Contents
eToro, recommended brokerage for those who want to buy Zcash from Bangladesh
Why do we recommend it?
- It is possible to make investments in countless of other goods
- You can leverage
- User-friendly and simple
- It uses strategies from successful traders so you can copy them
- Allows you to go short
Homepage: www.etoro.com/zcash
If you are thinking about obtaining Zcash from Bangladesh, eToro may be the best way to do it.
eToro is known for making “social trading” a trend, a revolutionary way of investing in which investors can replicate the movements of other traders who have been generating income for years.
eToro is very helpful if you don't have much experience in trading, because it puts your investment on autopilot by repeating strategies from those who have been doing it for years. And for those skilled investors willing to share their techniques, eToro pays for it.
Besides, this platform is completely intuitive, great for those who want to begin in the Zcash world, without ending up overwhelmed with tons of diagrams and numbers.
How to use eToro
We mentioned before that eToro is very friendly and intuitive. Anyone can start investing without previous experience or long explanations.
If you have used before any of the most common social networks, you can perfectly use this platform.
Now we will walk you through the registration process and the sections of the page that you should familiarize yourself with.
First, you will have to fill in your personal data.
Also, you will see that they ask you some questions about your experience as an investor.
But don't feel intimidated. They only intend to find out about your previous experience and knowledge to determine which financial instruments to recommend for you.
Next, we will explain the fundamental sections of the page.
With the “Set Price Alerts” tool, you'll be able to program an alert when an asset is at a certain price. This is ideal if you want to purchase a security and you are waiting for it to decrease.
The section “News Feed” allows users to interact and share their experiences and knowledge.
“Discover” includes the tabs “Instruments”, “People” and “CopyPortfolios”. And we already mentioned the different financial instruments that are available on eToro:
- Cryptocurrencies
- ETFs
- Stocks
- Commodities
- Currencies
- Index funds
The term “social trading” makes sense in the section “People”: that is where you can copy the movements of any investor you choose. You'll be able to see all their profiles and performances.
Through the search engine, you can find the investors that best suit your interests: by average earnings, types of assets or risk level, for example. Just indicate the amount you want to invest and eToro itself will be in charge of replicating the movements made by the selected investor, in proportion. “In proportion” means that if you have $ 1000 and the trader puts 10% in an asset, eToro will invest also 10% of your funds (that is, $ 100) in that same asset.
Finally, you will see the popular CopyPortfolios. There are three types: Top Trader, Market, and Partner.
Sometimes it might be preferable to copy from CopyPortfolios than to individuals, because the former offer more diversity. There are all kinds of portfolios that you can identify easily and are classified by sectors. Therefore, if you think a specific industry, such as biotechnology or oil, has a good chance of prospering, you should look for that specific portfolio.
Can you rely on eToro?
Many independent tests have been applied to the platform to prove its fidelity in reporting previous performance statistics. And it has been confirmed every time that eToro is rigorous with the figures.
The main headquarters of eToro is located in Cyprus, and therefore the broker is approved by the CySEC or Cyprus Securities Market Commission, which can cover up to € 20,000 from its client's debts, including those from Bangladesh. Furthermore, eToro follows all the strict policies of the European Union.
It is also backed by the European Financial Instruments Market (MiFID), and in the USA it responds to the Financial Conduct Authority (FCA). In addition to all these regulations, eToro has been active for fifteen years, with more than 20 million users around the world, so we can be sure that our funds are safe.
It is also worth mentioning the good functioning of its customer service. They have a phone number for assistance, a ticketing system to track any claim, and a live chat.
Payment methods on eToro
Within the payment options accepted on eToro you will find: bank transfer, PayPal, credit card (Visa, MasterCard, Diners, Visa Electron and Maestro), Neteller, and Skrill. Making a deposit with eToro is so simple: click “Deposit funds”, choose an amount and the payment method you prefer.
(Consider that you should be the account or credit card owner, for security policies).
You can start with a $ 200 deposit, and there is a limited maximum for unverified accounts. So, if your intention is to deposit higher amounts, you should contact Support to verify your account first.
eToro allows transfers in any currency, but you will have to pay a fee for the conversion to USD. So it is better to use USD directly.
Futures Vs CFD
In case you want to know, next you have some major differences between CFDs and Futures:
- Who is the counterparty? In the case of Futures, the counterparty is another trader. In CDFs, it’s the brokerage, in this case eToro
- Date of expiry Futures expire in a variable given date, while CFDs don’t expire
- Variety of options for trading The market for Futures is narrower. CFDs include a wide range of possibilities.
- Minimum investment amount or “trade size” Costs for Futures are higher than costs for CFDs.
- Use of leverage With Futures, it isn’t possible; while with CFDs it is.
About Contracts for Difference
You probably have found the initials CFD all the time if you already registered on eToro. Before we come back to it, we must say that CFDs on eToro are only possible when you short sell or select leverage above x2 (and this is not even an option on eToro).
We will also explain terms like going short and leverage, in case you are thinking about day trading cryptocurrency or more advanced practices.
eToro allows you not only to bet when you are “in the black”, but through CFDs you can also bet “in negative”. Let's say that you are sure that the Zcash will fall, so perhaps it is obvious to think “if it is going to depreciate (go down in price), I'll just wait until it does”. Nevertheless, if it really goes down, it is possible to earn some money out of that.
You can do that by “going short”. Here's how it works:
- You ask someone for a loan of, let's say, 100 units of Zcash, which total price at the moment is $ 5,000 (these figures are made imaginary)
- You sell the 100 units and earn $ 5,000
- The price is reduced, as you guessed, and the unit of Zcash now costs $ 30 instead of $ 50
- You buy the 100 units again, but at $ 3,000
- You return the 100 units to whoever loaned them to you
- There: the $ 2000 difference is yours
It all sounds more tricky than it really is. Just remember that by trading in Zcash on eToro, with CFDs you can make a profit when you anticipate the price will fall.