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.

5 Quick Steps to Opening an Account with eToro

  • Create your free eToro account by providing your personal details
  • Provide a telephone number to protect your account’s security
  • Answer eToro’s questions to help the platform gauge your trading experience
  • Verify your eToro account by supplying proof of identity and proof of address
  • Start depositing funds to buy and sell the price of cryptocurrencies!

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

Join a community of 10 million+ financial traders
  • Hit the ‘Join Now’ button on the eToro homepage to start the sign-up process.

 

Fill out the form above or sign up using your Facebook or Google account details
  • 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.

If you choose to fund your account with PayPal, you will be redirected to the PayPal website to approve the transaction
  • 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.

 

Buy the market price of Bitcoin (BTC)
  •  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
  • Ethereum
  • Bitcoin Cash
  • Ripple
  • DASH
  • Litecoin
  • Ethereum Classic
  • Cardano
  • IOTA
  • Stellar Lumens
  • EOS
  • NEO

 

FAQs About eToro

How much can I deposit to my eToro account?
Maximum monthly deposits into your eToro trading account differ depending on your payment method. You can deposit a maximum of $5,000 using credit cards and a maximum of $10,000 using wire transfer and e-wallets. The maximum amount you can deposit in a single transaction using a credit card is $1,000. The maximum you can deposit with a wire transfer or e-wallet is $5,000.
How can I withdraw my profits from my eToro account?
If you wish to withdraw profits from your eToro account, log in to your account and hit the ‘Account Balance’ button. Within the Cashier section click the ‘Withdraw’ tab. Enter the amount you wish to withdraw and select the method by wish you wish to receive the withdrawal and click ‘Submit’.
What is eToro WebTrader?
eToro WebTrader is the broker’s bespoke trading platform. It is the web-based portal that all eToro members will use when buying and selling cryptocurrencies on desktops and laptops.
What fees does eToro charge for trading cryptocurrencies?
When trading cryptocurrencies using eToro, fees are only applicable when ‘selling’ digital assets, or those holding leveraged positions. Most of the fees eToro charges for trading cryptocurrencies are factored into their market spreads.
Does eToro have a mobile trading app?
Yes, it does. There is an iOS and Android app for mobile trading that emulates the look and feel of the web-based platform. The full range of cryptocurrency assets are available to buy and sell through the eToro mobile app.