The cryptocurrency market is growing rapidly, with multiple crypto exchanges offering users the platform to buy cryptocurrencies. However, with a low level of knowledge in crypto, many new investors want a user-friendly exchange that can make their crypto journey easy.
Traditional exchanges may often require users to navigate charts, wallets, complex interfaces, etc. which creates barriers for new investors to enter the crypto market. To mitigate these challenges, the eToro exchange enters the scene and provides users with a user-friendly interface and advanced features like copy trading, which makes their trading experience better.
In this article, we will step-by-step guide you on how to buy crypto on eToro exchange while also discussing how it works to provide its users with the best crypto trading platform.
What is eToro?
eToro is one of the most popular social investment platforms that provide financial services globally. It is an Israel-based trading platform founded by Yoni Assia, Ronen Assia, and David Ring in 2007 in Tel Aviv.
The platform provides a social trading feature that lets traders copy the trades of experienced investors to make good returns. Moreover, eToro offers innovative trading and investment tools to users of more than 140 countries. Also, eToro is regarded as one of the oldest and a highly competitive crypto trading platforms with high security and a variety of investment products.
How does eToro work?
As a trading platform, eToro works by providing users with a platform to invest in cryptocurrencies, stocks, ETFs, etc at one place. It provides a user-friendly interface that is helpful for new investors.
The platform uses a social trading model that allows users to copy the trade and strategy of top performing and experienced investors. This feature helps new traders to learn trading and reduces the complexity of investment strategies.
eToro exchange also provides a digital wallet and real-time data to make a secure and informed user experience. The platform’s users can deposit funds, track performance, manage their portfolios, etc, directly through the mobile app or website which ensure a smooth trading experience.
Step-by-Step on How to Buy Crypto on eToro
Here is a step-by-step guide on how to buy crypto on eToro:
Step 1: Visit the Official Website or Download the App
To start your crypto journey, you have to visit the official website of eToro by clicking on the given link or you can download the eToro mobile application from Google Play Store or App Store.
Step 2: Create an Account on eToro
Before starting trading, you have to create an account using your email address and then provide all necessary information. Answer all questions asked while onboarding to know about your level of experience to customize your trading experience.
Step 3: Complete KYC Verification
After creating an account on eToro, you have to complete your KYC process by providing your mobile number, your ID, and all required documents.
Step 4: Fund Your Account
After completing the verification process, you have to fund your account with fiat currencies like USD, EUR, etc., by using a Credit/Debit card or Net banking.
Step 5: Search for the Crypto
After funding your account, you have to visit the homepage and click on the search bar to find the crypto asset you want to buy.
Step 6: Place an Order
Once you find your crypto, you can place an order by entering the amount of crypto you want to buy and then review and place the order by using the fiat balance. After the successful transaction, you will receive crypto in your account.
Step 7: Transfer Crypto to Secure Wallet
It is an optional step, under which you can transfer your crypto to a secure crypto wallet to avoid the chances of any financial loss. You can also use the eToro Money wallet to securely store your crypto.
Benefits of Using eToro for Crypto Trading
Beginner-Friendly Design
The simple and user-friendly design of eToro makes it easy for beginners to browse and invest in cryptocurrency without being overwhelmed.
CopyTrader Feature to Mimic Top Investors
By using CopyTrader, one can copy trades from professional investors, thus, learning from the pros and at the same time earning from the growth.
Fractional Crypto Purchases
No need to have the entire Bitcoin as eToro permits you to purchase in fractions, thus allowing more people the opportunity to join the world of cryptocurrencies.
Multi-Asset Support
eToro is a multi-asset platform that not only provides services in cryptocurrency but also it is a stockbroker, an ETF provider, and a commodities trading platform for its diversified users.
Tips for Beginners on eToro:
- Start with a small amount and first test your strategy with the demo account.
- You can use CopyTrader to learn trading strategies from renowned investors to avoid financial loss.
- Always double-check wallet addresses when withdrawing,
- Enable two-factor authentication (2FA) for more security.
Conclusion
eToro is one of the best crypto trading platforms for new users looking to buy cryptocurrencies. With its user-friendly interface, copy trading tools, broad asset options, etc, makes investing more accessible and less intimidating. For anyone starting their crypto journey, eToro offers a trusted experience with numerous trading services.
Also read: How to Transfer Bitcoin? A Complete Guide to Send & Receive BTC
