eToro is now one of the most popular platforms for trading in assets. The trade in cryptocurrencies has been greatly expanded in recent years.
Today we will show you step by step guide on how to trade Bitcoin on eToro. First, we open an account on the platform.
Set up account and deposit money
The registration process is very simple. After specifying some data, including phone number and e-mail, which you can confirm immediately, you have access to the functionalities of the platform. On the main page you will find the “Deposit money” button at the bottom.
Funding your account is smooth and easy. There are different payment methods at your disposal. Simply choose whichever method you prefer and follow the steps below to make a successful deposit:
- Log in to your account
- Click on “Deposit Funds”
- Enter the amount and select the currency
- Finally, select your preferred deposit method
Of course, before we can buy Bitcoin , we have to deposit money. There are different possibilities for this. The first deposit may not be less than the minimum amount of $200. All other payments have a minimum deposit of $50.
If it worked then you can switch to the crypto currency portal by clicking on “Markets” and then on “Crypto”. There you will see a list of the largest and best-known cryptocurrencies (currently 16 in number). There simply click on Bitcoin and the following window opens.
In the red framed box you can choose whether you want to buy the cheapest sale immediately or whether you pay no more than a certain amount. In our example, the Bitcoin price is $ 8,358.58 and we can’t pay more than $ 8,358.58. Suppose, here we decided to invest $ 1,250. Let’s say you are currently offering 0.12 BTC for $ 8,358.58 and the next higher offer is $ 0.1 BTC for $ 8,500. If we buy immediately (Trade), all 0.12 BTC will be bought for $ 8,358.58 and another 0.02572 BTC for $ 8,500. For an order, as in our case, all 0.12 BTC are bought for $ 8,358.58 and then waited until eventually someone offers Bitcoin for less or equal to the set $ 8,358.58.
There are three sections. These are “Stop Loss”, “Leverage”, and “Take Profit”. The Unit button alternates between the dollar and the cryptocurrency. If you click on it shows how many BTC you get for $ 1,250 at the current price (trade) or for the set limit price (order).
The stop loss button indicates how much you are willing to lose. If you are not lucky, the position will be closed automatically and you have lost the displayed amount. In our case, the position is closed when it drops to $1,250 $ -314 = $ 936. The stop loss for eToro must not be less than 25% of the invested money. The “Take Profit”, indicates at which profit the item should be closed automatically. In our example, $ 1,500. So if the Bitcoin price goes up 20%, which is 10022.6 , the position will be closed.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
These notes are for educational purposes only and should not be taken as an investment advice.