eToro is one of the leading trading and multi-asset investment platforms where users can invest in stocks, forex, and cryptocurrencies. With over 35 million users worldwide, eToro has built a robust community of traders who engage with each other and share insights, democratizing trading and investing.
If you are hearing about eToro for the first time, then you need some time to familiarize yourself with the interface, understand how it works, and how you can trade cryptocurrencies on the platform. This article is a comprehensive guide explaining how you can buy and sell crypto assets on the eToro exchange.
What is eToro and How Does It Work?
eToro is a social investment and multi-asset brokerage platform that is available to crypto investors in the U.S., UK, Israel, Cyprus, and Australia. It offers both manual and social investing, providing users with a wide selection of stocks, currencies, commodities, cryptocurrencies, ETFs, and indices through its bespoke investment platform.
Its social investing feature lets traders adopt the investment strategy of other clients and use the Copy Trading system to replicate everything they do in real-time. The program is unique to eToro and enables crypto investors to successfully build their investment strategies and share their expertise with others to get incentivized by the platform.
eToro also offers the eToro Money app, which includes a cash account and debit card that can be used to make and receive bank transfers, deposit and withdraw crypto and fiat currencies directly from the exchange and use the funds to make payments and purchases anywhere in the world.
How To Buy Trade Crypto On eToro Exchange?
Here is a step-by-step guide on how to buy and sell cryptocurrencies on the eToro exchange.
1. Set up your eToro account
Visit the eToro website and log into your account if you have one or create one by clicking on the “Sign Up” button found in the top right corner of the homepage. Follow the instructions provided on the page and set up your eToro account.
2. Deposit funds into your account
Once your account has been created, log into it, and click on the “Deposit” option, found in the main menu. Now choose your preferred payment method from credit/debit card, bank transfer, and e-wallets. Enter the required information, then specify the deposit amount, and confirm the transaction.
3. Chose your preferred cryptocurrency
The next step after transferring funds into your eToro account is to pick the cryptocurrency you want to buy by searching for it on the search bar at the top of the page or within the main menu. Pick your preferred asset and click “Trade” to access the page.
4. Place a buy order
From the token page, click on the designated tab and select “Invest”. Now choose between “Trade”, to buy the token at market price, or “Order” to place a purchase order at a predetermined price. Then enter the investment amount, and review transaction details, including fees and total cost, before clicking the “Buy” button.
Now let’s learn how to sell cryptocurrencies on eToro:
1. Log in to your eToro account
Open your eToro account through the official app or website
2. Access your investment portfolio
Click the “Portfolio” tab on the left side of the menu, which will display all your current holdings in crypto, stocks, and currencies.
3. Select the cryptocurrency
From the list of assets, find and select the cryptocurrency you wish to sell
4. Close the trade
Click on the red cross icon next to the cryptocurrency’s name to initiate the closing of your sell trade. Confirm the transaction details, such as investment amount and current profit or loss, from the pop window that is displayed on the screen.
5. Confirm your sale
Hit the “Close Trade” button to complete the transaction. The value of the cryptocurrency you sold will be added to your eToro account balance in fiat currency, which can be withdrawn directly to your bank account.
Bottom Line
eToro is a rather large stock and crypto trading platform with over 30 million active users worldwide. It is a great way to get started with your crypto trading journey as you can find educational material designed to help beginners and engage in copy trading strategies to maximize your profits.
The platform also offers a demo account feature, where you can practice trading using virtual money. This is an easy way to get familiar with the exchange’s interface. By following the instructions provided above, you should be able to easily buy and sell cryptocurrencies on eToro.
Cryptocurrencies are highly volatile and speculative assets that experience dramatic price changes. Therefore, you must conduct due diligence before making any investment decision regarding crypto assets on eToro. Always remember, only invest money that you can afford to lose in the event of a market crash.
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