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How To Buy Ethereum (ETH) on eToro

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: 07/10/2021
Number of Coins: 20+
Margin Trading: YES
Minimum Deposit: $200

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Ethereum is the world’s second-largest cryptocurrency in terms of market capitalization. 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.

How to Buy Ethereum – Choosing an Ethereum Exchange

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.

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

Opening a new account on eToro is simple, all you need is to visit the eToro’s official website, click the signup button, provide your email address and select a password, click submit. A confirmation link will be sent to your registered mailbox. You need to click that link to confirm your account. However, you may still need to verify it.

Verifying the eToro account needs you to provide proof of your identification. You can use your national id card, driving license, or passport for the same. A utility bill is also required some time to confirm your residential address.

The minimum amount that you need to deposit varies between residents of different countries. It is somewhere between $50 to $10,000.

eToro does allow buying Ethereum with no ID verification. But there is a limit of $2250. You need to verify your account to buy Ethereum worth more than $2250.