How to Buy Chiliz (CHZ) on eToro: Fees, Features & Step-by-Step Guide

Summary

Chiliz is a special-purpose cryptocurrency developed by CHZ. The coin was to serve as the in-house currency for the Socios platform, where users could buy NFTs and support sports and entertainment. It now has a total available supply of over 7 billion coins, and its market cap stands at $696,278,059 USD. Analysts speculate that as crypto acceptance rises in the future, Chiliz might prove a great long-term investment. 

This article will explain everything you need to know about buying CHZ on the eToro trading platform and how to do that using its available funding methods. We will begin with a quick overview of some crucial things to consider and talk about the available payment methods on the platform. Then, we’ll show you how to buy Chiliz (CHZ) on eToro using these payment options.  

Things to Consider when Choosing a Chiliz (CHZ) Exchange

You should consider these factors when deciding on where to buy CHZ:

Location of Chiliz Exchange

Depending on the geographical region, different jurisdictional laws may apply to Chiliz trading or any buying and selling of other cryptocurrencies. These laws are very important to know about because they affect such things as how much leverage you can enjoy and what assets you can legally buy. 

List of Available Payment Methods

Being able to pay for your Chiliz easily and safely is very important if you must trade without having any of your funds sunk into hacker wallets or lost to network errors. That’s why you want to ensure your platform has reliable and safe payment methods before you buy Chiliz on it.

How to Check the Cost and Fee

In keeping with the ethical requirement to be transparent about their fees and commissions, the most trustworthy platforms tend to have pages laying out their charges. A platform that is not upfront about what it will charge you is likely up to some shenanigans, and you should probably avoid it.

Volume Listing

How much actual buying and selling is going on on an exchange can be a pretty great window into how trusted it is. Trading volume listings allow you to gauge just that, and that’s why you should always go for trading platforms and exchanges that show theirs.

What you need to know before Buying Chiliz (CHZ) on eToro

eToro operates in multiple countries around the globe, but its headquarters are in the United Kingdom and Australia. It also has various offices worldwide, each with its own local regulator. 

But aside from regional availability, there are also other things to consider, such as prices. Because the platform aims to reduce prices as much as possible, the costs are usually quite small, though they can also be high in some cases. On the relatively lower side are the spreads, which usually take up no more than 1% per crypto transaction. On the higher side is the withdrawal fee, which is about $5 per withdrawal. All in all, the price situation is a bit polar. Then there are the leverages, which are generally small (up to 1:2 for crypto) and present less risk (though only available for CFDs). They are generally different for users in different regions, as traders in the EU, Australia, and the UK receive leverage of up to 1:2, while those in the Seychelles can receive leverage of up to 1:5.

There are a plethora of payment methods on the platform, some of which we will see when we discuss how to buy Chiliz (CHZ) on eToro. Suffice it to say that they are all fairly safe and reliable methods.

Types of Platforms Offered on eToro to Buy Chiliz (CHZ)

Some traders may want to trade on their laptops, while others may prefer trading on their phones. Either way, a great exchange will provide options for any traders who want either option. In this section, we will discuss the different platforms offered by eToro. 

Desktop Platform

With a desktop platform, you can trade from your laptop or desktop PC. The appeal of a desktop platform is that the wider and more comprehensive display allows you to monitor or do multiple things simultaneously. eToro fails in this regard because it does not yet have a desktop app. However, it has a Webtrader with all the best trading features the platform offers. On the Webtrader, you can enjoy a suite of charting and analysis tools, customization, and others.

Mobile App

Mobile apps offer a more compact and handy trading experience compared to desktop platforms. This is why they are suited for fast, on-the-go trading. ‘eToro: Investing Made Social’ is the mobile app of the platform, and it is available on both the Apple App and Google Play Stores. The app has a great aesthetic and is user-friendly, and it also contains a lot of good trading features to enable you to invest and effectively manage your investments. These include offline trading functionality, research and insights, advanced charting and analysis tools. And as the ‘social’ in its name indicates, it also allows you to do social trading. 

How to Buy Chiliz (CHZ) on eToro

Having seen the things you must consider when choosing where to buy CHZ, we will now walk you through how you can buy it on eToro. First, you must open an eToro account that will enable you to start trading.

A Step by Step on Guide How to Buy Chiliz on eToro

1. Once you have opened the eToro account, you can deposit your funds into it by using the ‘Deposit Funds’ feature.
2. Once you have done that, enter CHZ in the search bar and proceed to buy any amount of the coins you want.

How to Open a Chiliz Trading Account on eToro

1. Access the registration page by clicking the ‘Start Investing’ button on the eToro homepage or on the app.
2. Provide your email address, then set a unique username and alphanumeric password for  security.
3. Your account is now opened, and you now have access to the client portal, where you can fund your account and get a general feel for the platform. You can now complete the verification process to fully access the live market.
4. Click on ‘Verify’ in the window that pops up to start the verification.
5. Enter your gender and date of birth, then click the arrow on the right side of the window to proceed.
6. Next, state your nation of citizenship and residential address, then check the box at the bottom of the window to indicate that you are not a US citizen.
7. Agree to the changes recommended for your account, then click ‘confirm’ to proceed.
8. Provide some data on your trading history and experience, including how often you have traded any of the assets. This will enable the eToro team to determine whether you are fit to handle these risky assets.
9. Click ‘verify’ once you have completed the previous processes, and you will be taken to the main verification page. Here, you can verify your phone number and ID using text codes and screenshots, respectively.
10. If you don’t legally need a tax ID number, you can state that at this final stage. But if you do, you should provide it here, then click the arrow on the right side of the window to complete the process. 

How to Buy Chiliz (CHZ) Using Visa or Mastercard Credit Cards on eToro

1. If you don’t already have an eToro account, create one; or you can log in to your existing one.
2. Fund your account by tapping on ‘Deposit funds’ on the Client Portal page.
3. Choose Visa or Mastercard credit card when choosing your payment method, set your deposit amount, provide the necessary card details, and then authorise the payment.
4. Search for ‘Chiliz’ using the platform’s search function and click on it. Then, tap the ‘buy’ button to initiate the transaction, select the amount of Chiliz you wish to buy, and then confirm the purchase.

How to Buy Chiliz (CHZ) Using Visa or Mastercard Debit Cards on eToro

1. Log into your existing account or, alternatively, sign up for a new one.
2. If there are not enough funds in your account, you can deposit into it by accessing the funding section and using your Visa or Mastercard debit card details instead.
3. Find the Chiliz asset using the search bar, click on ‘Buy,’ specify the desired amount, and complete the transaction.

How to Buy Chiliz (CHZ) Using Paypal on eToro

1. Create an account with eToro or log into your already existing one.
2. Add money to your account by tapping ‘Deposit funds,’ then choose Paypal as your deposit method.
3. Using the search function, search for Chiliz or “CHZ,” then tap on it.
4. On the transaction or asset page, specify the amount of Chiliz you want to buy and complete the transaction by tapping ‘Buy. ‘ Your Chiliz will be transferred to your wallet, and you can now trade.

How to Buy Chiliz (CHZ) Using Skrill on eToro

1. Log into your existing eToro account or open a new one, both of which you can do on your PC or mobile phone.
2. Deposit funds into your account by tapping on ‘Deposit Funds’ on the client page and selecting ‘Skrill’ as your payment method of choice.
3. Search for ‘Chiliz’ from the search bar and tap on it.
4. When the buy page opens, select the amount of Chiliz that you want to buy and confirm the transaction. Your coins will reflect in your wallet, from where you trade them.

How to Buy Chiliz (CHZ) Using Neteller on eToro

1. Create an account on the platform or log into your existing one.
2. Fund your account by tapping ‘Deposit Funds’ on the client page; select Neteller when you’re asked to choose your payment method from among the options.
3. Search for ‘Chiliz’ on the search bar and tap on the relevant result.
4. Select the number of Chiliz coins you want to purchase, then select ‘Buy’ to proceed. You will find your coins reflected in your eToro wallet, and you can start to trade or keep them.

How to Buy Chiliz (CHZ) Using Bank Wire on eToro

1. Open an account or log into your preexisting one on eToro.
2. On the client portal page, tap ‘Deposit Funds’ to put money in your account. When the method selection menu comes up, select bank wire transfer as your method, then make the transfer.
3. Search for ‘Chiliz’ on the search bar at the top of the page.  
4. Select the number of Chiliz coins you want to buy and any other necessary parameters, then tap ‘Buy’ to authorise the transaction. You can now trade your Chiliz from your wallet.

Buying Chiliz vs. Trading Chiliz CFD at eToro

On eToro, you can either invest in the Chiliz as a real crypto asset, or you can invest in its CFDs. If you buy real Chiliz, you will not have access to leverage, as only the CFDs are leveraged. However, if you are a UK trader, you won’t be able to trade crypto CFDs or trade crypto with leverage because the FCA has banned crypto CFD trading within its jurisdiction. Only traders outside the UK can access the crypto CFDs, and their leverage on eToro is currently up to 1:2. 

While this limitation in the UK may be a tad inconvenient for some people, it ultimately exists because of CFD trading risks. CFDs can be traded at way higher leverage than real assets, which would seem a good thing since you can enter markets you otherwise can’t afford. However, dealing with high leverage means dealing with escalating losses, which tend to affect retail traders more than the big investment sharks. As such, the FCA now considers them unsafe for retail traders. 

This safety check also its downside: only being able to trade real crypto, you cannot enter any market that requires more money than you currently have, and you have to shoulder the full cost of the assets you trade. But the positive side, you fully own the crypto; when you place your buy order, eToro buys the Chiliz on your behalf and registers it under your name in a segregated account.  Plus, the broker also has an in-house crypto wallet – the eToro digital wallet – you can use.

Bottom Line

Overall, it’s a straightforward process to buy CHZ on the eToro exchange. The payment methods also make it possible for you to pay for the assets easily and safely, albeit a bit expensive. If you trade CFDs, you will encounter lower fees compared to real assets. However, as we have seen, you must be outside FCA jurisdiction to enjoy this advantage, especially for CFDs, as well as the benefit of trading crypto with leverage. 

The broker’s trading platform is great, with its intuitive and user-friendly schema and layout. And its many great trading features will allow you to manage your assets effectively. And so, we hope that this article has taught you all you need to know about how to buy Chiliz (CHZ) on eToro.