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How to buy Ether (ETH) on eToro

CointelegraphCointelegraph2024/05/27 07:16
By:Dilip Kumar Patairya

When buying Ether ( ETH ) or any other cryptocurrency, the platform is a crucial consideration, as it influences essential factors such as the simplicity of the process and issues regarding compliance , fees, security and trust. EToro is a social trading and multi-asset investment platform built around investor education and a string of functionalities for seamless trading.

EToro is a regulated platform offering a diverse cryptocurrency portfolio, including Ether. Market insights, educational resources and research tools available on the market help users keep tabs on the dynamic Ethereum landscape .

This article dives into how to buy ethereum on eToro. The steps covered include creating an eToro account, verifying your identity, depositing funds into an eToro account and using those funds to buy Ether.

Create an eToro account

Whether a user is working on the web or on a smartphone, the first step when using eToro is to create an account. Here are the steps to complete the process:

Step 1: Open the eToro website on the web browser or download the app.

Step 2: Click the “Sign Up” button on the homepage and start the registration process. On the form displayed, enter your email and choose a username and password. You must also acknowledge the terms and conditions, privacy, and cookie policies. Alternatively, you can log in via your Google or Facebook accounts.

Log in and verify your identity in your eToro account

Here are the steps to login and verify your identity on eToro:

Step 1: You can log in using the same username and password you used when creating your account. If you forget these parameters, you can use your email to reset the password.

Step 2: When logged in, you must fill in details such as your investment history, approach and/or style, along with a short bio, to provide other users with complete information about you. They can also upload an image of themselves.

Step 3: To begin trading, you need to verify your email. To do so, eToro will send a verification email to your inbox that you need to click to complete the process. The link provided in the verification email will take you to the eToro website, where you need to add your phone number and verify it. EToro will send you a verification code that you need to enter into the eToro website to complete the basic verification process.

Step 4: You can deposit funds into your account after completing the basic verification process. Deposit limitations are in place before you complete your profile.

Step 5: You must also verify your identity with government-issued identification documents and address proofs, such as utility bills. This is a legal requirement under Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines .

Deposit money into your eToro account

Before you can begin trading or buying cryptocurrencies , you need to deposit funds in your eToro account. Here are the steps:

Step 1: On the screen, click the blue-colored button “Deposit Funds.”

Step 2: A pop-up box will appear on the screen, where you can enter an amount and select a currency and payment method. You can select from different payment methods, such as debit/credit card payments, wire transfers and online payments. Depending on the local regulatory environment, available payment methods may vary in different countries.

Step 3: For wire transfers or card payments, you must select a bank from the list, and eToro will establish a back-end connection with the bank. On your end, you must enter information, such as card details, and confirm the transaction to complete the transfer.

Step 4: The platform will establish a direct connection and facilitate money transfers for other online transaction methods available on eToro in various regulatory jurisdictions. EToro supports several payment solutions, such as PayPal, Neteller and Skrill. You can choose your preferred app and follow the prompts to link your payment app account with eToro.

Buy Ethereum on eToro

Once you’ve added funds to your eToro account, you can now buy ETH. Steps to buy Ethereum on eToro involve the following:

Step 1: Go to the panel on the left side of the screen and click “Trade Markets.”

Step 2: At the top, you can find several investment types. As Ether is a cryptocurrency, you must click the “Crypto” tab. All the coins on eToro are visible on the screen, with Ether in the top row. The Ether trading page will display charts, current prices and other relevant details. Click “Buy” on the Ether tab, and a pop-up window will appear.

Step 3: Fill in the amount and choose between two options for buying: “Trade Order” and “Limit Order.” A trade order is an instruction to buy or sell a coin at the best available current price in the market, while a limit order is an instruction to buy a cryptocurrency with a restriction on the maximum price to be paid. EToro has minimum trade size limits, which might differ in various countries.

Step 4: Before placing the order, review the order details, such as the purchase amount, the current price and any fees payable with the transaction.

Step 5: You now need to pay using the funds you deposited earlier into your eToro account, and the ETH will be transferred to your wallet.

What are the risk factors when using eToro?

With eToro being a social trading platform, one needs to be aware of the various risks associated with such platforms. EToro displays useful information about traders and their strategies on the platform to help other users make decisions about their own approaches to trading. This information includes past performance, risk score, statistics and any other relevant facts. However, eToro clarifies that past performance doesn’t necessarily indicate future results, and trading is speculative by nature.

When measuring an investment’s historical performance, traders use risk to evaluate its potential future performance. Risk measurement is done by measuring the standard deviation of an investment’s value. A sharper deviation of the measurement indicates the volatility of the asset: the more volatility, the riskier the investment.

EToro presents the risk profile of an investor’s portfolio by considering all of its assets in the form of a “Risk Score,” which is any number between 1 (low risk) and 10 (high risk). The higher range reflects the maximum volatility of a portfolio. A “0” score indicates the portfolio has 100% cash, meaning no volatility.

A portfolio with more diversified assets is likely to carry less risk, as its individual assets might be less volatile. Conversely, leveraged exchange-traded funds tend to be more hostile and add to the risk factor, warranting careful consideration and vigilance when trading on the platform.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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