eToro: $500 Bonus When You Trade $5,000 In Cryptocurrency (Why Not To Do This Deal)

Update 2/12/21: Available again, still has the 50 person cap.

Update: There is a version of this offer targeted towards existing users. This doesn’t have the 50 person cap so should be worth doing depending on the fees/spread that eToro has. Anything more than 10% obviously makes it not profitable.

A lot of readers have sent this offer in, the reason we haven’t posted is because the fine print states ‘The first up to fifty (50) Invited Participants who met the Promotion Criteria’, it’s almost certain 50 people have already done this.

Contents

The Offer

Direct link to offer

  • eToro is offering a bonus of $500 when you trade $5,000 in cryptocurrency

The Fine Print

  • “Promotion Period” means, the period starting at 00:00 a.m. (EDT) on 16 November, 2020 (“Start
    Date”), and ends at 23:59 p.m. (EDT) on 31 January, 2021 (the “End Date ”).

Our Verdict

As mentioned above, this started on November 16 and it’s only available for the 50 people. That 50 person cap has almost certainly been hit, so you’d really be doing this deal and getting nothing. I always find these types of promotions to be a bit dishonest, they should really have to tell you when the 50 person cap has been hit. I’m more posting this as a PSA and to remind myself why I haven’t already posted this deal whenever it’s sent in. You can find cryptocurrency deals you should complete by clicking here.

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Genevieve Artadi
Genevieve Artadi (@guest_1395750)
June 15, 2022 05:33

I think it that eToro just like WeBull cannot be churned?

Genevieve Artadi
Genevieve Artadi (@guest_1391758)
June 7, 2022 03:40

Does anyone know whether any crypto bonuses offered by these exchanges and apps can be churned? Davis I’ve had Cake DeFi, Celsius, Nexo, Hodlnaut, BlockFi, WeBull, eToro, Voyager, Abra, and OKcoin.. and closed all the accounts after getting the bonuses. Now I’m just wondering which of these is worth wasting time for? Are any of these confirmed to be churnable?

Mak
Mak (@guest_1361200)
April 9, 2022 19:35

Folks , how do i report this $500 in tax return ? eToro just reported the transactions and not the bonus amount in tax document it sent to me.

Jeff B
Jeff B (@guest_1249239)
September 6, 2021 17:08

I got the $250 for $5,000 in trades via email offer as an existing customer. Beware… After making $5k in trades, I emailed support to confirm that my transactions had qualified me for the bonus. They wrote back stating “we can see in our records that you did not sign up through a promotion link” even though I had obviously used the link the their email.

However, after replying with screenshots of the offer, they immediately added the promotion to my account and I got the bonus money within a day or two.

Jeff B
Jeff B (@guest_1249325)
September 6, 2021 21:13

Now withdrawing $5,000 and leaving $250 bonus + a few bucks. Per the terms, this should be okay, and I can withdraw the remainder in 30 days.

pakacat
pakacat (@guest_1259050)
September 28, 2021 13:55

Jeff B Any issues with withdrawing the $5k? Any clawbacks?

Jeff B
Jeff B (@guest_1259051)
September 28, 2021 13:57

I only withdrew the principle, not the bonus. Because the rules specifically state that there is a waiting period for withdrawing the bonus. No sense in challenging that. The rules say nothing about having to keep the principle.

Ugh
Ugh (@guest_1249753)
September 7, 2021 21:40

Interesting they credited you so early. The terms say 30 business days after trade(s). Curious if it’s worth bugging support early if they aren’t tracking properly.

Mak
Mak (@guest_1361202)
April 9, 2022 19:36

Hi, how do i report this $500 in tax return ? eToro just reported the transactions and not the bonus amount in tax document it sent to me.

pakacat
pakacat (@guest_1246323)
August 30, 2021 16:56

ieatdogfood Gadget - Bank Bonus Geek I just closed out my position and doesn’t look they charged a spread fee. Is this correct? Is there only a spread on purchase?

If so, I’ll actually make the full $250 + about $38!

(Plus a cool swag back for being in the $5k Silver Club.)

ieatdogfood
ieatdogfood (@guest_1246336)
August 30, 2021 17:34

AFAIK they only “charge” once, when you buy.

pakacat
pakacat (@guest_1246339)
August 30, 2021 17:49

Awesome. It looks to be that way! Thanks ieatdogfood!

Rob
Rob (@guest_1246663)
August 31, 2021 13:22

Will the $250 offer work if you open and then immediately close out the position?

pakacat
pakacat (@guest_1246840)
August 31, 2021 20:07

Rob

Per Gadget - Bank Bonus Geek, the answer is yes. I would agree with Gadget that the Terms allow for what you are proposing…so long as you have an invite and live in a qualifying state

pakacat
pakacat (@guest_1246300)
August 30, 2021 15:58

ieatdogfood Gadget - Bank Bonus Geek Will we still get the bonus if our funds drop below $5k after the trades? I stupidly bought ETH and the spread on it is 1.9%. Went down about -$90 instantly. Clawed my way back up to +$40. If I sell now, I’ll walk away with +$200 accounting for the bonus and spread fees, but will put me at $4,950. Any issues since this appears to be a promotion for the eToro $5k Club?

Gadget - Bank Bonus Geek
Gadget - Bank Bonus Geek (@guest_1246302)
August 30, 2021 16:07

Terms said you had to complete a new trade…. which means opening a position. You are done. Provided you were invited, and reside in the right state…

pakacat
pakacat (@guest_1246304)
August 30, 2021 16:10

Thanks!! And yes, to both. I was invited and live in a qualified state. Probably will sell since prices now.

ieatdogfood
ieatdogfood (@guest_1246338)
August 30, 2021 17:47

Well aren’t you lucky ETH got pumped today? I did 10x $500 trades, cycling the same $500 in Tezos (XTZ). I put take profit orders of 10 cents. XTZ has a spread of ~1.1% but it is the easiest one to breakeven quickly since it moves that fast. It only took me a couple days to finish all my trades. Little did I know, XTZ went on an insane run this past few days. I could’ve made as much as the bonus, but the bonus was guaranteed so I decided to just do all my trades as quickly as possible.

pakacat
pakacat (@guest_1246343)
August 30, 2021 17:55

Yes, I got super lucky that it got pumped since the market is down as a whole. I’ll take my $250 + $38 and be very happy.

XTZ is down 5.2% for the day, so there’s that to keep in mind…

ieatdogfood
ieatdogfood (@guest_1246348)
August 30, 2021 18:03

Dont look at the daily movement, look at the 5 minute movement. If you buy at any low, it goes right to breakeven at each “hill” if you get what I mean.

I am expecting bitcoin to drop to at least 46,500 if not lower and bring down the whole market. I’m surprised it hasn’t done it already. I’ve already taken out what I can to take advantage of the next run. Too bad I bought doge at 32 cents last week. FML.

Jeremy
Jeremy (@guest_1245061)
August 26, 2021 23:34

They don’t offer any type of stablecoins. Only volatile cryptos. The spreads are pretty nasty too. I was instantly down $50 once I purchased some btc.

ieatdogfood
ieatdogfood (@guest_1245514)
August 28, 2021 00:03

When I got this promotion email, I immediately bought ADA at $2.50 last night. It went up to $2.90 today. However I sold it at $2.68 lol. I was trying to meet the requirements as fast as possible without eating fees, not hold for profits heh.

If someone bought XTZ last night, they made even more bank.

scott
scott (@guest_1245015)
August 26, 2021 22:14

Does eToro offer a stablecoin?

ieatdogfood
ieatdogfood (@guest_1245518)
August 28, 2021 00:13

Nope, only unstablecoins. They will all go up beyond your buy prices eventually at the current prices.

ieatdogfood
ieatdogfood (@guest_1244831)
August 26, 2021 16:19
Ugh
Ugh (@guest_1244893)
August 26, 2021 18:07

No 50 person language either…worth doing now I’m guessing?

ieatdogfood
ieatdogfood (@guest_1244898)
August 26, 2021 18:23

I’m definitely going to do it with 10x $500 trades. For some reason, it won’t let me deposit $5K at once. Screw me for throwing an Alexander Hamilton bill last week into doge at 32 cents hoping to make a quick 5% trade.

j
j (@guest_1244913)
August 26, 2021 18:54

Any idea how long funds will be tied up?

ieatdogfood
ieatdogfood (@guest_1245004)
August 26, 2021 21:55
  j

I don’t see any restrictions so I’m just going to day trade as fast as possible to get the bonus as early as possible.

Gadget - Bank Bonus Geek
Gadget - Bank Bonus Geek (@guest_1245506)
August 27, 2021 23:43

My P2 received this via email. I did not. ieatdogfood

It’s targeted: Section 4.1 “The Invited Participants”

For those looking to see if you were invited, check your email. Subj: We’re offering you $250 and a lot more…

ieatdogfood
ieatdogfood (@guest_1245511)
August 27, 2021 23:57

Are you going to do it? You could just buy and sell immediately and eat the fee. BTC and XTZ have the lowest fee. I think the pricing chart for XTZ is incorrectly labeled 5% but my calculations show .9%, which is the lowest with BTC.

Gadget - Bank Bonus Geek
Gadget - Bank Bonus Geek (@guest_1245513)
August 28, 2021 00:03

I am considering it. Sounds great on paper… then you scroll down and see they offered $500 in Feb. Hmmm

ieatdogfood
ieatdogfood (@guest_1245520)
August 28, 2021 00:22

I wasn’t targeted for that one so I jumped on this one. Prices are good right now compared to all time highs, you may have to pay more later. Yesterday was the perfect time to buy, as it may be another start of a bull run. However weekends are usually bloody so we’ll see.

mothman69
mothman69 (@guest_1245559)
August 28, 2021 07:15

ieatdogfood Aren’t crypto earnings taxed just like investment earnings once you sell? Wouldn’t that eat into your overall profit if you buy and sell quickly?

ieatdogfood
ieatdogfood (@guest_1245777)
August 28, 2021 22:39

Yes, long term capital gains vs. short term capital gains which for most people here would be 15% vs. 22-32%. When I trade with volatile meme stocks or crypto, it’s for fast money not investments. Ask people how pissed they are who bought Bitcoin at 50K six months ago (including me). That’s six months wasted time. Imagine I held it for ten years and it fell to the same price lol. I am never making that mistake again, I will always be profit taking otherwise I will have nothing to show for it. I get so pissed when stocks/crypto fall to my buy price.

Hari
Hari (@guest_1178122)
April 17, 2021 00:59

Is this offer still valid? I see the promotion in their website

https://go.etoro.com/en/cryptobonus/500/trade5000