Etoro, best gig in town? Educate me...

[kevkojak]

Evening folks. I'm going to finally take the plunge and put some money into crypto, probably just bitcoin or Lite (a few family members are invested in the latter, I've heard them waffle on about their respective portfolios as my eyes glaze over).
I'm clueless as to how to do it, and that's even after reading the last thread on the same topic!

So...
If I open an eToro account and make one transfer from my bank account, will that site basically sort everything else out for me? Is it cost effective for small amounts (under a grand for now).
Is it a a sensible or daft strategy to swap and chop between 2 or 3 currencies as they bounce up and down? Honestly I was expecting to just put my money in and leave it alone but they all seem pretty volatile.
Will I need a separate account AS WELL as etoro? I keep hearing the name Binance chucked about.

Many thanks I advance. I expect no get rich quick strategy, I'm just planning to have some fun with it!
Cheers, kev.

[Gilly]

Never bothered with etoro so can't comment, i use coinbase pro, Binance, Gemini and Kucoin and have never had issue with any. If it is just BTC LTC you are after then It's as easy as transferring flat to a coinbase account, then moving your funds at no cost to coinbase pro and trade the BTC/GBP pair.

I should download them all and open an account now as the approval process can be long winded. You don't want to be stuck unapproved when a good opportunity comes along !

Buying can get a touch more complicated if you want lesser known coins...happy to expand if needs be

I use coingecko and thecryptoapp to generate price alerts and typically coinbase for general price analysis. ( Crazy fees don't buy on there..)

If you only start with small amounts I would not worry too much about keeping the funds on an exchange but for heavy amounts consider a wallet...

Hope that helps as a starter !

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[yumma]

I too had this same idea, probably some Bitcoin and Doge, but I too am pretty clueless. I have set up an eToro account but have not had the nerve to pull the trigger yet. I will not be investing the life savings but just fancy a punt on up to a grand. Please feel free to educate me as I am keen to follow Kevs post. TIA.

[woodacre1983]

I use eToro it’s simple to use and as far as what crypto look at I’ve had so amazing success with cardano Ada. Certainly one to look at.


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[murkeywaters]

I mentioned on the bitcoin thread that I have purchased some crypto, I just went straight with Binance for most of the trades as its professional and very low fees, also got KuCoin as I wanted some TelCoin which isn't available on the Binance exchange.

One crypto that is doing quite well and looks solid for the future is Cardano (ADA), I have some but think I'll add more as time goes on.

Edit; Just noticed post above mentions Cardano, looks a good project..

[vulcangascompany]

Watch the spreads on eToro they often are quite big. I opened some positions on eToro on BTC and a few others a year ago, beginning to close a few of them so not too bothered about a few extra % but its not really a great trading platform. I've done small trades say £50 but because of the spreads you'll be underwater until it picks up abit.

If you want longer term Crypto rather than short term trading on eToro look at Swissborg - decent fees and a nice app.

[demonloop]

Do you actually own the Btc on etoro?

I’d stick to Binance / Coinbase and transfer out any significant purchases to a hardware wallet.

And stay away from Doge coin

If you’re not very clued up (and even if you’re slightly clued up) I think the best tactic is buy a chunk of the bigger coins and forget about them for a few years.

[Christian]

Reminds me...I applied for a Trading 212 account back in January and am still on the waitlist! Is eToro comparable?

[Geoff W]

T212 is closed to new customers I believe up until the summer (late July?) - actually for smart reasons, they need to sort their backend systems out to handle the volumes from more users.

For crypto I'm Coinbase all the way.

[notenoughwrists]

EToro is the easiest to use, for sure. It’s a good learning tool, defo.

It does have some complaints about its business practices - the spread can be very large on some stocks, they do occasionally restrict trading as seems to suit them, and the odd “technical error” just as high profile things happen...
They also charge day and weekend holding fees per stock, once you leverage anything, so watch them a little bit.

You cannot leverage crypto on there, and to be honest, Coinbase is a better bet. Not hard to set up or use.

Binance too, and you can access more obscure coins that Coinbase - but i find it difficult to navigate, set-up was awkward and the GUI is awful.

EToro is brill for a bit of day trading or short term gambling - but not for crypto in my opinion.


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[Gilly]

If you do intend to go down the coinbase route, I strongly recommend you use the coinbase pro version..it really is a hell of a lot cheaper to trade. And you can flip money/coins between the two instantly and FOC.

Binance does indeed look awful, as does kucoin (same visually) but once you get a hang of it it's not overly vexing.

I have just started bot trading on kucoin for a bit of fun. Well worth a shot as it will just buy and sell all day long and you can make reasonable gains for minimal investment.

As for which coins to look out for...I am currently buying up $AMP on Gemini, very low market cap and not on any of the major exchanges yet. Also a solid project with a good real world use case..

As for doge, yes it is a real shitter to see the gains i have missed but I just prefer investing in stuff that is actually useful and has a chance of growth as opposed to short term hype.

Best tip...go in easy, it is volatile and deeply manipulated!

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[notenoughwrists]

Just opened a Gemini account - very easy, slick interface BUT they charge heavily for buying through the mobile app... a sort of “convenience tax”, which in thought was a bit of a liberty


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[Macca]

I started e toro and found it a bit of a pain to be honest, pretty soon closed that account and got onto Coinbase which is excellent

They don’t trade everything though, so if you’re after Doge you can’t buy that on there for example


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