🔥 eToro test 2022: our experiences & evaluation
Cryptocurrency trading is for beginners about eTorocreated and the possibility of copying professional dealers creates great potential here. We will provide a full look at how trading works on eToro
eToro offers social trading functionality: automate your trading style and learn from real experts.
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78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Crypto investments are made by eToro (Europe) Ltd. and the custody is carried out by eToro Germany GmbH. Your capital is at risk.
What is eToro?
eToro was founded in 2007 and is a CFD broker that has been the world's leading social trading network for a decade. The potential of cryptocurrencies can also be found on eToro. 9 different cryptos can be traded on the platform. This not only gives the millions of registered users of eToro the opportunity to trade cryptocurrencies, but also offers potential crypto investors an interesting platform to gain exposure to these assets.
CFD: Stands for 'Contract For Difference'. This means that you cannot buy cryptocurrencies directly from eToro. Instead, you buy or sell contracts that are backed by cryptocurrency. This gives traders the opportunity to get used to the fluctuations in the price of the cryptocurrency market. This makes CFD brokers like eToro one of the easiest ways to get into the world of crypto markets.
Not only is eToro fully regulated, it also allows you to copy the cryptocurrency portfolios of the most successful traders on the platform. Many find this feature particularly useful, saying that this option makes eToro stand out from the crowd.
The advantages of eToro
- Get access to cryptocurrencies on a fully regulated platformGood customer support
- You don't have to keep your cryptocurrencies in crypto wallets. That means you can just focus on making profitable decisions
- Social trading enables you to see the portfolios of successful traders
eToro details:
- History: Etoro was founded in 2007
- Popular: With over 8 million registered users, eToro has a pretty large community
- eToro is different: eToro mixes things up by offering social trading opportunities. You have the opportunity to see and follow the strategies of the trading experts. Thousands of people on eToro copy professional traders
- Safety: Funds on eToro are covered by the financial services compensation system. This means that customer balances of up to € 50.000 are insured
- Deposit Methods: Supported deposit methods are: Giropay (instant transfer); Credit / debit card (Visa, Mastercard), Skrill; Bank Transfer; Webmoney
- Minimum deposit limit: € 200-500, depending on the deposit method
- Deposit limit: € 2.000 maximum deposit for unconfirmed accounts
- Leverage: eToro does not offer leverage for crypto trading
- Methods of customer support: e-mail
Start on eToro, the test winner crypto broker from Bitcoin-News.one
SIGN UP NOW<<< OPEN AN ACCOUNT ON ETORO NOW >>>
78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Crypto investments are made by eToro (Europe) Ltd. and the custody is carried out by eToro Germany GmbH. Your capital is at risk.
Passage through the sidebar - A dissection of the dashboard
Before we dive into specific trading features, we'd like to walk you through eToro. After setting up your account, you will be presented with the following dashboard screen. Take a look below for a better understanding of each of the sidebar options.
Dashboard
Before we talk about specific trading features, let us now walk you through eToro. After creating your account, you will be presented with the following dashboard screen. Take a look at the following items to get a better understanding of each of the sidebar options.
Disclaimer: Fictitious prices
Watchlist
The default screen is your "Watchlist," a selection of markets that you regularly follow. You can scroll down this list and use "Add" to monitor new markets. A pop-up window will appear in which you can select any cryptocurrency. You will then receive a list of tradable cryptocurrencies that you can add to your watchlist.
The default display screen is your 'Watchlist', a selection of markets that you regularly follow. You can scroll down this list and press the "+ ADD MARKETS" button. A pop-up window will appear from which you can choose "Crypto". You will then receive a list of tradable cryptocurrencies that you can put on your watch list.
Currently in 2020, the following cryptocurrencies can be traded as CFDs on eToro:
- Bitcoin Cash (BCH)
- Bitcoin (BTC)
- DASH (DASH)
- Ethereum Classic (ETC)
- Ethereum (ETH)
- Litecoin (LTC)
- NEO (NEO)
- Stellar (XLM)
- Residual ripple (XRP)
By default, your list contains only two cryptos (Bitcoin and Ethereum) and various stocks, CFDs, currencies, etc. You can remove entries from this list; click on the entry you want to remove, then hit the check mark in the top right corner and click on "My Watchlist".
If you also press the "Add to new list" button, you will be prompted to create another list. This feature would be great if you are trading more than just cryptos on eToro and you want to segment your lists accordingly.
The special thing about the watchlist
Scrolling down will take you to the People section. Below this list you will see the button "Discover people". Pressing this button takes you to the Copy People tab (another option in the sidebar). The special feature: This part of your watchlist not only shows other traders, but also contains various copy portfolios that you can also follow.
Keep the watchlist section of your dashboard open to keep an eye on the markets. It is also helpful to take advantage of the opportunity to track the performance of various cryptocurrency traders and copy portfolios. Since cryptos are a rather newer industry, one should always keep in mind that trading here is associated with high risk. You should always do your own research and never trade blindly. This means that even if a trader has a proven track record, you should use caution when copying.
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People vs. CopyPortfolios
Persons: People can set up a public eToro profile. If you click on such a profile, you will see their newsfeed, bio and number of followers. The Statistics tab shows a breakdown of trading performance by month and year. Under the "Portfolio" tab, you can see the trader's portfolio containing his open positions, entry points, amounts invested, and profits or losses. The Chart tab shows a chart simulating the performance you would have seen if you had copied the trader with a particular investment.
CopyPortfolios: This option gives you the ability to act as your own little "hedge fund" (even Berkshire Hathaway can be copied here). These portfolios give you a wider variety that serves as an easy way to get a complete look at the crypto industry for yourself. Options are limited for crypto markets.
Portfolio
The Portfolio tab shows a screen where you can manage all of your trading positions. You need to complete your profile and make a deposit to start trading. The portfolio area shows all of your copied trades as well as your manually opened positions.
You can see them:
- The market you are trading in (the special crypto)
- Units bought / sold
- Amount invested
- net profit
- Profit / Loss Percentage
- Current value
There are many more functions and filters in this section: you can see your trading history, see pending orders, share successes on social media, etc. If you are influential enough, your portfolio can be broadcast by eToro itself, so other people can find you . In this way you can build up your own following and induce someone to copy your trades.
News Feed
eToro is a social trading platform. The "News Feed" area works similarly to a typical social media platform. People can post thoughts, technical analysis, etc. You can also filter the news feed for specific cryptocurrencies to see what people are currently saying on the topic.
Important: Do not invest only on the basis of an analysis of third-party traders, which you can find in the news feed. If you are interested in someone's stocks, you can go to their profile and see their trading performance. You now have the option of either adding the person to your watchlist or copying their portfolio.
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Trading markets
Clicking on this tab will take you to a section that shows all of the different trading markets on the eToro platform. The first option is "Cryptocurrencies", where 14 tradable cryptocurrencies are currently presented. You can see the current buy / sell price for each cryptocurrency and the percentage change over the last day.
Disclaimer: Fictitious prices
For example: You want to buy Litecoin. Then look for the rectangle with "LTC" and watch the price, if it says 100 €, a Litecoin costs 100 €. If you want to sell, you would be remunerated according to the "Sell" course on the left. There is a spread on every current price, which means that there is a price range between the last purchase and the last sale price.
Calculate your trades before you start
For example, a spread of € 50 indicates an Open & Close fee of almost two percent. This means that the price of the respective cryptocurrency would have to move by more than two percent in order for you to be able to close your position at a profit. If price moves against you, the loss is the amount of the move plus the two percent it costs to make the trade.
You can open a position from this section of your dashboard by clicking the "Buy" or "Sell" button, depending on which form of crypto you wish to trade. Please see our How to Trade Crypto on eToro section for more information.
Note: eToro has a details page where you can see the spread of each individual coin. However, eToro also mentions: "The spreads are the minimum spreads and are not guaranteed." Hence, you should check the spread before opening a position discord Calculate manually, as the spread tends to widen in the event of high volatility of the respective crypto price.
Don't bother trading coins with high spreads (BCH, ETC, XLM - all 1% minimum spreads) because you need to hold your trade for a while to make a profit. If you are copying someone who trades in these coins, it would even be advisable to only take over their other positions.
Copy people
In this area you will find people with successful trading experience and you can also copy your portfolios to automate your own trading strategy. Select Cryptocurrencies from the drop-down menu (at the very end). Now you will only be shown crypto traders.
Here you can find people with successful trading experience and copy their portfolios to automate your trading strategy. Select the "INVESTMENT IN" drop-down list and select "Crypto" at the bottom of the list. You will now see a library of crypto traders on eToro.
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Invest in CopyPortfolios
In this section you will find some portfolio options for cryptocurrency trading. eToro does not currently display them by default. You have to search for cryptocurrencies and choose the options to come. So you can copy different CopyPortfolios.
The big advantage of investing through a CopyPortfolios is that no personal management is required. These portfolios are managed by top traders and you can participate in growth with no management fees regardless of your holding time.
How to Trade Cryptocurrency on eToro: Walkthrough Guide
eToro gives you access to crypto trading while also giving you the benefits of the social trading functionality. Automate your trading style and learn from real experts.
For beginners, cryptocurrency trading is possible through eToro, and social trading allows you to copy the trades of the most famous traders by copying professional traders. We are going to provide a complete look at how trading on eToro works, how to submit your trade, and how to copy other traders.
- Available cryptos: BTC, ETH, XRP, LTC, BCH, XLM
- Deposit Methods: Credit / Debit Card, Neteller, Skrill, Wire Transfer & More
- Accepted currencies: GBP AND USD
- Support: email, Facebook & eToro friends
- Fees: Daily fees
How to trade cryptocurrencies on eToro
You can either trade a trade in the Markets section or start the watchlist on your dashboard. Under Trading Markets, press "Buy" or "Sell" to open a position on a specific cryptocurrency. Alternatively, if you go to a cryptocurrency's info page, you can click the "Trade" button and choose whether to buy or sell.
To act:
- Enter the amount (which you are willing to risk)
- Press "Execute"
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After submitting, eToro will place your order and your position will be active. You can also press the "Trade" drop-down button and select "Order". This allows you to specify where to open a position (long or short) when the price hits it.
Not sure where and when to place orders to get in the best possible place? Read our beginner's guide to technical analysisto understand how to strategically choose your entry points.
Keep an eye on your newly opened position on your portfolio page. From there, you can click on the gear icon and use various options. For example, you can close the trade, post a review, view the chart, or set a price warning.
Important: Track your newly opened position on your portfolio page. From there, you can click the gear icon and take advantage of a few different options. You can close the trade, post about it, view the chart or set a price alert.
Trading seems complicated. Where can I get help?
There is a steep learning curve when it comes to trading, so we've prepared some resources to help you out. Because you should know what to do before placing your first trade. After all, it's real money. Don't forget the golden rule: You should never invest money that you cannot afford to lose.
- Detailed overview of cryptocurrencies and the various coins
- Understandable summary of the various purchase options for cryptocurrencies
- An extensive comparison of the various exchanges
- Explanation and step-by-step guide for wallets and what to do after buying crypto
Conclusion
EToro's social trading features set the platform apart from the crowd. The Bitcoin-News.one team finds the idea helpful to track successful cryptocurrency investors, copy the trade and how easy it is for eToro to get involved in cryptocurrency. The platform is certainly well designed and easy to use. But these functions should never completely replace your own research and analyzes.
It would be nice to have more cryptocurrencies to choose from and we hope that eToro will increase the number of coins on offer in the future.
<<< OPEN AN ACCOUNT ON ETORO NOW >>>
78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Crypto investments are made by eToro (Europe) Ltd. and the custody is carried out by eToro Germany GmbH. Your capital is at risk.
Image sources:
- Etoro under the microscope: https://www.flickr.com/photos/149561324@N03/42549939190
- Etoro Magnifying Glass 2: https://www.flickr.com/photos/30478819@N08/30490730728
- Etoro logo: https://upload.wikimedia.org/wikipedia/commons/2/25/EToro_logo_facebook_profile.jpg
- Child looks through telescope: https://unsplash.com/photos/s9XMNEm-M9c
- Portfolio sign: http://www.picpedia.org/highway-signs/images/portfolio.jpg
- Thinking: https://unsplash.com/photos/xj8qrWvuOEs
eToro is a multi-asset platform that offers both investing in stocks and trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money quickly due to leverage.
due to the leverage effect. 74% of retail investor accounts lose money when trading CFDs with this provider. She
You should consider whether you understand how CFDs work and whether you accept the high risk
You can take the risk of losing your money.
Past performance is not an indication of future results. The trading history shown is less than 5
years and may not be sufficient as a basis for an investment decision.
Copy trading does not constitute investment advice. The value of your investments may increase or
sink. Your capital is at risk.
eToro USA LLC does not offer, make any representation or liability for, CFDs
Accuracy or completeness of the content of this publication used by our partner
was created using publicly available, non-company specific information about eToro.
Frequently asked Questions:
Founded in 2007, eToro is a CFD broker that has been the world's leading social trading network for a decade. The potential of cryptocurrencies can also be found on eToro. 9 different cryptos can be traded on the platform. This not only gives the millions of registered users of eToro the opportunity to trade crypto currencies, but also offers potential crypto investors an interesting platform to gain exposure to these assets.
Get access to cryptocurrencies on a fully regulated platform Good customer support You don't have to keep your cryptocurrencies in crypto wallets. That means you can just focus on making profitable decisions Social trading enables you to see the portfolios of successful traders
History: Etoro was founded in 2007 Popular: With over 8 million registered users, eToro has a fairly large community eToro is different: eToro mixes things up by offering social trading opportunities. You have the opportunity to see and follow the strategies of the trading experts. Thousands of people on eToro copy professional traders Security: Funds on eToro are covered by the financial services compensation system. This means that customer balances of up to € 50.000 are insured Payment methods: Supported payment methods are: Giropay (instant transfer); Credit / debit card (Visa, Mastercard), Skrill; Bank Transfer; Webmoney Minimum Deposit limit: 200-500 €, depending on the deposit method Deposit limit: € 2.000 maximum contribution unconfirmed accounts Leverage: eToro has no leverage on the crypto-trade Methods of customer support: eToro Friends, Facebook and Email
Before we talk about specific trading features, let us now walk you through eToro. After creating your account, you will be presented with the following dashboard screen. Take a look at the following items to get a better understanding of each of the sidebar options.