Step-by-Step Guide for How to Open an Account and Buy with eToro
eToro is one of our favourite trading platforms for buying and selling cryptocurrency. As the world’s leading social trading community, it is a vibrant portal for beginner and experienced cryptocurrency investors. What’s great about eToro is that those wishing to profit from the price moves of Bitcoin, Ethereum and other leading digital assets can do so without having to physically buy and store tokens in a cryptocurrency wallet.
That’s because eToro is a contracts for difference (CFD) broker. It offers users the option to place ‘buy’ and ‘sell’ orders on assets such as cryptocurrencies. Those who believe the price of a cryptocurrency will rise in the short or long term will place ‘buy’ orders. Meanwhile, those who believe the price of a cryptocurrency is bearish i.e. more likely to drop, will place ‘sell’ orders.
The profit of a cryptocurrency trade on eToro is made when placing a closing ‘buy’ or ‘sell’ order on the same cryptocurrency. Ideally, the price will have moved in your favour and you will be able to place a closing order (‘sell’ if you bought first and ‘buy’ if you sold first). Your profit (or loss) will be the difference in value between your first and closing orders.
Being an eToro member also gives you access to a vast library of videos, webinars and tutorials to help you on your way as a cryptocurrency trader. There’s also the eToro Crypto CopyPortfolio, allowing new members to replicate the trades made by those with profitable long-term trading strategies for buying Bitcoin, Ethereum and many altcoins too.
So, if you’re ready and raring to go to start buying Ethereum’s price and various other well-established and burgeoning cryptocurrencies, follow our step-by-step guide to creating a new eToro trading account.
How to buy cryptocurrencies with eToro
Now is an ideal time to start getting involved with buying and selling cryptocurrencies on eToro. With more than ten million registered users in 2018, eToro is attempting to encourage crypto trading into the mainstream by announcing a significant cut in spreads on all leading digital assets.
With immediate effect, spreads on all cryptocurrencies available to trade on eToro have been cut, with many assets seeing their spreads cut by more than half. What does this mean in layman’s terms? eToro users will get to keep more of their profits than before!
To create your new eToro account and start trading cryptocurrencies, follow the instructions below:
Step 1: Open account with eToro
- Hit the ‘Join Now’ button on the eToro homepage to start the sign-up process.
- On the sign-up screen, fill out your personal details, including your email, telephone number and chosen password. Hit ‘Create Account’.
- Alternatively, you can sign up using your Facebook or Google account. This will avoid you having to input all your personal details.
Step 2: Deposit funds
Once your eToro account is created and verified, you’ll want to fund your account to buy Ripple, Cardano and various other digital assets that are hot in 2018.
- To make a successful deposit, log in to your eToro account and hit the ‘Deposit Funds’ button on the left-hand navigation bar. This will bring up the ‘Fund Your Account’ window.
- Select the amount you wish to deposit, specify your fiat currency and your preferred payment method e.g. wire transfer or PayPal.
- If you wish to deposit with an e-wallet like PayPal or Skrill, you’ll be directed to your e-wallet to log in to your account, review the transaction and deposit figure and verify the deposit by clicking ‘Pay’.
Step 3: Buy cryptocurrencies
Once your eToro account has been verified and funded you’re all set to place a ‘buy’ order on Bitcoin and other digital assets supported by the eToro platform.
- Hit the Trade Markets tab to bring up all of the different crypto options available to trade. You will see the available buy and sell price for each asset and the percentage change during the last 24 hours.
- Click ‘Buy’ to bring up the screen above. Set the amount of Bitcoin (BTC) to buy in your fiat currency. You can also set a ‘Stop Loss’ and a ‘Take Profit’ figure to minimise losses and secure profits. Once you’re ready, hit ‘Set Order’!
Cryptocurrencies offered by eToro
There is an ever-growing list of cryptocurrencies available to buy and sell at eToro:
- Bitcoin Cash
- Ethereum Classic
- Stellar Lumens
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Past performance is not an indication of future results. Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.