eToro: A Review of the Crypto Trading Platform

At the moment, you can only trade cryptocurrency on trading platform eToro in the U.S.

But that may soon change.

Founded in 2007, eToro is an international trading platform with both social and trading components, and is currently available in over 140 countries. The U.S. crypto platform, however, was only introduced in 2018. With this platform, you can trade a number of different cryptocurrencies, including Bitcoin.

Among the most popular cryptos available on eToro are Ethereum and Ripple, but there are many others available as well. And they can help you diversify your eToro portfolio.

What Is Cryptocurrency?

Cryptocurrencies are digital currencies that are stored using highly secure cryptography, which makes it difficult to counterfeit the money.

Popular cryptocurrencies include Bitcoin, which runs on a blockchain, Ripple, Dogecoin and many more. Some of these can be found on eToro’s platform.

As documented by my colleague Rob Otman, crypto is very popular with millennials. There are several reasons for this:

1. Mistrust of the stock market and traditional economy
2. It’s the perfect marriage of finance and technology
3. It’s a decentralized market in a shaky global economy.

But plenty of older investors find crypto interesting as well, and may therefore find eToro useful, too. This isn’t something true just today – it was especially true during the Bitcoin bubble.

But while crypto is an interesting and exciting asset, it’s definitely a risky way to diversify your portfolio.

If you’re interested in trading Bitcoin or another crypto, you may find eToro’s platform is a great way to do so. So, below is more information about this unique trading platform:

About the eToro Platform

There are a number of different features you can use on the platform. Let’s take a look at some of them.

Build a Watchlist

You can build a watchlist of currencies that interest you. Let’s say you want to watch several coins like Bitcoin, Ripple and Dash, you can build a dashboard through eToro to do so. For each market you select in eToro, your watchlist shows the current market price, as well as its change over time – you can also see the 52-week price range to see how its done over the past year.

The platform indicates an analyst consensus of buy/hold/sell, and when you’re ready to invest, it’s as easy as the click of a button.

In addition to your own watchlist, you can also build one to follow other traders who you can learn from and imitate. This feature can be especially useful for novice traders new to the world of crypto. More on that later.

Your eToro Portfolio

Once you begin investing with eToro, you can see your portfolio and how it breaks down. Once you invest some of your money into the platform and make trades, the portfolio will show you the following:

• Available Cash
• Total Allocation
• Profit
• Total Equity

You can also look at your history of trades, as well as any pending activity. The layout is simple, crisp and is easy to navigate.

In addition to your portfolio and watchlist, you’ll also have a newsfeed. The newsfeed gives you insight into what other crypto traders are currently seeing and thinking, which can be useful for making your own decisions.

CopyTrader

Another great feature of the eToro platform is its CopyTrader system. CopyTrader is so-called because it allows you to literally copy the portfolios of other high profile crypto traders.

Not only does it give you insight into the portfolios of expert traders, but CopyTrader allows you to automatically mimic their trades. In this way, you can easily keep your portfolio matched to theirs.

There are no extra fees for using the CopyTrader tool. So you’re essentially getting managed expertise without having to pay extra for it.

Now that’s a good deal.

And because eToro is also a social tool in addition to merely a trading platform, you can interact with these experts and learn from them directly.

Pricing

eToro is quite transparent about their pricing, which is based on the spread of a trade. However, you should note that the spreads listed are minimum spreads, and the true price can differ based on liquidity and market conditions

For example, on their website, you can see the spreads for each of the cryptos they offer. It also lists the trading hours that are available for each currency.

For example, if you want to trade Bitcoin, that market is open 24/7 and the minimum spread on the trade is 0.75%. Ethereum is also open 24/7, but trades at a spread of 1.90%.

Concluding Thoughts on eToro

If you’re interested in trading cryptocurrency, eToro could be the perfect trading platform for you. It’s easy to use, boasts cool features like its CopyTrader tool and gives you access to a number of different currencies.

If you’re interested in learning more about the platform, I recommend you check out eToro’s website here. It also has educational content and a blog that you may find useful in learning more about crypto trading.

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