eToro is one of the largest social investment platforms that allow people to trade, invest, and learn more about financial markets. Stocks, commodities, and currencies are just some of the things you can trade on eToro.
In addition, you can buy and sell crypto on eToro. This places eToro in the same league as crypto exchanges like Binance and Coinbase, where you can buy, sell, hold, and trade crypto.
You can buy Bitcoin, Ethereum, and many other crypto assets on eToro. So, here’s everything you need to know about buying and selling crypto on eToro.
Buying Crypto on eToro
To buy or sell crypto on eToro, you’ll need to create an account, verify it, and deposit funds. But before you deposit funds, note that trading accounts come with a high risk as over 75% of retail investor accounts lose money while trading with eToro.
Therefore, you should only invest money you can afford to lose. Also, note that you may not be allowed to verify your account if you’re from certain countries, like Nigeria. Check the full list of eToro country restrictions if you’re unsure.
You’ll know whether your region is among those prohibited during verification, as it won’t let you verify, and there’s not really a way around it.
How to Deposit Funds Into Your eToro Account
Let’s now go over the steps to buying crypto on eToro. To deposit funds into your eToro account:
- Login to your eToro account (or create one if you haven’t).
- Now, on the left side menu, select Deposit Funds.
- Fill in the amount you want to deposit. The minimum deposit allowed is $200, while the maximum amount allowed per deposit is $40,000. Accepted payment methods are credit/debit cards, Skrill, bank transfer, and Neteller. Currencies supported are USD, EUR, GBP, and AUD.
- When done filling out the deposit form, click on Deposit.
Once your deposit is accepted and approved, your eToro account will be credited, and you’re ready to start buying crypto on eToro.
How to Buy Crypto on eToro
To buy crypto on eToro:
- Log in to your eToro account.
- Use the Search eToro search box at the top of the page to search for the cryptocurrency or its symbol. For example, Bitcoin or BTC.
- When you find it, select Trade > Buy.
- Enter the amount of or units of the cryptocurrency you want to buy. Select Units to make the switch.
- When done, click on Open Trade.
The equivalent amount of cryptocurrency will be added to your account. To view it, open your Portfolio from the left side panel.
How to Sell Crypto on eToro
Like buying crypto on eToro, selling crypto on eToro is straightforward.
- Log in to your eToro account.
- Go to the left side panel and click on Portfolio. Here you can find all the details about your cryptocurrency holdings.
- Select the crypto you want to sell.
- Click on the red X button to your far right.
- A pop-up will appear with live rates. Review it and click Close Trade.
The equivalent value in the fiat currency of the crypto you just sold will be added to your eToro account. eToro fees are transparent with no hidden charges. But if they’re not to your liking, you should check out the top crypto exchanges with the lowest fees.
Buy and Sell Crypto With Ease on eToro
Whether you’re buying or selling your first crypto or just looking for another trustworthy platform to trade cryptocurrencies on, eToro is a powerful option.
eToro also features an active community where you can learn more about crypto and network with millions of other crypto enthusiasts. For instance, you can chat with other users about the day’s price volatility and get signals and recommendations from top-rated experts.
eToro is open 24 hours a day, every day. It is also easy to use, allows fractional purchases and copy-trading, and has heaps of other options. You can also practice with a free $100k demo account. Even at that, you should always remember that trading in crypto and CFDs is high-risk, and you should never invest more than you can afford to lose.