How To Buy Bitcoin On Etoro? You are new, you have created an account on the Etoro exchange, and you are looking for a detailed Etoro user manual? Don’t know How To Buy Bitcoin On Etoro? If so, then this post is for you!
How To Set Up An Account on Etoro?
Learn about the markets and hone your trading skills at your own pace and without risk. Then, when you’re ready, you can easily switch to real trading.
1. How to set up a free demo account?
- Log in to the eToro platform or create a free account
- Access the demo account by selecting Virtual Directory on the menu under your username
- Now you can practice trading on the real market in real time without fear of losing any capital.
Note that you can use the Real/Virtual portfolio to switch from the Real Portfolio to the Virtual Directory and vice versa at any time. Any transaction made in the Virtual Portfolio uses only virtual funds and does not incur any fees or affect your real account balance.
The demo trading account allows you to experience all the features that eToro has to offer:
- Easily manage virtual portfolios with a simple and easy-to-see interface
- Track the trend of each financial instrument in real-time with advanced analytics features
- Experiment with different levels of risk using leverage, Stop Loss and Take Profit
- Connect with top traders from around the world and copy their portfolio
- Experience thematic portfolios available at eToro.
2. Why should we practice with a trading simulation account?
The eToro demo trading account is a great tool for new investors. This account allows you to make mistakes and experiment with different investment strategies without taking any financial risk. What’s more, you can try eToro’s trading platform, experience the tools and features first, and gain the confidence to start investing.
How To Buy Bitcoin On Etoro?
1. How to place a buy order?
Before placing a buy order you will need to find out exactly what type of asset you need to buy. For example, if you want to find Bitcoin, you just need to type the transaction code “BTC” and then click on the code.
Similarly, other account types are being traded on Etoro such as US stocks, gold, and oil… you just need to find the code (for example, Apple stock is AAPL). You will now be moved into the Bitcoin private area. Here you can press the “Trade” button to start moving to the buying and selling area now.
In addition, you can use tabs such as News Feed, Statistics, and Charts … to study the information before buying and selling. Once you have entered the trading window, you will immediately see two buttons: SELL & BUY
- When you want to execute a sell order (sell): select the “SELL” button
- Otherwise, the area you want to buy (buy): select the “BUY” button
Next, you need to choose the type of command, there are 2 types of commands & meanings as follows:
- Order: This is how you place a conditional order & will be a pending order to match the price
- Trading: Also known as a market order, that is, instant order matching at the current price on the floor
The example below is a conditional order, i.e. if the Bitcoin price goes down to $32,000, I will open a buy order with a value of $100. So you have opened a pending order, when the BTC price on the Etoro floor drops to exactly $ 32,000, your order will be automatically matched.
***Note: You will see the line “Swap Fees” under the order button. With buy orders without leverage, you will not have to pay overnight fees. However, when trading short orders, you will usually have to pay an overnight fee!
On the contrary, if you buy with a “trade” order, you just need to enter the amount you need to buy and it will immediately match the current price on the floor.
After you place an order successfully, all your trades will be in the “List” section. Here you will be able to manage orders and track profits and losses updated in real-time.
2. How to close a trade on Etoro (take profit or stop loss)?
Once you have seen your profit target (or stop loss) reached then you need to close the order. For example, below, I made a profit on my Bitcoin buy order of about 69%, and now I will take the profit as follows.
- Go to “Catalog” then click the “gear” icon then select “Close”
- Next, you will see the details of the profit and loss ratio of the order, and if you want to close the order just click “Close all”
In addition, for the portfolio following the copy trade method, the closing of orders is similar. You just need to select “Close Copy”
Then press “Stop Copying”
Above is How To Buy Bitcoin On Etoro in the way to place a BUY/SELL order on Etoro, but with crypto assets, you can trade 24/7. As for other accounts such as stocks, there will be opening and closing market hours. However, when the market closes, you can still open a pending order. I hope this article about How To Buy Bitcoin On Etoro is useful for you and thank you for reading it!