eToro Review 2022: Definitive Guide To Using the Popular Crypto Exchange

eToro Exchange Features

Advantages of eToro

  • Exchange regulated by FCA, CySEC, and ASIC.
  • Trading of 37 cryptocurrencies
  • Largest social trading platform
  • Free copy trading
  • User-friendly browser and application
  • Stock trading without commissions

Disadvantages of eToro

  • Few technical analysis tools
  • Uncompetitive fees
  • Customer support needs improvement

Why Trade Crypto on eToro Exchange?

Advantages of trading cryptocurrencies with eToro

  • Trading 37 cryptocurrencies with different fiat currencies and commodities
  • Deposit by credit card, bank transfer, PayPal, Skrill, Neteller and Sofort
  • Cryptocurrency CFD trading
  • Free and secure wallet to store your cryptocurrencies
  • Cryptocurrency CopyPortfolios
  • Copy-trading cryptocurrencies
  • Staking on ETH, ADA, and TRX.

Disadvantages of trading cryptocurrencies with eToro

  • CFD fees are a bit high
  • Dollar account only

How to Create an Account to Trade Cryptos Easily: Step-by-Step Guide

Open an eToro exchange account

  1. To get started, visit the official eToro website. Click on the “Join Now” button on the homepage to start the account opening process. [caption id=”attachment_23774" align=”aligncenter” width=”1200"]
Getting Started with eToro Exchange
  1. Getting Started with eToro. Source: eToro[/caption]
  2. In the first form, create a username and password and provide your email address. Your username or email can be given later to log in to your account. You can also log in using social media buttons.
  3. After this step, you have direct access to the eToro dashboard.
  4. You will receive a welcome email with a button to verify your account.
  5. When you click on the Verify button, you will return to your dashboard to continue the account opening process. To do this, click on the “Complete profile” button. A new form is open, so specify your gender and your date of birth.
  6. Continue by indicating your country of residence.
  7. The platform then asks you to specify your past experience in the markets.
  8. You will do a little quiz so that eToro knows if you are a complete beginner or not. These elements are important to adapt its service to your experience.
  9. Then, you will specify the tokens in which you plan to invest and the average duration of your positions. A form will also ask you about your professional situation and the source of your income.
  10. Now is the time to verify your identity.
  11. To do this, give your phone number. A message containing a verification code will be sent to you by SMS.
  12. To verify your identity, you must upload a photo of your ID card, passport, or driver’s license.
  13. The last step of verification is to upload a utility bill less than 3 months old containing your address, bank statement, or residency certificate.

Make a deposit on eToro

  1. Click on “deposit funds,” which is at the bottom left of your dashboard. [caption id=”attachment_23775" align=”aligncenter” width=”1366"]
Making a Deposit in eToro.
  1. Making a Deposit in eToro. Source: eToro[/caption]
  2. Select the deposit method. eToro allows you to make a deposit by bank transfer, credit card, PayPal, Skrill, Neteller, or Sofort. Then, proceed with the deposit.
Making a Deposit in eToro. Step 2

Trade cryptocurrency with eToro

  1. To find a cryptocurrency faster, use the search bar. Just type the name of the cryptocurrency and click on it. [caption id=”attachment_23777" align=”aligncenter” width=”1366"]
Searching Cryptocurrencies in eToro.
  1. Searching Cryptocurrencies in eToro. Source: eToro[/caption]
  2. eToro offers a number of data to analyze cryptocurrencies. You can use their chart and do your own technical analysis there. [caption id=”attachment_23778" align=”aligncenter” width=”1366"]
Selecting Cryptocurrencies in eToro.
  1. Selecting Cryptocurrencies in eToro. Source: eToro[/caption]
  2. Then, click on the “Invest” button to bring up this order window. Type the amount you want to invest in Dogecoin and confirm your purchase.
Finalizing the Purchase in eToro.

Trade cryptocurrencies on mobile with eToro

  1. The home page shows your favorites list of cryptos, which you can edit at any time. [caption id=”attachment_23780" align=”aligncenter” width=”429"]
Buying in the eToro App.
  1. Buying in the eToro App. Source: eToro[/caption]
  2. Use the search bar at the top of the app to find the cryptocurrency you want to trade. [caption id=”attachment_23781" align=”aligncenter” width=”430"]
Searching Cryptocurrencies in the eToro App.
  1. Searching Cryptocurrencies in the eToro App. Source: eToro[/caption]
  2. The mobile application also makes it possible to carry out analyses despite the small size of the screen. [caption id=”attachment_23782" align=”aligncenter” width=”430"]
Selecting Cryptocurrencies in the eToro App.
  1. Selecting Cryptocurrencies in the eToro App. Source: eToro[/caption]
  2. Click on Trade to bring up the buy and sell buttons. Then, proceed as we have shown for the eToro website on browser for PC.
Finalizing Purchase in the eToro App.

How to Sell Cryptocurrencies on eToro?

For web browser users

  1. Click on the “Portfolio” tab in the menu on the left. This displays your open positions. [caption id=”attachment_23784" align=”aligncenter” width=”1366"]
Selling Crypto in eToro.
  1. Selling Crypto in eToro. Source: eToro[/caption]
  2. Click on the one corresponding to the cryptocurrency you traded. Then click the red button at the right to close the position.
Finalizing Sale in eToro.

For mobile app users

  1. Swiping right brings up the menu. Then, click on “Portfolio.” [caption id=”attachment_23786" align=”aligncenter” width=”429"]
Selling Crypto in the eToro App.
  1. Selling Crypto in the eToro App. Source: eToro[/caption]
  2. Tap on the position corresponding to Dogecoin and tap on the cross to close the position.
Finalizing Sale in the eToro App.

Conclusion

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