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 show you step by step instructions on how to trade the cryptocurrency XRP 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 can access the functionalities of the platform. On the main page you will find the “Deposit money” button at the bottom.
Of course, before you can buy Ripple, you have to deposit money. There are different options 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 the information is proper, then you can switch to the cryptocurrency 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). Simply click Ripple and the following window will open.
Buy Ripple
Now, as displayed above, you can select whether you want to buy the cheapest sales offer immediately or whether you pay no more than a certain amount by clicking “Trade” button. In our example, the ripple price is $0.3020 and we can’t pay more than $ 0.3020. We’ve decided to invest $1000. Let’s say we are currently offering 3000 XRP for $0.3020, and the next higher offer is $150000 for $ 0.3025. If we buy immediately (trade), all 3000 XRPs are bought for $ 0.3020 and another 1000 XRP for $ 0.3025. For one order, as in our case, all 3000 XRP are bought for $ 0.3020 and then wait until somebody else offers XRP for less than or equal to the amount $0.3025.
The “Units” button alternates between the dollar and the cryptocurrency. If you click on it then it shows how many XRP you get for $1000 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 falls to $1000-$314 = $686. The stop loss for eToro must not be less than 25% of the invested money. Assuming our position grows to $ 1800, the stop loss is $1800-$314 = $1486. So it’s always $314 lower in our case than the highest value will ever achieve in our position.
The “Take Profit” button indicates at what profit the item should be closed automatically. In our example, $1500. So if the Ripple price rises 20%, which is $0.3624 , the position will be closed.
Matching to the theme:
How to buy Ethereum on eToro?
Legal notice
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 construed as investment advice
You can buy cryptocurrencies on Binance , Coinbase or eToro . Click here for our -> starter kit.
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.
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. 77% 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 does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
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.
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