart Portfolios, which are pre-made portfolios of assets curated by eToro's analysts. These portfolios are periodically rebalanced, with changes to the asset composition and percentages.

For professional investors, eToro offers the Pro Account for residents of the EU and UK. Requirements include:

A portfolio of over $500,000
At least one year of work experience in the financial and investment sector
A minimum of 10 transactions in the previous year in the selected market

With a Pro Account, you gain expanded transaction limits, higher deposit and withdrawal limits, higher leverage, and access to more margin levels.

Commissions for eToro Account Holders

eToro does not charge commissions for investments in ready-made portfolios or CopyTrading, meaning users only pay for their own transactions. The commissions for transactions with major trading instruments are as follows:

0% commission for Stocks and ETFs, no fees for transferring positions
1% commission on Cryptocurrency transactions
1% fee for CFD contracts on cryptocurrencies
0.15% fee for CFD contracts on shares and ETFs

There are no fees for deposits, but the withdrawal commission is $5 per transaction, with a minimum withdrawal amount of $30. Additionally, there is a $10 monthly inactivity fee for accounts without transactions.

Why Does Registering an eToro Account Require a Phone Number?

eToro operates in compliance with financial regulations such as FCA, CySEC, and ASIC to protect your assets and transactions. As a result, every registered user must go through a verification process.

While eToro assures that your personal data is protected by SSL encryption and remains confidential, they still require proof of residence (such as a utility bill) and identification (such as an ID or passport). If you are not comfortable linking your actual phone number to your account, you can use a virtual phone number for the verification process. These virtual numbers can cost as low as $0.23 and allow you to create an eToro account without revealing your real phone number or associating it with sensitive data in potentially vulnerable databases.

How to Create an eToro Account without a Phone Number?

SMSOTPVERIFY provides temporary virtual numbers for registration and verification on over 1,000 platforms, including eToro. Here's how you can use it to register for eToro without a phone number:

Create an account on SMSOTPVERIFY via email or a social media profile.
Deposit funds into your account via the "Top Up your Balance" tab.
To buy a one-time phone number for eToro registration, go to the "Receive SMS" tab and select a country.
Find “eToro” in the service search bar and click “Buy SMS.”
Copy the virtual number from the "History" section and use it to create your eToro account.
Go back to the SMSOTPVERIFY tab and click “Receive SMS” to retrieve the verification code.
Enter the code to complete your eToro registration.

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