eToro (Official Website)is a leading trading platform that was established in 2007 as a forex trading website. In recent years, the developers of eToro recognized the value of cryptocurrencies and allowed users to exchange them as well.
eToro Review 2023
European users can trade stocks and contracts for difference (CFDs) in addition to cryptocurrencies, whereas Americans can only trade cryptocurrencies.
This site is well-known for being:
- Safe and secure;
- User-friendly and simple to use; and
- A great place to learn from others and copy their trading strategies.
Overall, this is one of the most popular trading platforms in the world, and this article will go over everything you need to know about it in depth.
Is eToro safe to trade Bitcoin?
Bitcoin is gaining popularity, and more people are looking for ways to invest in cryptocurrencies. While eToro was initially designed as a forex trading platform, it quickly evolved to allow users to buy and sell Bitcoin safely.
For many factors, eToro (Official Website) is regarded as a perfect place to purchase Bitcoin. For starters, there are no commissions or undisclosed fees. New users often worry about losing a lot of money on purchases, which can happen, but not on eToro. Second, the platform is secure and simple to use, so you will not be overwhelmed by too much detail. This is a perfect platform for novice users who are still learning the basics of the trade, but it also has ample resources for more experienced and seasoned traders.
Furthermore, eToro (Official Website) provides a one-of-a-kind virtual portfolio option in which users can learn everything there is to know about trading in simulated real-world environments without having to spend any money. This is a fantastic chance to get acquainted with the platform and the trade. Another advantage of eToro is the ability to replicate the work of other, perhaps more experienced traders.
How to open an account with eToro?
Opening an eToro (Official Website) account is easy, but the authentication process will take several days.
Here’s a step-by-step guide on how to do it:
- Step 1: Go to the eToro Official Website and press the “Join Now” button.
- Step 2: Enter all of your personal information or sign up with your Facebook or Google account.
- Step 3: Carefully read all of the terms and conditions and check the box confirming the agreement.
- Step 4: After all of the preceding steps have been completed, simply press the “Submit” tab.
Following the initial account creation, users will be required to have a few additional documents, such as:
- A valid piece of identification (passport or ID);
- Residence Confirmation (valid utility bill dated to the last 6 months)
- Filled out the questionnaire provided by eToro (Official Website)
Identity verification on large trading platforms such as eToro can be thorough and take many days. Much of this is required to ensure that each user complies with the legislation and that each account generated is legitimate.
The whole process runs fairly smoothly with proper comprehension and cooperation from the users. Remember to take the photos properly and to use all of the valid records.
Why buy Bitcoin with eToro?
As previously said, eToro (Official Website) can be one of the best sites for purchasing Bitcoin and other cryptocurrencies. There are a few compelling arguments to do so, and eToro is an excellent platform for beginners.
When you have purchased your Bitcoin without any extra costs or commissions, you can use it to trade and potentially gain even more.
If you are new to trading, there are two fantastic opportunities on eToro (Official Website) to get you started:
To begin, every user has the option of building a virtual account (Official Website). This account is as real as any other, with all of the resources and opportunities, with one big difference: no capital or investment is required. This means that users can exchange, copy other traders’ transactions, and practice with virtual currency without fear of losing money.
By far one of the most popular features on the eToro platform (Official Website) is copy trading. This is a one-of-a-kind option in which traders will simply replicate the approach of other, perhaps more seasoned traders. This is all done on the website, which is fully transparent and allows you to communicate with the traders as well as see a list of possible traders to watch.
This list displays a variety of qualities, the most notable of which is the trader’s performance rate over the previous 12 months. This is a fantastic way for new users to get involved and learn from the pros. As for any financial decision, this one can be risky or profitable; it is up to the user to do the necessary analysis to make the final decision.
Invest in Bitcoin with CopyPortfolios
Copy Portfolios are a method of trading that has been created by the eToro platform (Official Website). These are portfolios that have already been created by eToro and are available for investors to select from a variety of options. They are a series of assets that are selected and rebalanced regularly according to a preset plan. It is described as “many seasoned traders collaborating for your benefit.”
Any portfolio is:
- A wise investment since each asset is distributed individually and rebalanced on a frequent basis to maximize gains. This protects investors, especially new ones, from risk and possible financial loss.
- Diversified – multiple leading cryptocurrencies are eligible for trading, and you can merge them to achieve the best performance.
- On an annual basis, no fees are included. This rule remains unchanged even though the user wishes to retain the funds for many years.
Copy portfolios are incredibly simple to set up and use. All you have to do is pick the best portfolio for you based on your preferences and the sum you want to spend in that portfolio. When you press the “Invest” button, the portfolio is automatically created and allocated.
The minimum amount required to invest in a CopyPortfolio?
There is a minimum amount you must spend depending on the portfolio you want. Since CopyPortfolios function as many traders at the same time and several positions are opened on your behalf, a $5,000 minimum investment is needed. This is particularly true for CryptoEqual and BitcoinWorldWide portfolios.
How can I realize my profits?
Profits and expenses are available in real-time, and you can handle them at any time. To realize your gains, you must first close your investment by pressing the “close investment” button, and the funds will be immediately transferred to your balance.
When is my CopyPortfolio re-balanced?
Since investments are diversified, the valuation of individual assets fluctuates, so there is a mechanism that closes and opens positions on your behalf to re-balance everything. This re-balancing happens at varying points in time depending on the portfolio you have selected.
There are several Copy Portfolios to pick from, but two in particular for cryptocurrencies are CryptoEqual and BitcoinWorldWide. The CryptoEqual portfolio focuses on leading big-cap cryptocurrencies with fair distribution, while the BitcoinWorldWide portfolio invests in stocks of bitcoin value chain firms, including mining companies, depending on eToro’s asset universe.
Both solutions are excellent for both new and seasoned users, and they provide a little stability in an unpredictable market like cryptocurrencies.