Are you searching for buried treasure, but don’t have a map? Looking to dive into the thrilling world of crypto, but don’t know where to begin? Well, fret not, fellow traveler – this comprehensive guide will illuminate the path to discovering your own crypto gold by outlining exactly how to buy Ethereum on eToro.
Interestingly, the top five most traded cryptocurrencies accounted for more than two-thirds of the trade activity on eToro in Q2 of 2021, showing the rising popularity of crypto trading on the eToro platform.
With its smart contracts, dApps, and position as the second largest cryptocurrency, Ethereum presents a tempting opportunity for those seeking their fortune in digital assets. However, the winding roads of crypto trading can quickly leave novice investors feeling lost. eToro emerges as the ideal gateway, – its user-friendly and regulated platform enabling even beginners to effortlessly buy Ethereum.
This step-by-step guide will lead you through the process of opening an eToro account, making a deposit, finding Ethereum, and placing your first buy order.
Follow these directions closely and you’ll soon have Ethereum’s potential propelling your portfolio to new heights. The treasure awaits, so let’s begin the adventure!
TLDR; How to Buy Ethereum on Etoro
- Sign up for an eToro account by providing personal details and verifying your email.
- Fund your eToro account by depositing money via card, bank transfer, or e-wallet.
- Use the search bar to find Ethereum and open the trading screen.
- Place a market buy order by entering your investment amount and confirming.
- Set stop-losses and take-profits to automatically manage trades.
- Enable 2FA, bookmark eToro site, and beware of phishing for security.
- Storing Ethereum on eToro is convenient, but consider external wallets for large holdings.
- Follow this guide to easily and securely buy Ethereum on eToro as a beginner.
Getting Started on eToro
Kicking off your Ethereum buying journey on eToro requires signing up for an account and funding it, so you have capital available to trade.
Signing up is straightforward – just go to eToro’s website or mobile app and click the “Join Now” button. You’ll need to provide some personal details, like your name, email address, and phone number. Choose a strong password to keep your account secure. eToro will send a confirmation email to verify your address – just follow the instructions to complete registration.
With your shiny new eToro account set up, it’s time to deposit funds so you can buy Ethereum. eToro offers several convenient funding options, including credit/debit cards, bank transfers, PayPal, and Skrill. Credit/debit card deposits are the fastest – just enter your card number, expiration date and CVV code. eToro charges a small fee for card deposits, so check the amount before confirming. Bank transfers take 1-2 business days but have lower fees. Navigate to the “Deposit Funds” section of your eToro account to get started.
After selecting your preferred deposit method, enter the amount you wish to add to your balance. eToro has minimum deposit requirements, so check this before proceeding. Double check all the payment details to ensure accuracy. Once ready, confirm the deposit, and eToro will securely process the transaction. Soon your fresh capital will land in your account, primed for buying Ethereum!
Finding Ethereum on eToro
With your eToro account funded and ready, it’s time to hunt down Ethereum and make your first crypto purchase! Locating Ethereum is easy thanks to eToro’s intuitive interface.
First, look on the left side of your eToro dashboard for a search bar – type in “Ethereum” or “ETH”. A dropdown will appear showing “Ethereum” – click this option. Alternatively, click “Trade Markets” on the left menu and select “Cryptoassets”. This will display eToro’s full range of supported cryptocurrencies.
Scroll until you see “Ethereum” – clicking this will open the dedicated Ethereum trading screen. This screen provides valuable data like price charts, Ethereum’s current value in dollars, trading volume, and price percentage changes. Now you’ve unlocked the door to buying Ethereum!
With Ethereum located, you’re ready to place your first buy order and officially obtain your first coins. Keep following this guide to learn step-by-step how to buy Ethereum on eToro smoothly and securely.
Pay close attention to the order types, investment amounts, and fees to ensure you make the most informed purchasing decision. Soon you’ll hold the keys to your very own Ethereum!
Placing a Buy Order
You’ve arrived at the most exciting part of this Ethereum buying adventure – executing your first real cryptocurrency purchase! eToro offers simplicity by letting you buy Ethereum via market orders.
Market orders purchase Ethereum at the current best market price. This gets you into the market fast, without requiring limits on prices. To place a market buy order, click “Trade” on the Ethereum trading screen. This opens the order box.
Enter the dollar amount you wish to invest – eToro has $25 minimums. Buying lower amounts is possible by adjusting the order type to “Units” – this purchases fractions of Ethereum. Review the order box carefully to confirm your investment amount and the current market price being offered.
Next, check for any accompanying fees. eToro charges a transparent 1% fee for crypto buys and sells. This fee will be subtracted from your investment amount. So a $100 buy order would cost $1.
With the details reviewed and confirmed, it’s time to seal the deal! Click “Open Trade” or “Buy” to execute your market buy. In seconds, your order will be filled, and the purchased Ethereum will land in your eToro portfolio. – congratulations!
Additional Order Options
Beyond basic market orders, eToro provides additional tools to manage your Ethereum investment and risks. Stop-loss and take-profit orders are useful to automatically trigger sells when prices hit preset levels.
Stop-losses Minimize potential losses by setting a price that will automatically sell your Ethereum if the market turns against you. To set a stop-loss, enter a stop price after buying Ethereum. If prices decline to this level, eToro will sell your coins. This protects against excessive loss.
Take-profits lock in gains by selling when prices reach a target. After buying Ethereum, enter your desired take-profit price. If the price rises to this level, eToro will automatically sell, earning you a profit.
These powerful order tools are optional, but strongly recommended for beginners. They enable “set and forget” trades, allowing you to buy Ethereum with added protections enabled by default. Just be sure to set reasonable prices that align with your risk tolerance.
Storage and Security
Congratulations, you did it! You completed your first Ethereum purchase on eToro. But before celebrating, it’s crucial to understand how to properly store and secure your new investment.
When you buy Ethereum on eToro, the coins are held in an integrated digital wallet offered by the platform. This provides easy access to your balance directly within your eToro account. The wallet enables seamless trading but carries some risks.
As a centralized custodial wallet, eToro holds the private keys controlling the cryptocurrency. This means you must trust eToro to keep your Ethereum safe. Make sure to enable all available security features on your account.
Start by turning on two-factor authentication (2FA). This adds an extra login step, requiring a randomly generated code from your phone. 2FA prevents unauthorized access even if your password is compromised. Enable 2FA by going to your account settings.
Also beware of phishing attempts via email or social media seeking to steal your login credentials. Never enter your eToro password except directly on the real website. Bookmark the page to ensure you never visit fake copycat sites.
If you accrue a substantial Ethereum balance, consider transferring it to a non-custodial wallet where you control the private keys. This protects against theft or mismanagement of funds by eToro. But do your research, as self-custody comes with its own risks if you lose login information.
Overall, buying and storing Ethereum through eToro provides a solid entry point for beginners. Take advantage of the platform’s security protections and tread carefully. You’ll be able to buy, sell and trade your coins with peace of mind, knowing your investment is safe and secure.
The Final Word: How to Buy Ethereum on Etoro
And that marks the end of our expedition for Ethereum treasure on eToro Island! By now, you should have a sturdy roadmap to navigate the crypto seas and chart your course straight to those glorious coins.
With eToro’s user-friendly interface guiding the way, even rookie traders can securely buy Ethereum in mere minutes. Simply set sail by opening an account, loading your war chest with capital, hunting for Ethereum, and firing off a buy order. Before you know it, your hold will be brimming with blockchain booty.
Yet remember, with great treasure comes great responsibility. Take measures to enable account security features, research storage options, and trade prudently. Do so, and your Ethereum bounty will steadily multiply, bringing you steadily closer to the richest crypto paradise imaginable! The journey awaits – now grab the wheel and let your fortune set sail!