Are you an eToro trader or looking at starting to trade with eToro and want to know about trading cryptocurrency there?
If the answer is yes, or if you are looking for a great broker to trade crypto through in a fast, convenient way, then you have found the right place.
In our full eToro review, you will find information on trading crypto with this top broker. Here we take a detailed look at exactly how to buy cryptocurrency on eToro in just a few simple steps.
With that in mind, let’s get started!
How to buy Cryptocurrencies on eToro in 5 easy steps
As we said, trading crypto on eToro really is a simple process. Here is a look in detail at the exact 5 steps that you will need to follow in order to get going:
1. Open an account on eToro
Of course, if you are not already an eToro user, you will need to become one. This means heading over to the eToro website to open an account.
When you reach the website all you will have to do is click the “sign up now” button and enter some of the basic information you are asked for. You will then be ready to head to our next step.
2. Verify your identity
As a secure, well-trusted, and regulated broker around the world, it is part of the process at eToro that you will have to provide a few documents to verify both your identity and address.
eToro verification is typically swift and is not inconvenient at all so long as you have a couple of documents needed ready to electronically upload. These documents are a passport, driver’s license, or national ID card to verify your identity and a proof of address document in the form of a utility bill or bank statement that is recently dated.
Once you have these documents uploaded, your eToro account can be quickly verified and you are almost ready to trade.
The verification process can take time, but it’s very important to make it right since it can ease very important processes such as money withdrawals or crypto transfers. This is why we have set up a fully comprehensive etoro account verification tutorial that we recommend you to check out.
3. Deposit money into your eToro account
With your account verified you will need to make a deposit. The eToro minimum deposit is $200. You can use a variety of methods to make this deposit including by bank transfer, credit/debit card, and some ewallet methods like PayPal and Skrill.
It is worth noting that while making an eToro deposit is easy, you will face a deposit limit of $2000 or €2000 if you have not yet completed account verification, but this is something we have already discussed in our eToro minimum deposit review.
4. Choose a cryptocurrency to trade
With those steps followed and money in your account, all you will need to do is follow the image below. This means clicking on “trade markets” in the left sidebar of your profile, then selecting the “crypto” tab from the top.
When it comes to the crypto markets offered, you can see a few listed below. eToro offers Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and many more. This offering is continuing to grow as time goes by and demand increases. Additionally, if you invest in TRX and ADA, you may be eligible for an eToro Crypto Staking of 75% (up to 90% for the elite members of the eToro Club).
5. Buy the cryptocurrency on the eToro platform
Actually buying the crypto is the final step. Again this could not be easier. Simply choose the exact amount you want of the crypto when the window opens like below.
The minimum trade size on eToro cryptocurrencies is $10 and you will be able to open a trade immediately or set an order at your desired price.
The only point to be aware of here is that slippage could occur particularly when the market is volatile.
When it comes to the most popular crypto offered by eToro there are 3 that are the most bought and traded on the platform. There is no surprise that these are Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP).
Since they are the most popular eToro cryptocurrencies, we have put together 3 useful, how-to tutorials on how you can buy these exact currencies, and everything else you need to know about any fees that apply when buying these assets, and exactly how you can transfer them to, and manage them within the eToro Wallet.
Cryptocurrency trading fees on eToro
When talking about cryptocurrency trading fees on eToro, there are just a few fees to think about.
These fees are the spreads that can apply in every market and with every broker in some form or another, though they are very competitive with eToro, any overnight fees that you may incur when holding crypto CFD positions overnight. These fees are dynamic and can be checked directly with the broker at the time of trading.
There may also be some non-trading fees to note if for example you deposit a non-USD currency. This would attract a conversion fee. Generally though, buying non-leveraged positions is pretty fee-free. For a complete overview of every commission charged by eToro, you should definetly check our eToro spreads and fees review.
Do I own the cryptocurrency I buy on eToro?
This is an important question and the answer is that it depends how you buy them. If with eToro you buy cryptos going long in a non-leveraged position, then you will own the underlying asset itself, while any leveraged or shorted position with the broker is executed as a CFD and you do not own the underlying crypto.
One thing to point out, is that if you own the underlying cryptocurrency you can also safely store it in the eToro wallet, through which you can also send and receive them conveniently and securely.
Buying Cryptos on eToro vs Other Brokers
Below is a quick comparison of how eToro stacks up against other brokers when it comes to all things crypto trading:
|N. of Cryptocurrencies
eToro: Pros and Cons
Finally, here are a few positive notes we have found when it comes to buying your crypto on eToro, and some areas to work on.