Choosing cryptocurrency to invest in, or trade, is only half of the struggle – finding a good platform to trade on is a pretty big deal.
A lot will come down to personal choice – how much you want to trade, your payment methods, and what coins you want to hold, so knowing how to prioritise features is an important task.
When it comes to big players in the world of cryptocurrency trading, eToro is one of the names you will hear bandied around. But what’s the deal with it?
That is why we have created this eToro beginners guide to give you the full lowdown on all of its features, as well as what to expect from the sign-up procedure, so you can decide if it is the correct platform for you.
So, to get to grips with the ins and outs of this behemothic cryptocurrency platform, let us read on to find out more!
eToro brands itself as a “social trading and multi-asset brokerage company”. They offer trading in fiat currency, cryptocurrency, stock, CFDs, and other assets.
Based in Cyprus, it is heavily regulated by CySec, the FCA in the UK, and NFA in the USA.
The eToro story started in 2007 when three entrepreneurs had the idea to disrupt the world of trading. Their plan was to create a platform that makes trading accessible to anyone, anywhere, and that would also reduce industry dependence on typical financial institutions.
It all started with an online Forex trading platform which was clearly designed, easy to navigate, and fun to use. From there, eToro launched their popular WebTrader – the first intuitive trading platform of its type that allowed users to trade financial assets online.
Then in 2011, it launched its main selling point, the OpenBook – this became the worlds first social trading platform and allowed all users to copy successful traders and to mirror their success for themselves.
Stocks were introduced in 2012 and then in 2013, the eToro mobile app was launched.
After several years of success, in January 2017, eToro added cryptocurrencies to their platform. Starting out with Bitcoin, it wasn’t long before Ethereum, XRP, Litecoin and other leading currencies were added to the site.
eToro is entirely unique in its features and capabilities and it is the perfect platform for beginners or less experienced traders to get used to the market, the sector, and the skill of successful trading.
If you are someone just starting out in this exciting world, then this is definitely the platform for you.
eToro: Cryptocurrency Trading
12 months ago, eToro launched its cryptocurrency trading platform, and now you can trade in all of the leading currencies such as BTC, BCH, DASH, ETC, ETH, LTC, and XRP. You can purchase these coins with a variety of fiat currencies such as debit card, PayPal, Skrill or Wire Transfer.
At the moment it just offers trades between the leading pairs, but perhaps in the coming months, we will see more currencies becoming supported on the platform.
Ideally, coins such as Monero, NEO, and IOTA would all be welcome additions as they are all expected to make some serious waves in 2018.
eToro: How To Get Started (inc Verification)
Getting up and running on eToro doesn’t have to be a headache-inducing but making sure you have all the information and documents you need before you click “sign up” will help to speed things along even more.
So how do you go about it?
- Visit eToro’s website and click “Open a Live Account with eToro”.
- The next step is to either enter your email address, or alternatively you can use the automatic “Connect with Facebook” link, and it will pull all of your credentials from your Facebook account.
- Then you need to add any additional details that it asks for, depending on which option you chose during step 2.
- Click the “Sign Up” button.
- To ensure you can use your account to its full potential, the next thing that you need to do is to verify your account.
- Navigate to the “complete profile” tab at the top of the screen and click “continue”.
- You will then be asked to input specific details such as your name, gender, age, birthday, and country of residence.
- It will then be necessary to upload some documentation to verify your identity. This will include a government-issued photographic ID and a copy of a bank statement or utility bill that provides proof of your address. Be aware that depending on where you live, you may be asked for additional information to verify your identity.
- The next step is to deposit funds into your account, so you can get the ball rolling.
It really is that simple!
As you will come to realise with eToro, most things are pretty straightforward and this is no exception when it comes to deposits.
Once you have signed up, funding your account could not be easier and there is a range of payment methods you can utilise. These include:
- China Union Pay
- Diner’s Club
- Wire Transfer
Each deposit method has a different minimum deposit amount, as well as different processing times so you need to do your research before you deposit, to avoid any disappointments or unnecessary delays.
As an indication, when it comes to minimum deposits, you are looking at a minimum of $500.
When you decide you are ready to deposit funds, and you have chosen the best method for you, you first need to access your account.
Then navigate to the “Deposit Funds” button, enter the amount, select the currency, and finally select your chosen deposit method.
When it comes to your security when making a deposit, you can rest assured that your details are safe.
All transactions on the eToro platform are facilitated using SSL technology which means that all of your personal data remains safe at all times.
When it comes to making a withdrawal, again the process is pretty straightforward.
You can withdraw at any time and you can withdraw up to the value of the balance of your account, minus of course any amount of margin that you have used.
All withdrawals are affected using the same method that payment was made with, and to the same account as used for your deposit. This is to protect your security and to stop anyone unauthorised from withdrawing your funds to their own account.
Be aware that different withdrawal options incur different processing times, so you could be looking at between one and eight days, depending on the method used.
It is also worth noting that the minimum withdrawal amount is $50 and that you must have verified your account. Should you not have verified your account then be aware that you will not be able to withdraw any funds until you have done so.
When it comes to making withdrawals on eToro, you will be subject to a withdrawal processing fee.
This depends on the amount you are withdrawing and sometimes even the method you are using to withdraw. Always check you are happy with the fee before choosing to withdraw and be aware that all platforms charge some kind of fee, so don’t be shocked.
Unlike some other trading platforms, eToro does not charge any commission or fees on any trades that you make.
Instead, they make their revenues on the spreads, meaning that you can trade away as much as you like without having to worry about fees for each trade.
You can find an entire cryptocurrency trading fees list on the eToro website.
When it comes to ease of use, eToro has to be one of the easiest out there. If you are a beginner, you really couldn’t choose a more simple, straightforward and easy to digest platform to learn to trade on.
Trading is a pretty complicated thing, but eToro manages to make it easy and it provides plenty of help and assistance to help you get to grips with all the charts, graphs, tables, and more.
The layout is impeccably designed and is not particularly intimidating as far as trading platforms go.
We have seen much worse and much more offputting alternatives out there, and we can safely say that eToro’s interface is great for beginners and professionals alike.
The eToro mobile trading app is available for both iPhone and Android devices.
You can also download it onto your tablet so wherever you are and whatever you are doing, as long as you have some WiFi, you can stay up to date with the markets, and trade cryptocurrency to your heart’s content.
The application gives you most of the features of the desktop version and you can invest in the full range of assets available on the platform, as well as trade stocks, Forex and crypto.
You can find top ranked traders and check out their portfolios and then follow them to stay on top of their trading decisions.
You can take part in community discussions as well as build and manage your portfolio from the comfort of your handset.
The mobile app is just as easy and straightforward to use as the desktop version and there is no functionality or quality lost in the transfer to the smaller screen.
eToro: Customer Service
You can contact them via the website or by chat should you have a serious issue, or you can digress to the online community and ask for the opinion of others who have probably been there, done that, and most definitely bought the t-shirt.
There are lots of helpful FAQs available for your perusal and you can also watch webinars and tutorials that will provide guidance for all the most common issues, as well as offering advice and tips.
Customer service response times can vary though depending on how busy the platform is. This can be annoying, so always check the FAQs and online community before progressing to submitting a ticket request.
This way, you are more likely to get an answer to your question in a timely manner, and you might even get a few tips thrown in along the way!
eToro will hold your hand, teach you, guide you, nurture you, and spoil you rotten with its social trading platform, and in no time at all, you will see yourself progress from know-nothing to know it all.
From its simple to use interface, its easy signup and verification procedure, its diverse depositing options, and its vast range of supporting materials to help you get to grips with trading, eToro goes above and beyond most of its competitors.
Whilst customer service can be a little sluggish, remember that you have the whole eToro community at your disposal to help you with your queries and questions.
For those looking to get started in cryptocurrency trading, or any other kind of trading for that matter, eToro is the logical solution for you.