eToro review & guide: How to trade cryptos step by step?





** eToro users in France cannot open positions to buy real crypto assets, all orders are opened as CFDs.

eToro is one of the most popular online brokers in the world. This broker offers cryptocurrency trading and its platform is user-friendly and easy to learn. With over 23 million customers, eToro’s biggest strength is its social trading platform. It is a true social network of traders in addition to being a trading platform. Additionally, eToro offers multiple ways to trade cryptocurrencies depending on your goals. Let’s see.

68% of retail investor accounts lose money when trading CFDs with this provider. You need to ask yourself if you can afford to take the high risk of losing your money.

The strengths and advantages of eToro

The main advantage of eToro lies in the fact that the broker allows inexperienced investors to invest in financial markets without a financial intermediary. Its simplified platform allows you to hold real securities and receive potential dividends.

With advanced social trading features, the broker allows novice investors to copy the strategies of other more experienced traders. the CopyTrader is the tool dedicated to copy trading. It has several search features and lists the best traders on the platform. You can thus sort them and see in detail the history of their trading performance. Each trader has a risk indicator giving you an idea of ​​the level of risk involved in tracking their positions. This indicator ranges from 1 to 10, with 10 being the highest level of risk.

The CopyPortfolios are proprietary instruments of eToro. They are similar to ETFs in that they are baskets of assets. CopyPortfolios give exposure to sectors: cryptocurrencies, Chinese automotive sector, fintechs, etc. So it’s a good way to diversification of your wallet.

Even if you don’t do copy trading, eToro offers analysis for free to its customers. For each instrument, its corresponding social network page allows to have the opinion of other traders on eToro on the asset. Additionally, for stocks, detailed company data is provided for fundamental analysis.

However, eToro’s platform lacks advanced technical analysis tools.

Benefits of eToro

  • Broker regulated by FCA, CySEC and ASIC.
  • Trading of 37 cryptocurrencies
  • Largest social trading platform
  • Free copy trading
  • Webtrader and user-friendly application
  • Stock trading without commissions

68% of retail investor accounts lose money when trading CFDs with this provider. You need to ask yourself if you can afford to take the high risk of losing your money.

Disadvantages of eToro

  • Few technical analysis tools
  • Uncompetitive fees
  • Customer support needs improvement

Why trade crypto on eToro?

eToro is not just another CFD broker. It’s a real social network.

Benefits of trading cryptocurrencies with eToro

  • Trading 37 cryptocurrencies against different fiat currencies and commodities
  • Deposit by credit card, bank transfer, PayPal, Skrill, Neteller and Sofort
  • Cryptocurrency CFD trading
  • Free and secure wallet to store your cryptocurrencies
  • Cryptocurrency CopyPortfolios
  • Copy trading cryptocurrencies
  • Staking on ETH, ADA and TRX.

68% of retail investor accounts lose money when trading CFDs with this provider. You need to ask yourself if you can afford to take the high risk of losing your money.

Disadvantages of trading cryptocurrencies with eToro

  • CFD fees a bit high
  • Dollar account only

How to Create an Account to Trade Cryptos Easily: Step-by-Step Guide

Trading cryptocurrencies on eToro is easy. However, there are risks to consider. Crypto markets are volatile, which means that the price of instruments can vary greatly from minute to minute.

In our example, we’ll show you how to trade Dogecoin, which has remained in the top 10 of Coinmarketcap’s rankings for most of 2021. But first, you need to open an account.

Open an eToro account

  1. To get started, visit the official eToro website. Click the “Join Now” button on the homepage to start the account opening process.
  2. In the first form, create a username and password and provide your email address. Your username or email can be given later to log in to your account. You can also log in using the social media buttons if you find it faster.
  3. After this step, you have direct access to the eToro dashboard.
  4. You will receive a welcome email with a button to verify your account.
  5. When you click on the Verify button, you will return to your dashboard to continue the account sign-up process. To do this, click on the “Complete profile” button. A new form is open, so specify your sex and your date of birth.
  6. Continue by indicating your country of residence and that you do not reside in the United States.
  7. The platform then asks you to specify your past experience on the markets.
  8. You will do a little quiz so that eToro knows if you are a total beginner or not. These elements are important to adapt its service to your experience.
  9. Then, you will specify the instruments in which you plan to invest and the average duration of your positions. A form will also ask you about your professional situation and the source of your income.
  10. Now is the time to verify your identity.
  11. To do this, give your phone number. A message containing a verification code will be sent to you by SMS.
  12. To verify your identity, you must upload a photo of your ID card, passport or driver’s license.
  13. The last step of verification is to upload a utility bill less than 3 months old containing your address, bank statement or residency certificate.

68% of retail investor accounts lose money when trading CFDs with this provider. You need to ask yourself if you can afford to take the high risk of losing your money.

Make a deposit on eToro

After verifying your account, you can proceed to deposit funds.

  1. So click on “deposit of funds”, which is at the bottom left of your dashboard.
  2. Select deposit method. eToro allows you to make a deposit by bank transfer, credit card, PayPal, Skrill, Neteller or Sofort. Then proceed to deposit.

Trade cryptocurrency with eToro

In a few clicks you can trade the CFD of the cryptocurrency of your choice on eToro. We will show you how to do it with Dogecoin as an example.

  1. To find a cryptocurrency faster, use the search bar. Just type the name of the cryptocurrency to bring up the corresponding suggestion. Click on it.
  2. eToro offers a number of data to analyze cryptocurrencies. You can also build their chart and do some technical analysis.
  3. Then click on the “Invest” button to bring up this order window. Give the amount you want to invest in Dogecoin or dollars then validate your entries.

As we have seen, eToro offers you the option of simply trading CFDs.

Trade cryptocurrencies on mobile with eToro

eToro’s mobile app is even easier to use and allows you to trade cryptocurrency quickly. It is available on App Store and Google Play. Download it and log in to your account.

  1. The home page shows your favorites list which you can edit.
  2. Use the search bar at the top of the app to find the cryptocurrency you want to trade.
  3. The mobile application also makes it possible to carry out analyzes despite the small size of the screen.
  4. Click on Trade to bring up the buy and sell buttons. Then, proceed as we have shown for the eToro webtrader on browser for PC.

68% of retail investor accounts lose money when trading CFDs with this provider. You need to ask yourself if you can afford to take the high risk of losing your money.

How to sell cryptocurrencies on eToro?

The resale of your cryptocurrencies on eToro is done in a few clicks.

For webtrader users

  1. Click on the “Portfolio” tab in the menu on the left. This displays your open positions.
  2. Click on the one corresponding to the cryptocurrency you traded. Then click the red button at the right end to close the position.

For mobile app users

  1. Swiping right brings up the menu. Then click on “Portfolio” or “Portfolio”.
  2. Tap on the position corresponding to the Dogecoin and tap on the cross to close the position.

Conclusion

eToro is arguably the most flexible platform for trading cryptocurrencies. The broker allows CFDs to be traded. An advanced cryptocurrency trading platform completes its offer. This regulated broker has a user-friendly platform with a very lively social network of traders with several million users.

Disclaimer

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 quickly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You need to ask yourself if you understand how CFDs work and if you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. The trading history presented is less than 5 full years and may not be sufficient as a basis for an investment decision.

Copy trading is a portfolio management service, provided by eToro (Europe) Ltd, which is authorized and regulated by the Cyprus Securities Commission.

eToro USA LLC does not offer CFDs and makes no representations and assumes no responsibility for the accuracy or completeness of the content of this publication, which has been prepared by our partner using publicly available information not specific to an entity on eToro.

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68% of retail investor accounts lose money when trading CFDs with this provider. You should ask yourself if you can afford to take the high risk of losing your money.

Almmaye
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