eToro is now one of the most popular platforms for trading in assets. The trade in cryptocurrencies has been greatly expanded in recent years.
Set up account and deposit money
The registration process is very simple. After specifying some data, including phone number and e-mail, which you can confirm immediately, you can access the functionalities of the platform. On the main page you will find the “Deposit money” button at the bottom.
Of course, before you can buy Ripple, you have to deposit money. There are different options for this. The first deposit may not be less than the minimum amount of $200. All other payments have a minimum deposit of $50.
If the information is proper, then you can switch to the cryptocurrency portal by clicking on “Markets” and then on “Crypto”. There you will see a list of the largest and best-known cryptocurrencies (currently 16 in number). Simply click Ripple and the following window will open.
Now, as displayed above, you can select whether you want to buy the cheapest sales offer immediately or whether you pay no more than a certain amount by clicking “Trade” button. In our example, the ripple price is $0.3020 and we can’t pay more than $ 0.3020. We’ve decided to invest $1000. Let’s say we are currently offering 3000 XRP for $0.3020, and the next higher offer is $150000 for $ 0.3025. If we buy immediately (trade), all 3000 XRPs are bought for $ 0.3020 and another 1000 XRP for $ 0.3025. For one order, as in our case, all 3000 XRP are bought for $ 0.3020 and then wait until somebody else offers XRP for less than or equal to the amount $0.3025.
The “Units” button alternates between the dollar and the cryptocurrency. If you click on it then it shows how many XRP you get for $1000 at the current price (trade) or for the set limit price (order).
The stop loss button indicates how much you are willing to lose. If you are not lucky, the position will be closed automatically and you have lost the displayed amount. In our case, the position is closed when it falls to $1000-$314 = $686. The stop loss for eToro must not be less than 25% of the invested money. Assuming our position grows to $ 1800, the stop loss is $1800-$314 = $1486. So it’s always $314 lower in our case than the highest value will ever achieve in our position.
The “Take Profit” button indicates at what profit the item should be closed automatically. In our example, $1500. So if the Ripple price rises 20%, which is $0.3624 , the position will be closed.
Matching to the theme:
How to buy Ethereum on eToro?
eToro is a multi-asset platform offering equity and cryptocurrency investments and CFD trading.
CFDs are complex financial instruments. Because of the leverage they carry a high risk of losing money quickly. 66% of private investor accounts lose money when trading CFDs with this provider. Please note that you should be informed in advance about the risks of CFD trading as high losses can not be ruled out.
Cryptocurrencies are unregulated and their prices can vary widely. Therefore, cryptocurrencies are not suitable for all investors. The trading of cryptocurrencies is not subject to any supervision by the EU regulatory authorities. Your capital is exposed to risks.
These notes are for educational purposes only and should not be construed as investment advice
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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