eToro is the best cryptocurrency trading app

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So, now you know what factors to look for when choosing a cryptocurrency trading program, so we can move on to discussing the number one option – eToro .

eToro , launched in 2007, serves more than 12 million traders worldwide . You are given the opportunity to trade through the main site of the service or through a full-fledged mobile application. In versions for IOS and Android.

eToro  offers both traditional assets and CFDs, providing enough flexibility. 

Example

If you have the desire to invest in cryptocurrency, you can do it through  eToro and get 100% ownership . However, it will be impossible to withdraw your coins to a personal wallet. That is, they will remain on the  eToro  platform until you decide to sell them. If you want to apply leverage or open a short position, this is done with CFDs . If you want to trade cryptocurrency cross-pairs, this is done using CFDs. In total  , eToro  allows you to buy and sell 16 cryptocurrencies in the traditional sense. They include Bitcoin , Ethereum , Ripple , Bitcoin Cash, EOS and others.

Different cryptocurrency pairs are available: both crypto-fiat and crypto-crypto. For example, you can trade cryptocurrency in pairs with USD, GBP, JPY and EUR . In addition, cross pairs such as EOS / XLM or BTC / EOS are presented here.

Meetings and commissions

In addition to the large offer of traded cryptocurrency products,  the eToro app  stands out from the competition in terms of fees.

And here’s why

Account top -up : Funds can be deposited using a traditional debit / credit card, e-wallet or bank account without paying any fees. The only fee associated with funding your account is a 0.5% currency conversion fee for all deposits that do not use US dollars. Compared to  Coinbase , which charges 3.99% when you top up your account using debit cards, that’s pretty good.

0% Commission : Regardless of what you are doing: buying cryptocurrency or trading CFDs,   you will not pay any commissions at eToro . However, you will need to consider overnight fees for using borrowed funds if you are trading  CFDs . This is the industry standard in the  CFD space and you will be charged for each day you keep your position open after the market closes.

Competitive Spreads : At  eToro,  spreads aren’t the lowest in the industry, but they can be quite competitive – especially if you’re investing for the long term. But you should expect the spread to be wider when trading less liquid pairs.

Withdrawals : Withdrawals from  the eToro program  via your chosen payment method are hassle-free. Best of all, the platform only charges $5 for withdrawals.

Overall, eToro is a very strong option, especially in terms of trading fees and commissions.

Security and regulation

When it comes to the security of your funds, eToro is regulated by three organizations. These include the  FCA, ASIC and CySEC . They issue licenses and have an excellent reputation in the field of online brokerage services.

All of them impose strict requirements on brokers and trading platforms, for example:

  • Platforms are required to keep client funds in separate bank accounts.
  • Conducting regular audits by independent specialists.
  • Platforms must request ID from all traders.
  • The presence of a clear warning about the risks of trading in financial instruments such as cryptocurrency.

Other notable features

The eToro  crypto trading application  offers a number of other features that are worth mentioning.

They include:

Leverage

eToro  allows you to trade cryptocurrency CFDs with leverage. According to the rules set by ESMA, residents of the UK and Europe have a limit of 1:2. This means that an account balance of $500 will open a trade worth $1,000. The only exception is made only for those who have the classification of a professional trader. Having such a classification will give you much more opportunities.

If you live outside the UK / Europe, the crypto trading limits will be much higher. The exact amount will likely depend on your location.

Copy trading

The application offers an innovative function called “Copy Trading”. Simply put, it allows you to use the platform to find a cryptocurrency trader whose performance you like. After choosing a suitable trader, you can mirror his portfolio.

 In addition, you can configure the system to copy all trades of this trader. As a result, you get an opportunity to earn cryptocurrency without doing anything at all. This is great if you have little experience buying and selling digital currencies or simply don’t have time to actively trade. 

Other asset classes

It should also be noted that the  eToro app  is great for those who want to diversify their investments using other asset classes. For example, you can invest in an ETF and more than eight hundred stocks, while still taking full ownership. 

If you are interested in traditional trading, you will also have access to indices, Forex, metals, energy, government bonds, etc. All of these are issued in the form of CFDs, so traders are given leverage and the ability to open short positions.

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Alexandr Kerya

I'm has been actively developing my agency, INCRYPTICO, together with the team of marketing specialists, advertising and PR managers who have all been working together earlier.

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