How To Buy Ethereum (ETH) on eToro With Credit/Debit Card, Paypal & eWallets

This article will guide you on how to choose your cryptocurrency exchange. It will also list available options on eToro, and explain how to buy Ethereum on eToro in detail.

Author: Edith Reads   -   Last updated: 26/07/2022
How to Buy Ethereum on eToro

Introduction

Ethereum is the second-largest cryptocurrency by market cap behind Bitcoin, and it is growing in popularity every day. Ethereum is based on blockchain; it’s a decentralized platform incorporating smart contracts technology to build distributed apps and improve efficiency by reducing downtime and offer protection against theft.

If you are looking to invest in Ethereum, then eToro is a great option. In this guide, we will show you how to buy Ethereum (ETH) on eToro with a credit or debit card, PayPal and various eWallets. Ready? Let’s dive in!

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Regulation

Regulation means laws and procedures exchanges need to abide by to continue operation in specific jurisdictions. It is important to know whether the exchange you want to buy Ethereum from is regulated or not. Although it doesn’t make difference between regulated and non-regulated exchange when it comes to buying cryptocurrencies due to their decentralized nature. However, owing to the involvement of financial aspects, the regulation offers a sense of protection as compared to non-regulated exchanges.

Security

Security is by far the most important factor that a trader must not overlook in any case. Crypto exchanges need to be more secure because of dealing with many valuable digital assets compared to those fiat exchanges. Elements such as the use of information technology to avoid intruders by employing HTTP and SSL encrypted protocols, availability of digital wallets, and the option of cold storage place where you can store cryptos offline should be looked over before selecting an exchange to buy Ethereum.

Leverage

Leverage allows traders to enjoy high price exposure of underlying digital asset even when you have little funds available to invest. In this way, you only need a fractional amount to open a position so you can have your profits maximized. Therefore, checking for the leverage ratios offered by your Ethereum exchange would be a good idea to start with.

Liquidity

Liquid exchanges offer instant execution of trades which is indeed a great aspect for day traders. However, increased price volatility has always been the point of concern for traders when it comes to exchanges with high liquidity volumes. Therefore, ensuring the advanced trading features such as take profit, stop loss, trailing stops, are available or not with your Ethereum exchange is important.

eToro – A Great Exchange to Buy Ethereum

eToro has been the best exchange so far as long as buying Ethereum is concerned. Whether you are a novice investor, or a skilled trader, eToro offers you a comprehensive trading exposure. You can build an ultimate digital currency portfolio and trade a wide range of crypto assets.

How to Buy Ethereum at eToro?

After selecting eToro as your Ethereum exchange, you need to look out for different options available at eToro to buy Ethereum. Each option would certainly have some buying limits and a schedule of charges. Let’s go through different options available at eToro one by one;

eToro welcomes everyone to buy Ethereum whether you have a registered eToro account or you haven’t yet been registered with eToro. You can buy Ethereum directly from the Ethereum exchange. Since eToro wasn’t offering any digital wallet earlier, therefore, you needed to transfer your cryptocurrencies to your private wallet elsewhere. However, now you can store them in eToro’s digital wallet.

What Is eToro Trading Account? Can it be Used for Crypto Trading?

eToro trading account is an account through which traders can access the wide range of assets market. Those who wish trade on eToro or avail the facility of social trading on eToro, need to sign up with eToro. Traders can also use it for crypto trading. However, if you only want to buy Ethereum from eToro, you neither have to register for an eToro trading account, nor you require a digital wallet with eToro.

What is the eToro Digital Wallet?

eToro digital wallet is a place where you can store your token assets securely. Using eToro’s digital wallet, traders can transfer their cryptocurrencies from their eToro trading account to their digital wallet. An option of sending or receiving cryptocurrencies from other wallets is also available. You can also convert your existing crypto assets to other crypto assets using the eToro’s digital wallet.

What is the Difference Between eToro Trading Account and eToro Digital Wallet?

The eToro trading account is mainly used for trading fiat or digital currencies. You can also use it for buying cryptocurrencies since eToro accepts fiat payment against the purchase of digital assets. eToro accepts fiat currencies while other traditional exchanges allow only crypto-to-crypto exchange.

On the other hand, the eToro digital wallet allows you to store cryptocurrencies. It supports more than 120 cryptocurrencies and enables you to convert your existing cryptocurrencies to other digital assets. It also has a unique feature of wallet key recovery. In case you forgot your wallet key or it is lost, you can easily recover it using this feature.

The main difference between the eToro trading account and the eToro’s digital wallet is the level of security and the option to store your digital assets. Although you can buy cryptocurrencies using your eToro trading account, you can’t store them for a longer period. Secondly, the risk of storing your cryptos with the exchange you buy your cryptos from, must not be overlooked. Also, you cannot receive or convert your cryptos without having the eToro’s digital wallet.

Does eToro offer Leverage Crypto Trading?

Yes, eToro offers leverage crypto trading. Traders have the leverage of (x2) on all cryptocurrency trades. However, you cannot transfer any leveraged cryptocurrency position from your eToro trading account to your eToro wallet.

What is the Bifference Between Leveraged Cryptocurrencies and Non-leveraged Cryptocurrencies?

Leverage means margin trading. If your exchange allows leverage trading, it means you don’t have to buy the underlying digital asset in full. Instead, you can open a position by spending just a small amount of money and get exposure to high price movement to pocket more profits.

On the other hand, non-leverage crypto trading means, either you need to buy the underlying digital asset in full or you will have your share of the crypto trading as per your invested amount.

Does eToro Accepts Fiat Payments?

Yes, eToro accepts fiat payment, which is not the case for the majority of the other traditional exchanges. There are multiple payment methods available at eToro including payment through debit/credit cards, bank transfers, and payments through digital e-wallets such as Netteller, skrill, and Paypal. For a complete fee associated with each option available, you can visit https://www.eToro.com/trading/fees/

Can You Buy Ethereum with Cash?

No, you can’t buy Ethereum with cash. Although cash is the simplest method to buy Ethereum, it is still open to the threat scams. It also has high transaction charges. Owing to several other drawbacks of buying Ethereum with cash, eToro doesn’t accept cash payments.

Also when there are many other cheap methods available to buy Ethereum, nothing makes sense to use cash to buy Ethereum. Importantly, cash is mostly denied for the fact that digital assets need to be dealt with digital currencies instead of cash.

What Fee is Charged for Trading crypto on the eToro Platform?

eToro solely earns through spread charging and therefore doesn’t charges any trading fee. It also allows charge-free deposits, unlike other traditional exchanges. Since the US Dollar is the standard currency of the platform, therefore depositing in currencies other than USD will have conversion charges.

As far as the fee on withdrawals is concerned, it is $5 for each withdrawal. The minimum withdrawal amount allowed on eToro is $50. On the other hand, long crypto positions having no leverage are free of charge.

An overnight fee is charged for leveraged CFD positions that remain open for more than a calendar day.

How to Transfer Your Coins from eToro Trading Platform to eToro Wallet

After eToro has launched the eToro digital wallet, traders can now easily transfer cryptocurrencies from the eToro trading account to the eToro digital wallet.

  • All you need is to access the portfolio screen and click the concerned position.
  • Tap on the edit trade screen, you can find it under the tab captioned as “Invested Amount”.
  • A pop-up window will appear on your screen showing the number of units in trade.
  • You will see the processing fee of the transaction and the number of coins you want to transfer to your wallet

How to Buy Ethereum with Debit Card at eToro?

To buy Ethereum using debit cards, the following procedure needs to be followed;

  1. Go to www.eToro.com
  2. Sign in to your account
  3. Access the crypto market
  4. Select Ethereum as your desired crypto asset
  5. Indicate the amount you wish to buy Ethereum for
  6. Select the debit card as the preferred payment method
  7. Provide your card details along with the security code available at the backside of your card
  8. Review your payment details, check the box to confirm your agreement
  9. Click OK to proceed with the payment
  10. Receive your Ethereum in your account within half an hour.

*A limit of $2250 is applied in case you buy with no id verification

How to Buy Ethereum with Credit Card at eToro?

The procedure to buy Ethereum with a credit card is the same as that of debit cards. The only difference is that you need to select credit card as your desired payment method from the drop-down list available on the payment wizard form.

  1. Visit www.eToro.com
  2. Login to your account by entering your credentials
  3. Visit the asset market in your member area section
  4. Choose Ethereum in case you want to buy Ethereum
  5. Select the worth of crypto you want to buy
  6. Choose the payment method from the available drop-down list
  7. Select a credit card as your payment method
  8. Provide card’s holder name, card’s expiry date, and the CVV code which may be found on the back of your card
  9. Read payment terms and review payment details
  10. Press OK to finish the payment wizard
  11. Expect Ethereum to get transferred to your account as soon as your respective bank approves the credit card transaction.

*A limit of $2250 is applied in case you buy with no id verification

How to Buy Ethereum with Bank Wire?

Buying Ethereum with a bank wire is also another option available at eToro. Please follow the steps listed below;

  1. Visit www.eToro.com
  2. Sign in to your account
  3. Access the crypto market
  4. Choose the crypto asset, select Ethereum since you want to buy Ethereum
  5. Select the amount to want to buy Ethereum for
  6. Then, select wire transfer as your preferred payment method
  7. Print the wire transfer details appearing on your screen
  8. Visit your bank or log in to your internet banking
  9. Obtain a swift document from your bank by confirming the payment details
  10. Share the swift document with eToro
  11. Receive your Ethereum in your account after bank transfer is verified.

Note: Bank transfers may take up to 4 to 7 working days to process.

*A limit of $2250 is applied in case you buy with no id verification

FAQs

Yes, you can buy Ethereum on eToro. You simply need to create an account on the site and deposit some money into it. Once you have funds available, you can then purchase Ethereum using those funds. eToro is a regulated and trusted broker, so you can be assured that your money will be safe when deposited with them.

When it comes to buying Ethereum on eToro, there is no set answer. It can take anywhere from a few minutes to a few days, depending on the market conditions.

Yes, you can. ETH is a withdrawable asset on eToro. However, there are a few things to keep in mind when withdrawing ETH from eToro. Withdrawing ETH will incur a 1% withdrawal fee and will take 1-3 days to process.

The safest place to buy Ethereum will vary depending on your individual needs and preferences. However, some of the most popular and safe places to buy Ethereum include platforms like eToro.

It depends on your risk tolerance. Ethereum is a high-risk investment, and there’s no guarantee that the price will rise in the next few years. However, if you’re comfortable with the risks and think that the price will increase over time, then it could be a worthwhile investment. Do your own research and make your own decisions!

Yes, eToro is safe for crypto. In fact, it’s one of the safest and most popular platforms for buying and selling digital currencies. eToro is regulated by the UK’s Financial Conduct Authority (FCA) and provides a variety of features that make it a safe and secure place to trade cryptocurrencies. For example, eToro has implemented multiple layers of security protection, including two-factor authentication and IP address lockdown.

The cheapest way to buy ETH is through a cryptocurrency exchange that offers low trading fees, or purchasing ETH with a credit card or debit card through an online broker. Whatever method you choose, always be sure to do your research and compare prices before making any transactions.

It costs $1,545.43  to buy 1 Ethereum at the time of writing.

eToro is a great platform for beginners because it’s really easy to use and you can start trading with just a few clicks. However, it’s important to remember that investing can be risky, so you should always do your research before investing any money.

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