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Are you willing to start investing in stocks of notable companies and trading cryptocurrencies on the Israeli eToro platform? And linking your phone number as a part of the verification process seems doubtful to you? 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, according to the sources, operates in over 140 countries. It offers over 3000 financial instruments including such as stocks, cryptocurrencies, ETFs, Forex, and more. According to analysts, the service is most relevant for medium-term traders and long-term investors.

The platform supports the website and mobile app for iOS and Android. What’s more, through the website interface, you can open and close positions, view charts, and statistics in Web Trader.

What is eToro in terms of specific features? Among other things, you can:

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

Moreover, the company has also implemented a stock screener and a cryptocurrency screener. With these features, an eToro account owner can track quotes, asset value dynamics, and statistics of leading assets right in the account.

In addition to that, the platform provides users with the crypto wallet eToro Wallet, so that traders can store BTC, ETH and 120 other altcoins. With the wallet, you can transfer cryptocurrencies purchased on eToro into the wallet and make deposits within the platform. When storing cryptocurrencies in your wallet, eToro account holders receive income which is called ‘cryptocurrency staking’ (to date, only for ADA and TRX coins). Profitability depends on market conditions and the trading activity of each user.

Another option for managing your funds on eToro is eToro money. This tool combines the eToro cryptocurrency wallet and a payment system wallet with the ability to issue a bank card.

What Unique Features Does the Platform Offer to eToro Account Holders?

Speaking of the platform’s distinctive functionality, eToro offers the so-called CopyTrading. Moreover, as a social network element, eToro provides users with the Social Trading feature.

CopyTrading implies that one user duplicates the trades, investment portfolio, asset deals, and more of another user. eToro users can copy positions manually, or set up automatic copying.

Whereas, with Social Trading, an owner of an eToro account can create their own blog on the platform, sharing forecasts and news from the markets, and also disclosing details of their own transactions. At this time, other users rate their posts, which together with the number of profitable transactions proposed and the quality of forecasts, is taken into account when entering the platform’s rating.

What is eToro for Beginners and Pro Investors?

Well, does the service offer special functionality to these categories of investors? Let’s check it. For young traders, it provides a so-called Practice account so that beginner investors can understand the mechanics of investing in separate tools, and improve their risk management and money management skills. This training account has $100,000 on the balance with no withdrawal option (they are virtual).

Moreover, when beginner traders create eToro account, instead of building a portfolio themselves, they can invest in Smart Portfolio. This feature implies that thee platform’s analysts have collected a number of ready-made tools for investing that are often united by one industry sector (MedTech, FoodTech, etc.).

Such smart portfolios are periodically rebalanced, which implies that the composition and percentage of assets changes.

As for professionals, EU and UK residents can apply for a Pro eToro account. Other requirements include:

Portfolio of over $500,000.
At least a year of working experience in the financial and investment sector.
And activity in the selected market of at least 10 transactions in the previous year.

In case the application is approved, a holder of an eToro account will receive expanded limits on the size of transactions, deposits and withdrawals, margin levels, and higher leverage.

Commissions for eToro Account Holders

The service charges no commissions for investments in ready-made portfolios and copy trading. It means that users only pay for their own transactions.

Commissions for transactions with major trading instruments are as follows:

0% transaction commission for Stocks and ETFs, no fees for transferring positions.
1% commission on Cryptocurrency transactions.
CFD contracts on cryptocurrencies — in this case, an eToro account holder pays a 1% fee from the transaction.
CFD contracts for shares and ETFs — 0.15% of the transaction.

No fees for depositing funds by any method are charged, while the withdrawal commission is $5 per transaction with a minimum withdrawal amount of $30. Moreover, in case of inactivity, the service charges a user with $10 for each month without transactions.

Now, after we’ve explored the main functionality of the platform, it’s time to move to eToro registration requirements and verification procedures.

Why Does Registering an eToro Account Require a Phone Number?

eToro trading platform operates in compliance with such financial regulations as FCA, CySEC, and ASIC to protect your assets and transactions within. This means that every registered user of the platform must be verified.

At the same time, as the platform assures, the personal data you use to create eToro account does not go beyond it and is reliably protected by SSL encryption.

However, if you’ll have to confirm your residence with a bill for housing and communal services or other document, as well as proof your identity with an ID or valid passport, instead of linking your real phone number to your account or purchasing an extra SIM card and device if you do not have a cell phone, you can use a virtual phone number. Such a virtual number for eToro will cost you $0.23.

This service will allow you to create eToro account without associating your actual phone number with your ID and other sensitive data in another web database that can be hacked or leaked sooner or later.

Also, virtual numbers for receiving SMS messages are a working method to:

Gain access to platforms and services that restrict users by geolocation or require only local phone numbers.
Create numerous social media accounts for advertising.
Register a new account if your old one has been banned for some reason.
After all, if you want to remain anonymous on the Internet.

However please note that these virtual phone numbers are not intended for illegal activities — law enforcement agencies can always request information about the buyer of a number from the provider.