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eToro Review 2022: Definitive Guide To Using the Popular Crypto Exchange

eToro Review 2022: Definitive Guide To Using the Popular Crypto Exchange

eToro is one of the most popular crypto exchanges in the world. This exchange offers cryptocurrency trading. Its platform is user-friendly and easy to learn. With over 23 million customers, eToro’s biggest advantage is its social trading platform. It is a real social network of traders in addition to being a trading platform. Additionally, the eToro exchange offers multiple ways to trade cryptocurrencies depending on your goals. 

eToro Exchange Features

The main advantage of eToro lies in the fact that it allows inexperienced investors to invest in financial markets without a financial intermediary. Its simplified platform allows you to hold real securities/assets and receive potential dividends.

With advanced social trading features, eToro allows amateur investors to copy the strategies of other more experienced traders. The CopyTrader is the tool dedicated to copy trading. It has several search features and lists the best traders on the platform. You can sort them and see in detail the history of their trading performance. Each trader has a risk indicator, giving you an idea of ​​the level of risk involved in tracking their positions. This indicator ranges from 1 to 10, with 10 being the highest level of risk.

CopyPortfolios are eToro’s own collections. They are similar to ETFs in that they are baskets of assets. CopyPortfolios give exposure to sectors: cryptocurrencies, the Chinese automotive sector, fintech, etc. This is a good way to diversify your portfolio.

Even if you don’t do copy trading, eToro offers analysis for free to its customers. For each cryptocurrency, its corresponding social network page allows you to have the opinion of other traders on eToro on the asset. Additionally, for stocks, detailed company data is provided for fundamental analysis.

However, eToro’s platform lacks advanced technical analysis tools.

Advantages of eToro

  • Exchange regulated by FCA, CySEC, and ASIC.
  • Trading of 37 cryptocurrencies
  • Largest social trading platform
  • Free copy trading
  • User-friendly browser and application
  • Stock trading without commissions

Disadvantages of eToro

  • Few technical analysis tools
  • Uncompetitive fees
  • Customer support needs improvement

Why Trade Crypto on eToro Exchange?

eToro is not just another CFD exchange. It’s a real social network.

Advantages of trading cryptocurrencies with eToro

  • Trading 37 cryptocurrencies with different fiat currencies and commodities
  • Deposit by credit card, bank transfer, PayPal, Skrill, Neteller and Sofort
  • Cryptocurrency CFD trading
  • Free and secure wallet to store your cryptocurrencies
  • Cryptocurrency CopyPortfolios
  • Copy-trading cryptocurrencies
  • Staking on ETH, ADA, and TRX.

Disadvantages of trading cryptocurrencies with eToro

  • CFD fees are a bit high
  • Dollar account only

How to Create an Account to Trade Cryptos Easily: Step-by-Step Guide

Trading cryptocurrencies on eToro is easy. However, there are risks to consider. Crypto markets are volatile, which means that the price of tokens can vary greatly from one minute to the next.

In our example, we will show you how to trade Dogecoin, which has remained in the top 10 of the Coinmarketcap rankings for most of 2021. But first, you need to open an account.

Open an eToro exchange account

  1. To get started, visit the official eToro website. Click on the “Join Now” button on the homepage to start the account opening process.

    Getting Started with eToro Exchange
    Getting Started with eToro. Source: eToro
  2. In the first form, create a username and password and provide your email address. Your username or email can be given later to log in to your account. You can also log in using social media buttons.
  3. After this step, you have direct access to the eToro dashboard.
  4. You will receive a welcome email with a button to verify your account.
  5. When you click on the Verify button, you will return to your dashboard to continue the account opening process. To do this, click on the “Complete profile” button. A new form is open, so specify your gender and your date of birth.
  6. Continue by indicating your country of residence.
  7. The platform then asks you to specify your past experience in the markets.
  8. You will do a little quiz so that eToro knows if you are a complete beginner or not. These elements are important to adapt its service to your experience.
  9. Then, you will specify the tokens in which you plan to invest and the average duration of your positions. A form will also ask you about your professional situation and the source of your income.
  10. Now is the time to verify your identity.
  11. To do this, give your phone number. A message containing a verification code will be sent to you by SMS.
  12. To verify your identity, you must upload a photo of your ID card, passport, or driver’s license.
  13. The last step of verification is to upload a utility bill less than 3 months old containing your address, bank statement, or residency certificate.

Make a deposit on eToro

After verifying your account, you can proceed to deposit funds.

  1. Click on “deposit funds,” which is at the bottom left of your dashboard.

    Making a Deposit in eToro.
    Making a Deposit in eToro. Source: eToro
  2. Select the deposit method. eToro allows you to make a deposit by bank transfer, credit card, PayPal, Skrill, Neteller, or Sofort. Then, proceed with the deposit.
Making a Deposit in eToro. Step 2
Finalizing Deposit in eToro. Source: eToro

Trade cryptocurrency with eToro

In just a few clicks, you can trade the CFD of the cryptocurrency of your choice on eToro. We will show you how to do it with Dogecoin as an example.

  1. To find a cryptocurrency faster, use the search bar. Just type the name of the cryptocurrency and click on it.

    Searching Cryptocurrencies in eToro.
    Searching Cryptocurrencies in eToro. Source: eToro
  2. eToro offers a number of data to analyze cryptocurrencies. You can use their chart and do your own technical analysis there.

    Selecting Cryptocurrencies in eToro.
    Selecting Cryptocurrencies in eToro. Source: eToro
  3. Then, click on the “Invest” button to bring up this order window. Type the amount you want to invest in Dogecoin and confirm your purchase.
Finalizing the Purchase in eToro.
Finalizing the Purchase in eToro. Source: eToro

As illustrated, eToro offers you the possibility to simply trade CFDs.

Trade cryptocurrencies on mobile with eToro

eToro’s mobile app is even easier to use and allows you to trade cryptocurrency quickly. It is available on App Store and Google Play. Download it and log in to your account.

  1. The home page shows your favorites list of cryptos, which you can edit at any time.

    Buying in the eToro App.
    Buying in the eToro App. Source: eToro
  2. Use the search bar at the top of the app to find the cryptocurrency you want to trade.

    Searching Cryptocurrencies in the eToro App.
    Searching Cryptocurrencies in the eToro App. Source: eToro
  3. The mobile application also makes it possible to carry out analyses despite the small size of the screen.

    Selecting Cryptocurrencies in the eToro App.
    Selecting Cryptocurrencies in the eToro App. Source: eToro
  4. Click on Trade to bring up the buy and sell buttons. Then, proceed as we have shown for the eToro website on browser for PC.
Finalizing Purchase in the eToro App.
Finalizing Purchase in the eToro App. Source: eToro

How to Sell Cryptocurrencies on eToro?

Selling your cryptocurrencies on eToro is done in a few clicks.

For web browser users

  1. Click on the “Portfolio” tab in the menu on the left. This displays your open positions.

    Selling Crypto in eToro.
    Selling Crypto in eToro. Source: eToro
  2. Click on the one corresponding to the cryptocurrency you traded. Then click the red button at the right to close the position.
Finalizing Sale in eToro.
Finalizing Sale in eToro. Source: eToro

For mobile app users

  1. Swiping right brings up the menu. Then, click on “Portfolio.”

    Selling Crypto in the eToro App.
    Selling Crypto in the eToro App. Source: eToro
  2. Tap on the position corresponding to Dogecoin and tap on the cross to close the position.
Finalizing Sale in the eToro App.
Finalizing Sale in the eToro App. Source: eToro

Conclusion

eToro is arguably the most flexible platform for trading cryptocurrencies. The exchange allows CFDs to be traded. An advanced cryptocurrency trading platform completes its offer. This regulated exchange has a user-friendly platform with a very lively social network of traders and several million users worldwide.

Content proposed by our partner Miroir Magazine

More about the author: Almmaye

Alm Maye has been a trader and analyst since 2013. He is an expert in equity markets, Forex, and cryptocurrencies. He is the creator of Almvest.com and Imveste.com, two sites dedicated to finance. Moreover, he participates in the development of featured articles on various sites such as Actions-boursieres.fr, as well as the international network of Finixio.com.

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