February 23, 2024

eToro USA | Introduction to Beginners

eToro USA

eToro logo (PRNewsfoto/eToro)

eToro USA LLC is a cryptocurrency trading platform licensed to operate in the United States. eToro is a well-known brokerage with a worldwide clientele. It was founded in 2007 and now has over 25 million retail investor accounts around the world. eToro USA allows you to trade over 40 different crypto assets, including BTC, ETH, LTC, NEO, XTZ and others, as well as 3,000 stocks and CFDs.

Trading Conditions for eToro USA Users

After a few simple steps, you may begin trading on the eToro cryptocurrency exchange. You must create an account on the website first before you can begin using the service. Personal information such as your name, date of birth, country of residence, trading history, and financial goals must be entered into your Personal Account before you may use the Trading Platform. For security purposes, you must authenticate your identity after completing the survey. Users that have verified accounts will be able to trade, deposit, and withdraw money from the platform.

There are no leveraged or margin trading options available on eToro, customers are limited to using their own money. It is not possible for clients to deposit money into their eToro Money virtual wallets, but it is possible for them to do so after they have purchased cryptocurrencies and used them to make purchases. The eToro Money wallet, on the other hand, cannot be used to finance your trading account. The only way to contact customer service is through a ticket system.

eToro USA  Accounts

Let’s look more closely at the different account types and any costs that come with them when you trade at eToro USA. Some of these costs can be avoided if you get to a high level in the eToro Club.

There are two different kinds of accounts: the practice account and the real account. Here’s a closer look at each:

  • eToro USA Practice Account

A practice account also referred to as a demo account, is an excellent place for you to begin your trading career. The sample account that is provided by eToro is limitless, and all that is required to sign up for it is your email address, password, username, and phone number.

Trading with a demo account doesn’t force you to open a real money account in any way, and trading itself is completely risk-free because you have access to a virtual balance of $100,000.

  • eToro USA Real Account

When you are ready to begin trading with actual money, you will only have one option available to you: trading through a real account. There is a mandatory minimum deposit amount of fifty dollars that must be paid. This should be sufficient to get you started in the world of trading.

How to Open Your Account With eToro Trading Platform

With eToro, it only takes 10 minutes to get started with crypto trading. We’ve put together a step-by-step guide to help new eToro customers sign up.

  • Go to the eToro Website

Use the web browser on your desktop to go to eToro.com. When you get there, click the green button that says “Get Started.” After you type in your preferred email address, you’ll have to make up a unique username and password.

Click the green “Create Account” button at the bottom of the page after checking both boxes.

  • Verify your account

You’ll have to provide some further information before you can begin trading cryptocurrencies. eToro will ask you to fill up your profile with information that proves your identity and demonstrates that you are a legal resident of the United States. To access eToro’s crypto exchange, click “Complete My Profile” when you’re done!

  • Start trading with your first deposit

Go to eToro’s home webpage and click the three-pronged menu banner in the upper-left corner. Next, click the “Deposit Funds” button in the blue.

Enter the amount you wish to deposit into your eToro account, keeping in mind the $10 minimum deposit requirement. Choose your desired payment option from the “drop-down” selection that appears.

For debt funding, you’ll need to input your card number as well as the expiration date and security code from your bank card. If you don’t already have your bank information linked, you can do it by clicking the “Link Account” button.

eToro USA Account Costs

eToro requires a minimum deposit of $50 when funding your account via online banking. If you pay with a wire transfer, the total will be $500. There is a daily deposit limit of $10,000, but overall this is a low minimum deposit quantity that makes the broker more accessible and easier to work with.

The good news is that opening and using an eToro trial account is completely free and has no time limit. Trading actual cryptocurrency and social-copy trading is made possible by eToro’s great features and reputation as one of the industry’s most reputable brands, so we can confidently state that it is worth the investment.

eToro USA Unique Features

Social trading and copy trading

The Copy Trading developed by EToro is widely regarded as one of the best in the world. By following and copying other traders in the network, customers can learn from their successes. New traders who are interested in copy trading find this an excellent method of learning because it can help them avoid some of the common pitfalls made by first-time traders.

With social trading and copy trading, this broker has proven to be a true proponent of the concept. New traders flock to the platform to learn from and mimic the pros, but established traders also flock to it because they have faith in the system and are pleased to earn some extra money by participating in the social trading network. After all, brokers who specialise in copy trading need both.

eToro Mobile Application

All of the features of eToro’s desktop platform are available on the mobile app. The following are a few of our personal favourites:

  • Easy buy and sell orders

Just as on the desktop platform, eToro’s mobile app allows you to place a buy or sell order. You don’t need to do anything more than scroll through your list of currencies, select the currency you want, and then click on the green “purchase” icon.

  • Simple watchlist management

The eToro app allows you to keep track of your favourite coins. As a desktop platform user, you can instantly access live statistics and charts, view your current cryptocurrency holdings, and create new watchlists.You can also set up email or SMS alerts for specific events using the eToro app.

  • eToro wallet compatibility

Even though eToro’s wallets for trading have high-level encryption, many traders choose to move their coins to an external wallet for the most security. If you don’t feel safe leaving your coins in your exchange wallet, you’ll love how well the eToro wallet app works with the exchange. The wallet is connected to your eToro trading portfolio and makes it easy to connect and move money.

Both the eToro trading app and the eToro wallet app can be downloaded for free on Apple and Android devices.

eToro USA Education

A few preferred eToro trading and education tools include:

  • Virtual practice portfolio

The ability to create a “paper trading” account on some big trading platforms and brokers is common, but it is rare to see a broker extend the same ability to cryptocurrency trading. The virtual trading account, in reality, matches the genuine trading account in every way. It’s possible to use a $100,000 practice account to work on your trading strategy and/or to practise placing buy and sell orders. Traders who are just starting out with bitcoin may find this feature especially helpful as they learn to read indicators and spreads.

  • Quick Watchlist Features

When it comes to the cryptocurrency business, things are moving quite fast indeed. Create watchlists of coins you’re interested in, and set up bespoke alerts on eToro’s platform with only a few clicks.

  • eToro Club

When you invest more money, you get more educational benefits from eToro, which just debuted its eToro Club function. Exclusive marketing mailings and invitations to in-person events will be among the many perks available to club members after COVID. Access to the eToro Club is free, and there are various levels of membership available. Your membership level is based on the initial value of the assets you put into your portfolio. Users with more than $250,000 in assets under management get the most perks.

eToro Customer Support

Customer service at eToro is available via live chat and a ticketing system. You must be logged in to use the live chat. Everyone can use the help ticket system.

Users of eToro have complained that contacting the live chat personnel is difficult. The best method to receive help is to open a support ticket. Within 24 to 48 hours, you can expect an email reply.

Opening a trading account, transferring assets, or using the trading interface are just a few of the topics addressed in the help centre. An easy-to-follow tutorial is provided by these articles. Every active trader at eToro with more than $5,000 in equity is given their own account manager.