How to trade bitcoins on eToro – Trading Bitcoins with eToro Step by Step Guide
eToro’s Award-Winning Trading Platform for Free. eToro has been amongst the best online trading platforms since 2008. It aims to enable users to trade anything from currencies, commodities, stocks, and indicators to cryptocurrencies via one web-based and mobile platform.For beginners, trading cryptocurrency via eToro is very easy, and also with eToro you can trade risk-free because the platform provide a feature where you can copy professionals that has been trading for long.
What is eToro?
Founded in 2007 as a CFD Broker, eToro has been the world’s leading social trading network for a decade. The potential of cryptographic currencies has not been lost on eToro, which now offers trading in 9 different cryptographies. Not only does this give eToro’s 6 million registered users the ability to trade cryptographic currencies, it also provides an attractive platform for potential investors to engage in these assets.
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Not only is eToro fully regulated, it also gives you the ability to copy the crypto currency portfolios of professional traders on the platform. With this added feature, it makes eToro start out among its competitor.
Apart from eToro being a trading platform, you can also network on the platform and gain more knowledge. After you’ve registered on the platform, you would be able to see the trading activities of different members on the network, as well as how they make profit and losses. With this feature you would be able to decide which of the professional trader you would copy from.
Based on the trader’s track record, other users may choose to replicate their portfolio through the eToro “Copytrader”, which proportionally not only allocates funds to the retailer’s portfolio, but may also automatically perform all transactions of the copied investor.
Another important information to note is that eToro gives a two way opportunity to invest in crypto. If you do not buy leveraged cryptos, you own the underlying asset, which eToro keeps safely in the coldstore (offline) on your behalf. Also note that you can also invest in cryptos by leveraging and bypassing the asset through a Contract for Difference known as CFD. This approach means that you do not own the underlying asset. They just speculate about increasing or decreasing the price.
eToro also offers a social trading offer that can be beneficial to those who do not have the time or experience to trade for themselves. In this way, users can view the portfolios of the best investors on the platform and then automatically copy their transactions in real time.
Meaning of CFD:
This means that you do not own or store any cryptocurrency directly. You buy and sell contracts backed by the crypto you invest in. This means that with only one account you are exposed to the cryptocurrency price and do not have to worry about complex storage issues.
First, you need to set up an account to trade with eToro. It is completely free and only takes a few minutes. The registration form can be found directly on the homepage of the platform.
As with all popular platforms, you will receive a confirmation e-mail. As soon as you follow the link, your account will be reviewed.
Once logged in, you will find the particularly comprehensive dashboard from eToro. It is user friendly and easy to work on. The left side of the dashboard is where your profile is placed, which allows you to have access to the entire platform.
If you want to trade, on the eToro page you would see deposit fund, you enter any amount you wish, where by a payment method you wish to use would be selected. There are many options: credit or debit card, PayPal, bank transfer, Skrill, NETELLER and UnionPay.
After depositing any amount you which to get started with, you can begin your trading. You would see a dashboard where you can choose the crypto currency you want to start trading on.
Click on the BTC symbol to go to the corresponding page. Note that eToro gives insight information about everything you need to know about Bitcoin.
If you click on each pair’s icon again, you will be taken to the appropriate page where you can follow the instructions to negotiate with BTC about the transaction.
Other options are available on the eToro platform, such as if you notice you a losing much or the trade is falling, there is a stop loss option, which helps to automatically close the transaction.
For the take-profit option. When your position reaches the value set on this tab, the transaction automatically completes profitably. It is very important to be cautious when it comes to leverage, as leveraged transactions are more risky.
Fees on eToro
This platform offers a lot of options when it comes to trading Bitcoin, because of the wide range of options the eToro fees differ from different cryptocurrencies. When you leave a position with Bitcoin, a fee of 0.70% is charged, which is usually higher than most other encrypted exchanges.
Withdrawals on eToro
When you decide to withdraw money from eToro, the same way you deposited is also the same way withdrawal is done. eToro Payments are made either with PayPal or bank transfers. The fixed payout fee is $ 25 per payout.
In addition to the disbursement fee, a conversion fee may be charged for any disbursement that is not sent in USD.
Listed below are ways to trade bitcoins on eToro
Copy Trading Bitcoin
It can be difficult to do business on your own, and the sad reality is that most people end up losing money. But with copy trading, you can automatically copy any transaction from other dealers. When a merchant opens a store, your account opens the same store. When this company closes, it will also be closed from your account.
On eToro you can copy thousands of experienced traders with a profitable trading history. They can even go through the transactions they have made in the past and see how profitable they were and how risky their transactions are. To copy counters, simply use the eToro filtering tools to find merchants who trade primarily with crypto currency.
You can start copying with just $ 200. All you have to do is:
- Register with eToro
- Deposit at least $ 200. eToro has set a minimum amount of $ 200,000 for the number of copies per transaction that would result in a low transaction size for copies.
- Find a person to copy – you can search for profit, risk level, reduction, and so on to find a person with lower risk and consistent income.
- Copy! Each time a transaction is executed, these transactions appear in your account.
Buy and keep
Another good option is to buy and keep Bitcoin. Most people who try to take advantage of the rise and fall or the cryptos eventually lose money. That way only the best traders can make money. So the best thing is to buy and buy until the price goes up.
With eToro you can open a long position in Bitcoin and there are no fees charged. This means that you can keep the job open for a long time.
To buy Bitcoin from eToro, simply click on “Buy” and enter the amount you wish to buy. You can also set a win to take the loss and stop it. So if the price goes down quickly, you can close the deal to get the most of your funds. You can also configure eToro to open a buy (or sell) order when the price reaches a specific target. This is ideal for experienced traders who have a trading strategy.
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Practicing Bitcoin trading
Participation in eToro is free, and all account holders receive $ 100,000 of virtual money to trade. So, even if you are not ready to spend a lot of money, you can always try to trade. You can also use this money to trade in copies. So, if you like the sound of copy trading but do not know how it works and how profitable it can be, you can try virtual money.
One of the most difficult problems with cryptography is the introduction of fiat money into the ecosystem. Fortunately, eToro really makes it easy. You can exchange Bitcoin with credit card, bank transfer and even PayPal. And once you have completed your transactions, you can also make a withdrawal to your merchant account or if you have a Paypal account, making trading fast and easy.
Things to look out for:
Instead of a commission, eToro uses a common extension for Forex and CFD platforms. The spread is the small difference between the offers and the prices requested or bought and sold. So if you open a “long” deal for purchase, it will open for sale or “short term.” This is how eToro makes money.
You cannot leverage Bitcoin transactions, but you can use some of the other cryptos. Although eToro reasonably only offers a double leverage effect on cryptos. It is recommend that you do not negotiate with leverage.
Why trade Bitcoin on the eToro platform:
eToro is known to be one of the best-designed trading platforms, because of it’s user friendly interface and also very easy to use..
This platform allows you to share your trading, copy trade, interact with professionals to know more, you can also comment on other trader’s profile.
Negotiate a large number of assets and markets
eToro is not just an encrypted trading platform which means that you can trade your cryptos directly with your traditional assets.
Barriers to entry
Trading in cryptocurrencies generally requires a rigorous review process and the installation of additional software and an understanding of blockchain technology. The eToro process is comparatively simpler, allowing you to quickly register and negotiate on a single platform.
The crypto currency market is very new and is still the subject of legal debate in many countries. Therefore, there is a risk for traders to be cheated. The eToro platform meets the strictest regulations. So you know that you can negotiate with confidence.
Fast and Intuitive Trading
With eToro using CFDs, you do not have to buy the underlying asset. This means that transactions can be processed in seconds and can also be exchanged around the clock for cryptocurrencies on weekends and public holidays.
Share your Bitcoin trade and get paid
eToro offers opportunity to professionals to get paid when they share. What this means is that when People copy your transactions, eToro rewards dealers with money and other benefits. The best traders on eToro earn a full time income simply by sharing their trades and this does not include their trading income.
If you’re already a good cryptographic marketer, you can gain additional passive revenue simply by doing what you already do.
The Benefits of using eToro
- Even as an amateur you would be able to familiarize yourself with crypto currencies and understand everything you need to know with this great platform.
- Great customer service.
- With eToro your cryptocurrency investments does not need to be stored in encrypted wallets anymore. That means you can just focus on making profitable decisions.
- With the feature of social networking on the platform you can copy from professionals.
The Customer service of eToro
The customer service on these platform are very dedicated, working 5days a week. They also provide help with a list of frequently asked questions.
Conclusion on eToro platform
In summary, eToro is positioned as one of the leading cryptocurrency trading platforms in the market right now and it can boost of professionals using the platform for trading, these shows that it is a reputable and credible platform to trust and start trading Bitcoins and other crypto currencies.
The business experience is fluid and very user-friendly, even as an amateur you would be able to familiarize yourself with crypto currencies and understand everything you need to know with this great platform. Its simple yet offers all the features an experienced and professional trader would need. Additionally, this platform also offers a wide range of investment tools and features that can help amateur and professionals to expand their investment portfolios and maximize profit on the crypto currency market.