eToro now lets you buy bitcoin and other cryptocurrency straight from your wallet
The European crypto broker eToro has announced this 6th November 6, that it will launch a new wallet service soon that will allow for 10 million to transfer their tokens off the platform and into the wallet.
eToro is making it easier to load up your wallets with cryptocurrency. The company etoro announced users of its standalone wallet – user can download form Android Google play and iOS App store– can now buy cryptocurrency assets directly from the app itself.
Trading Bitcoin On eToro
First of all, it is essential to understand that you cannot buy Bitcoin on eToro.
When you sign up, and you top up your account with $100 and then “buy” Bitcoin, you are not buying it; you are just opening a “buy trade”.
This means that each time you “buy” x amount of Bitcoin, you are creating a trade for that specific amount, not adding any amount of Bitcoin to your balance.
When it comes to trading with Bitcoin on eToro, the process couldn’t be simpler and with Bitcoin experiencing a high level of volatility it can be pretty exciting, and financially beneficial to give it a go.
Now as mentioned above, when you are trading Bitcoin on eToro, you don’t own the coin itself. Instead, you are trading a CFD.
A CFD is otherwise known as a Contract For Difference and is a very popular form of derivative trading. It allows the trader to speculate on the rising or falling or prices in fast moving or volatile financial markets such as cryptocurrencies, indices, and shares.
In other words, rather than owning or trading the asset, you are just speculating on the change in its value.