In an era where financial instability is a growing concern and inflation is becoming a reality, Ethereum is steadily gaining traction. Why? Ethereum functions as a base layer for billions of dollars worth of financial transactions and NFTs. It’s decentralized, not subject to censorship, and resistant to inflation. So, if you’re considering, “Perhaps, I should buy Ethereum on eToro”, we’ve got your back. Whether you’re planning to buy Ethereum with a credit card, debit card, a PayPal account, or you prefer the traditional bank wire, when you buy Ethereum on eToro you’ll experience a simplified process of owning your first Ethereum.
Etoro: Social Trading Platform Where You Can Copy The Pros
Imagine a platform where investing, trading, and social media converge for a grand financial festivity. That’s eToro, the leading social trading platform! It’s an exciting place where you can experiment with a variety of financial instruments – stocks, commodities, and our personal favorite, cryptocurrencies. But here’s the twist: eToro has this unique feature that allows you to peek at what the financial heavyweights are doing and mimic their moves.
Did you know you can also buy Bitcoin with eToro? In fact, eToro’s founder Yoni Assia was one of the first to invent NFTs, when he co-authored the paper for colored coins on the Bitcoin network.
Key Difference Between Ether and Ethereum
Let’s clear the air here. When you buy Ethereum on eToro, you’re not exactly snapping up Ethereum, but rather its lifeblood, Ether. This distinction is as vital as night and day, especially when you consider the Bitcoin scenario, where the network and the coin are virtually synonymous. Ethereum, however, is the name of the network that hosts decentralized applications. In contrast, Ether is the gas that keeps Ethereum running, the native digital currency that sets the wheels of these applications in motion. So, when you’re diving into the crypto market on eToro, you’re essentially grabbing hold of Ether, the dynamic force that propels the Ethereum network.
3 Steps to Buy Ethereum on eToro
Here is a simple, step-by-step guide to acquiring Ethereum on eToro:
- Sign In To Etoro
- Deposit Funds using Credit Card, Debit Card, Paypal or Bank Wire
- Buy Ethereum
Let’s delve into these steps in more detail.
How To Get Started And Buy Ethereum on Etoro
First and foremost, you need to log in to eToro. If you’re not already a member, the process to get on board is quite simple:
- Navigate to the eToro website or install the eToro app.
- Click on the “Start Investing” or “Sign Up” button.
- Initiate your account creation process by selecting a username and password, and providing your email.
- Next, you’ll proceed to your application. The application begins by requesting your personal details.
- After inputting your personal details, you’ll be prompted to share some information about your trading experience. Upon successful registration, eToro will ask you to verify your account. You’ll need to submit copies of your identification document (passport or driver’s license) and proof of address (utility bill or bank statement).
That’s it, you’re ready to become an eToro trading legend!
Once your account has been verified, you can deposit funds into your eToro account. Follow these steps:
- Sign in with your account details. your account.
- Click to “Deposit Funds”.
- Choose how would like to pay: card, PayPal, or bank wire.
- Enter the amount you wish to deposit and complete the necessary details based on your chosen payment method.
What is the minimum deposit on eToro?
The minimum first deposit on eToro varies based on your location. In the US, the minimum deposit is $10. Countries like Finland, Thailand, Austria, and Belgium have a minimum first deposit of $50. In France, the minimum deposit is $100, and in New Zealand, the minimum first deposit is $1,000. After the first deposit, the minimum is $50 worldwide. If you want to use bank wire, the minimum is $500.
Buy Ethereum on Etoro
Now that your account is funded, you can buy Ethereum:
- Go to the top search bar and type in ”ETH”
- Click to“Trade”.
- Choose how much ETH to buy or the amount of money you want to spend.
- Review your order and click “Open Trade.”
Is It Possible To Transfer Ether From Etoro To A Crypto Wallet?
One of the appealing aspects of cryptocurrencies like Ether is the capacity to self-custody, maintaining complete control over your digital assets. This self-custody principle is a cornerstone of the decentralized spirit of crypto, ensuring that no bank or broker can freeze or confiscate your assets.
This self-custody feature is what distinguishes crypto exchanges from traditional stock exchanges. While crypto exchanges enable you to withdraw your assets into your personal digital wallet, stock exchanges don’t. eToro, however, strikes a balance. It does permit you to withdraw your crypto into a digital wallet, but the process isn’t exactly a walk in the park.
Here’s how you can shift your Ether from eToro to the eToro Money crypto wallet:
- Download and configure your eToro Money (for Android/IOS crypto wallet: Before you can transfer your Ether to a different wallet, you first need to shift it onto eToro’s exclusive Money wallet. It’s accessible for both Android and iOS devices. After downloading, establish your wallet account using your eToro login credentials.
- Connect your eToro trading account to your wallet: You’ll be prompted to sign in with your eToro credentials. This is a vital step that facilitates the transfer of cryptocurrencies between your trading account and your wallet.
- Transfer your Ether: To do this, you have to return to the main eToro website or app. Since we’re on our phones, we’ll use the app this time. Click on ‘Portfolio’ to open up all your positions, and then click on ‘Ether.’ In the ‘Edit Trade’ view, you’ll see an option to Withdraw to Wallet. Click on that to initiate the withdrawal.
Once the withdrawal process is set in motion, it typically takes between 1-5 days for the Ether to appear in your eToro Money wallet. During this period, it will stay in your primary eToro account, and you retain the option to sell the Ether. It’s crucial to bear in mind that transferring your Ether to a wallet takes it off the eToro platform, which means you won’t be able to trade it there any longer. Moreover, while self-custody provides you with increased control, it also imposes the duty of safeguarding and backing up your wallet.
Is Now a Good Time To Buy Ethereum on Etoro?
The price of Ethereum is up over 50% in 2023 and is close to breaking through the $2,000 as of November 2023. However, Ethereum is still way off its all-time high of $4,500 and is underperforming Bitcoin in the current boom.
When considering whether it’s a good time to buy Ethereum, it’s essential to look beyond the current price at the broader market trends, technological advancements, and adoption rates within the blockchain ecosystem. Ethereum’s transition to Ethereum 2.0, with its shift to proof-of-stake, promises improved scalability and energy efficiency, which could impact its long-term value proposition. Moreover, the increasing use of Ethereum for decentralized finance (DeFi) applications and non-fungible tokens (NFTs) suggests a growing ecosystem that could support its value.