Monero is a popular cryptocurrency that allows users to execute their transactions completely anonymously. What is an advantage, however, can also be a disadvantage. Monero and other privacy coins can’t be regulated.
Privacy coins are an advancement of digital forms of money like Bitcoin. Bitcoin exchanges are mysterious as in the proprietor of every wallet is unknown, yet every exchange is communicated openly and visible to all on the public ledger. This implies all exchanges for a given wallet can be seen and inspected. Hence, if someone’s identity is connected to a Bitcoin wallet address then anonymity is bargained.
However, companies like eToro are subject to regulation, they must be careful to act by the rules, otherwise, they face heavy penalties. For example, on 8th August Coinbase UK removed the Privacy coin Zcash from the list. There was no concrete reason for this. It is speculated that it happened because of pressure from the tax authorities. Among other things, the British tax authority HMRC should also have asked eToro to provide some user data. For this reason, many trading platforms do not have privacy coins in their range and it is unlikely that anything will change in the short term.
Buy Monero on other platforms
For many other cryptocurrencies such as Ripple, stocks and commodities you can use eToro, unfortunately not for Monero. Here you can register with eToro . If you want to buy Monero you can use Binance.
eToro is a multi-asset platform offering equity and cryptocurrency investments and CFD trading.
CFDs are complex financial instruments. Because of the leverage they carry a high risk of losing money quickly. 66% of private investor accounts lose money when trading CFDs with this provider. Please note that you should be informed in advance about the risks of CFD trading as high losses can not be ruled out.
Cryptocurrencies are unregulated and their prices can vary widely. Therefore, cryptocurrencies are not suitable for all investors. The trading of cryptocurrencies is not subject to any supervision by the EU regulatory authorities. Your capital is exposed to risks.
These notes are for educational purposes only and should not be construed as investment advice
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Currently we are not recommending trading at eToro. A better alternative is Coinbase. However, for old articles please refer to the general risk disclosure on eToro. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. 76% of retail accounts lose money when trading CFDs from this provider.