How to buy Ethereum on etoro? If you’re interested in investing in Ethereum, the second-largest cryptocurrency by market capitalization, eToro is an excellent platform to get started. eToro is a user-friendly platform that easily lets you buy and sell cryptocurrencies, including Ethereum. In this article, we’ll walk you through the process of buying Ethereum on eToro, from creating an account to making your first trade.
Step 1: Create An Account on eToro
The first step in buying Ethereum on eToro is to create an account. Here’s how to do it:
- Go to the eToro website and click the “Join Now” button.
- Fill out the registration form with your details, including your name, email address, and password.
- Read and accept the terms and conditions.
- Click on the “Create Account” button.
Once you’ve completed these steps, eToro will send you a verification email. Click on the link in the email to verify your account.
Step 2: Verify Your Account
Before you can start trading on eToro, you’ll need to verify your account. This straightforward process involves providing additional personal information, including your address and phone number. Here’s how to do it:
- Log in to your eToro account.
- Click on the “Complete Profile” button.
- Follow the prompts to provide your personal information, address, and phone number.
- Upload a copy of your ID or passport for verification purposes.
- Wait for eToro to verify your account.
- The verification process typically takes a few hours to a few days, depending on the volume of verification requests eToro receives.
Step 3: Add Funds to Your Account
Before you can buy Ethereum on eToro, you’ll need to add funds to your account. eToro accepts various payment methods, including credit/debit cards, bank transfers, and e-wallets. Here’s how to add funds to your account:
- Log in to your eToro account.
- Click on the “Deposit Funds” button.
- Choose your preferred payment method and follow the prompts to add funds to your account.
- It’s worth noting that eToro has a minimum deposit requirement of $200, so you’ll need to add at least that amount to your account before starting trading.
Step 4: Buy Ethereum on eToro
Now that you have funds in your eToro account, you’re ready to buy Ethereum. Here’s how to do it:
- Log in to your eToro account.
- Click on the “Trade Markets” button.
- Search for Ethereum in the search bar.
- Click on the “Buy” button next to Ethereum.
- Enter the amount of Ethereum you want to buy (in USD).
- Review the transaction details and click the “Open Trade” button to confirm your purchase.
- Congratulations! You’ve just bought Ethereum on eToro.
What is a Hard Fork?
Before we dive into the difference between Ethereum and Ethereum Classic, let’s first understand what a hard fork is. A hard fork is a change to the underlying software of a blockchain that results in a permanent split into two separate versions of the blockchain. This happens when some blockchain users decide to go in a different direction than the rest of the community.
The Ethereum Hard Fork
In July 2016, a hacker stole around $60 million worth of Ether from a decentralized application (DApp) built on the Ethereum blockchain called The DAO (Decentralized Autonomous Organization). The Ethereum community was divided on handling the situation, with some advocating for a hard fork to revert the hack and return the stolen funds to investors, while others believed that the immutability of the blockchain should be maintained.
Eventually, the community voted to implement a hard fork, which resulted in creating a new version of the blockchain that allowed the stolen funds to be returned to their rightful owners. This new version became Ethereum (ETH), while the old version that maintained the original blockchain became Ethereum Classic (ETC).
The Debate Over the Hard Fork
In the aftermath of the DAO hack, the Ethereum community faced a difficult decision. On the one hand, some believed that the blockchain’s immutability was sacrosanct and that the hack should be allowed to stand. On the other hand, some argued that the hack threatened the entire Ethereum ecosystem and that a hard fork was necessary to restore trust in the platform.
The debate was fierce, with both sides presenting compelling arguments. Ultimately, it was decided that a hard fork was necessary to recover the stolen funds and prevent future attacks on the platform.
What is the Difference Between Ethereum Classic And Ethereum?
The main difference between Ethereum and Ethereum Classic is how they handle the DAO hack. Ethereum (ETH) implemented a hard fork to revert the hack and return the stolen funds to investors, while Ethereum Classic (ETC) maintained the immutability of the blockchain and did not reverse the hack.
As a result, Ethereum (ETH) has a larger market capitalization and is generally considered the more popular version of cryptocurrency. However, Ethereum Classic (ETC) still has a dedicated following of investors who believe in the principles of immutability and decentralization.
FAQs
Q: Can I buy Ethereum with my eToro account balance?
A: Yes, you can use the funds in your eToro account to buy Ethereum.
Q: Can I withdraw my Ethereum from eToro?
A: Yes, you can withdraw your Ethereum from eToro. However, eToro charges a withdrawal fee, so be sure to check the fee schedule before making a withdrawal.
Q: Does eToro offer any additional features for Ethereum trading?
A: Yes, eToro offers a range of features to enhance your Ethereum trading experience. These include social trading, where you can follow and copy other successful traders’ trades, stop losses, and take profit orders to help manage your risk.
Q: What is the minimum Ethereum I can buy on eToro?
A: The minimum amount of Ethereum you can buy on eToro is $25 worth of Ethereum.
Conclusion
Buying Ethereum on eToro is a straightforward process that involves creating an account, verifying your identity, adding funds, and making your first trade. With eToro’s user-friendly platform and additional trading features, it’s an excellent choice for anyone investing in Ethereum. Remember to do your research and only invest what you can afford to lose, as cryptocurrency investing carries risks.