A thorough guide to cryptocurrency trading on eToro
A multi-asset brokerage and social trading platform with headquarters in the UK is called eToro. While not its core emphasis, eToro has a wide range of cryptocurrencies available for trading. Additionally, eToro’s sophisticated and user-friendly trading tools make buying and selling cryptocurrency a more enjoyable experience.
You may purchase and trade the most well-known cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, XRP, and others, with eToro. When you have your cryptocurrencies in hand, you can use the eToro wallet to safely keep your coins until you’re ready to sell, use, or send them to a friend. Utilize the social trading tools offered by eToro to connect with millions of users globally and identify top-performing cryptocurrency traders to emulate with CopyTrader.
Despite the current trend toward becoming a crypto investor, it is sense to proceed cautiously. Prices can vary greatly, and there is no regulatory oversight of the cryptocurrency market.
The crypto options on eToro
Customers at eToro have access to 35+ unique coin pairs, 14 cryptocurrency crosses (like ETH/BTC), and 63 non-USD currency crosses (like LTC/AUD).
The following ways to trade and own cryptocurrencies are provided by eToro: spot cryptocurrency, crypto CFDs, eToroX, and crypto wallet. However, not all methods are accessible in all nations. For a thorough overview of which cryptocurrency products are accessible in your nation, see our spreadsheet.
When you go long in any digital currency on eToro, you automatically get the physical coin. It is a CFD when you go short. There are always exceptions to every rule. For instance, US citizens are only permitted to go long on actual coins; they are not permitted to go short on cryptocurrencies through the use of CFD trading.
| Cryptos as real assets (for non-US residents) | Cryptos as CFDs (for non-US residents) | Cryptos as real assets (for US residents) |
|---|---|---|
| AAVE | ADA | AAVE |
| ADA | BCH | ADA |
| ALGO | BNB | ALGO |
| BAT | BTC | BAT |
| BCH | DASH | BCH |
| BNB | DOGE | BTC |
| BTC | EOS | COMP |
| COMP | ETC | DASH |
| DASH | ETH | DOGE |
| DOGE | LINK | EOS |
| EOS | LTC | ETC |
| ETC | MIOTA | Ethereum |
| ETH | NEO | LINK |
| LINK | TRX | LTC |
| LTC | UNI | MANA |
| MANA | XLM | MATIC |
| MATIC | XRP | MIOTA |
| MIOTA | XTZ | NEO |
| NEO | ZEC | TRX |
| TRX | UNI | |
| UNI | XLM | |
| XLM | XTZ | |
| XRP | YFI | |
| XTZ | ZEC | |
| YFI | ||
| ZEC |
You will trade the real asset rather than CFDs if you create a non-leveraged long position in any cryptocurrency (i.e., you just use your own money to trade and do not borrow from the broker).
Use eToro to purchase Bitcoins
One of the first brokerage companies to provide Bitcoin trading was eToro.
Is Dogecoin available on eToro?
Dogecoin is available to eToro customers, as the broker included it in its product lineup in May 2021. In the eToro app, Dogecoin is shown under the DOGE ticker. On the eToro site, in addition to trading, you can access a wealth of information on Dogecoin, including as pricing, data, charts, and research tools.
XRP and eToro
One of the various digital currencies you may trade at eToro is XRP, which was established by Ripple Labs in 2012. XRP tokens are used to buy, sell, and exchange XRP. XRP promises to be able to process a transaction in an average of 3 to 5 seconds because to its decentralized blockchain technology. At eToro, the typical spread cost for trading XRP is about 2.45%.
Shiba Inu and eToro
In 2020, the Shiba token was introduced as a substitute for Dogecoin, a well-known joke currency. Shiba Inu coins may be traded on eToro with the symbol SHIBxM.
eToro cryptocurrency fees
A 1% markup is included in the price of each cryptocurrency asset, making eToro’s costs for trading cryptocurrencies rather hefty.
On the other hand, eToro does not charge for cryptocurrency deposits, and the daily withdrawal cap for all currencies is $10,000. Transactions over this threshold are subject to broker screening, which can take up to 24 hours during the week and up to 72 hours on the weekend.
Remember that after a year of inactivity, eToro levies a $10 monthly inactivity fee. To prevent having to pay this cost, all you need to do is sign into your account.
Coinbase vs. eToro
The answer to the issue of whether you can trade cryptocurrency on eToro and Coinbase is yes. With user-friendly platforms and access to a variety of crypto assets, both are well-liked trading applications among cryptocurrency enthusiasts. But there are significant disparities between the two.
A multi-asset platform called eToro allows users to trade CFDs as well as invest in stocks and cryptoassets.
CFDs are complicated financial products that carry a significant risk of losing money quickly because of leverage. When trading CFDs with this supplier, 77% of retail investor accounts experience a loss of capital. You should think about your understanding of CFDs’ operation and your ability to bear the substantial risk of financial loss.
Future outcomes cannot be predicted by past performance. Less than five full years of trading history are provided, which may not be sufficient to serve as a basis for investing decisions.
Investment advice is not provided by copy trading. Your investments’ value might increase or decrease. Your money is in danger.
Investing in cryptocurrencies is very risky and uncontrolled in various EU nations. no safeguards for consumers. Profits tax may be imposed.
