As one of the leading social trading platforms, eToro attempts to bring a fresh approach to trading.
The site has millions of customers all over the world, with eToro’s US platform offering a wide range of trading options on cryptocurrencies. Creating a safe and secure platform designed to achieve compliance with a range of regulatory bodies, eToro delivers a top-quality service for new and experienced traders alike.
What Does eToro Offer?
When you first enter, you will be presented with a screen that gives you the following trading options:
- Crypto Trading – Trade in Bitcoin (BTC) and Ethereum (ETH), as well as 13 other major cryptocurrencies.
- Top Cryptocurrencies – Look at the current information on the most popular digital currencies.
- Copy Trading – Copy the trades made by other successful traders.
The social aspect is crucial to the trading approach at eToro. For instance, you can start trading very easily by copying the moves made by existing traders. It is also possible to earn money through being followed by others once you achieve and maintain compliance according to certain requirements of the firm.
You’ll find a wealth of information and charts on each of these investment types, so, no matter what level of experience you have, eToro can provide all the resources you’ll need to get started.
How to Get Started
You’ll need to sign up and then complete your profile before verifying your account. After this, you can add funds using the different options that are detailed further down.
You can choose the type of coin you are interested in and look at the latest figures and trends on it. If we look at the example of Bitcoin (BTC), you can see the initial graph that supplies the most important information on its recent price history. If you are interested in a particular type of coin, you can follow the news feed and look at the latest price trends for it.
To find out which traders you might want to follow, you can use the CopyTrader™ function. Here, you’ll see some of eToro’s top US traders sorted into categories such as “editor’s choice”, “top investors”, “trending”, and “most copied”.
The filters at the top of the screen allow you to narrow down your search. For instance, you can search by market and profits gained. (Note: Past performance is never indicative of future results).
Regulation and User Security
Two of the key issues in the financial markets right now are regulation and user security. It is especially true if you are interested in cryptocurrencies.
The approach taken by eToro is to obtain appropriate licenses in each country where they operate, for each service line offered. In the US, eToro is registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business.
Using the CopyTrader™ Feature
The CopyTrader™ function on eToro is designed for newcomers or people who are just short on time. It allows you to look for the site’s featured traders, or all traders based on your pre-defined filters, choose your favorite and then copy their trades with a single click.
From then on, you will automatically copy all of the trades that they make. The amount you select for that trader will determine the proportion of their trades that you copy each time they make a move.
It’s worth pointing out that this feature is free to use. The traders you copy don’t charge you any fees for following them, and neither does eToro. Instead, they are rewarded directly by eToro through the Popular Investor Program.
Before you follow other traders, you can fully check out their statistics, risk scores, and portfolios. It is also possible to talk with the said traders through eToro’s social platform, providing users with an opportunity to share ideas with more established crypto traders.
It’s possible to copy up to 100 traders at once, to a maximum value of $500,000.
Last year, we had covered the news of this innovative tool becoming a valuable addition to eToro’s trading platform features.
The social aspect of the platform makes it ideal for mobile trading purposes. For the full social trading experience, eToro has developed its own dedicated mobile app. This includes all of the features that you will find on the desktop version and can be downloaded for Android and iOS.
Many platforms will offer reduced functionality on their mobile platforms. This is not the case for eToro, which allows traders to carry out every function that the full desktop version offers within an easy-to-access package. In a digital world that is moving increasingly in the direction of mobile accessibility, it’s good to see that eToro is catering for traders on the go.
Using a demo account is a great way of getting started on any trading platform. With eToro, you get access to a practice account with $100,000 of play money that you can use freely.
This is a safe way to get used to the trading options without putting your own money at risk.
To fund your account, you can choose from the different payment methods available. The minimum deposit is $50.
You earn $50 for each person you refer to eToro, up to a total of $500, and each of your friends you invite will get $50 too, once they sign up. Such incentives show eToro is committed to increasing the size of its trading community.
eToro Overview Conclusion
eToro’s platform is one that holds its place at the top of the market, using innovative features such as their Popular Investor Program and CopyTrader™ function to provide much more than standard crypto trading platforms. Their focus on community, security, and accessibility is clear to see, and with demo options available for those new to crypto trading, eToro has created a safe space for beginners to find their feet.
This platform has introduced a new way of trading that’s ideal for beginners and experienced traders alike. Whether you need a helping hand or are looking to share your own knowledge, this is a safe and secure platform.
For the non-US platform, you can visit here: etoro.com.
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