Understanding Bitcoin's Market Dominance and Step-by-Step Guide to Crypto Trading on eToro Platform
Summary:
The article explains the growth and dominance of Bitcoin in the cryptocurrency market and discusses the role of trading platform eToro, which offers a wide range of services for trading digital assets, stocks, and ETFs. It provides a step-by-step guide on buying Bitcoin on eToro, which involves registering an account, completing profile and KYC verification, depositing funds, and placing buy orders. The text also outlines eToro's security measures and fee structure, encouraging users to consider the risk-reward trade-offs of storing cryptos on online platforms versus personal wallets.
Growth in the cryptocurrency realm continues to surge, with Bitcoin (BTC) paving the way. The total market value for all cryptos has soared to $1.59 trillion in early December 2023. Dominating the scene and accounting for about 51.99% of that, Bitcoin stands atop with a market worth around $827.84 billion. Bitcoin's high value is a potent attraction for investors looking for a secure and trustworthy platform for transactions - that's where eToro comes in with its assortment of educational resources and interactive community experience. This article elaborates on crucial factors for using Bitcoin on the eToro trading platform.
eToro is a user-friendly platform for trading distinct financial entities. Offering services for stocks, exchange-traded funds (ETFs) and digital assets, it sports a seamless interface and broad features allowing for Bitcoin purchases even for non-tech-savvy users. The feature of “copytrading” enables users to mimic successful investors’ strategies globally. The dashboard facilitates easy access to valuable insights, latest market trends, social trading feeds and real-time price charts. Besides BTC, eToro also enables trading other popular cryptos like Ether (ETH), Cardano (ADA), XRP (XRP), Litecoin (LTC), etc.
To invest in Bitcoin through eToro, follow the steps below:
1. Register on eToro with necessary details and confirm via an email link.
2. Complete your profile and submit KYC documents.
3. After approval, deposit funds using various payment methods.
4. Search for Bitcoin and access its page filled with insights and data.
5. Place a buy order either at the current market price or at a specified price.
6.(Optional) Link your eToro Money crypto wallet to your account to view your trades.
To advance a Bitcoin transfer to your wallet, hit “Portfolio” on the dashboard, choose Bitcoin, click "Edit Trade" and follow transfer instructions. Similarly, selling Bitcoin is fairly simple. From the account dashboard, click on the “Portfolio’’ button, locate and select "Bitcoin", click" Sell", insert amount to sell and confirm.
eToro applies a 1% transaction cost for buying BTC and a $5 exit fee for clients outside the U.S. Moving Bitcoin from eToro to a crypto wallets carries a charge of 0.1%. However, always review the fee structure, as it is subject to change.
With eToro, crypto safety runs parallel to accessibility. To secure user funds, eToro relies on advanced encryption methods, strict regulatory adherence and cold storage for storing majority funds offline. However, it's always advisable to be cautious against potential cyber threats and implications linked with storing cryptos on any exchange. High-security measures like two-factor authentication and strong passwords are highly encouraged while storing cryptos. Thus, whether to keep cryptos on eToro or transfer to personal wallets depends on one's propensity to risk and perception of security trade-offs.
Published At
5/21/2024 10:35:31 AM
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