Contents
eToro is an outstanding brokerage platform for those in Egypt who want to purchase Tron
Advantages:
- There are uncountable products you can invest in
- You can trade leveraged
- It is really straightforward and intuitive
- It uses other successful investment strategies so you can replicate them
- Accepts short-selling
Official homepage: www.etoro.com/tron
In case you are thinking about obtaining Tron from Egypt, eToro may be the best way to do it.
This broker is famous for making “social trading” fashionable, an innovative way of investing in which traders can repeat the moves of other investors who have been generating income for years.
eToro is very useful if you don't have much experience in trading. You can rest assured that you are making a smart investment since the site emulates those from subjects with a long profit record. Additionally, in case you do have experience in investment, eToro pays you for sharing it.
Besides, the interface of the platform is so uncomplicated, great for those who want to start learning about Tron and trading, without stressing over tons of graphs and numbers.
How does eToro work?
As we have referred among the positive aspects of eToro, the best thing about this platform is its simplicity: anyone can use it without having to read endless explanatory texts.
Everyone who has used social networks like Instagram or Linkedin, has enough knowledge to use eToro.
We will explain, roughly, the registration steps and the different sections that you will find on eToro.
You will have to fill in some information requested when registering.
Also, you will have to answer some questions about your experience as an investor.
But don't feel like you are taking an exam. They only intend to find out how much you know and which instruments to recommend for you.
You will see a bar that says “incomplete profile” until you fill in all the information.
Let's review the different functions of the platform.
With the “Set Price Alerts” tool, you'll be able to program an alert when a security is at a certain price. Just click the tab and you will be able to set it. This is helpful in case you want to purchase an asset that is falling but you believe it will decrease even more.
The section “News Feed” allows users to interact and learn from each other by sharing their opinion and experiences.
“Instruments”, “People” and “CopyPortfolios” are within “Discover”. And we discussed previously in this guide the different financial instruments that are available on eToro:
- Cryptocurrencies
- Exchange-Traded Funds
- Shares
- Raw materials
- Forex trading
- Index funds
The term “social trading” comes to life in the section “People”: that is where you can copy the strategies of the best investors.
You can search and find users according to your interests. You can apply filters like risk level, average profits, or financial market. When you choose an investor and indicate the amount you want to invest, eToro will automatically replicate their movements, in proportion. If you have $ 1000 and the trader puts 20% of their funds in an asset, the platform will put $ 200 of your balance in the same asset as well.
Lastly, you will also see the CopyPortfolios divided into three main kinds: “Top Trader”, “Market” and “Partner”.
Sometimes you might prefer copying to CopyPortfolios than to individuals, because you avoid putting all your eggs in one basket. The portfolios are identified so you can recognize them easily: one about gaming, another about large drone companies, another about pharmacy … Do you suspect that a certain industry is going to succeed in the future? Then you will surely find a CopyPortfolio about it.
About Contracts for Difference
It is possible that you have found the acronym CFD repeatedly if you entered eToro before. We will explain exactly what this means, but first, you should know that cryptocurrency trading on eToro is only CFD if you are short-selling or use leverage over x2 (and this is not even available on eToro).
For the record, and if you are thinking about day trading cryptocurrency and other advanced operations, below you will also find out about concepts like going short and leverage.
With CFDs you can operate on eToro even if you are not “in the black” or having a negative balance. For instance, you are sure that the Tron will go down, so probably you consider that the best thing to do is refrain from getting in until it actually falls. However, if you really think that it's going down, why not take advantage of that and making money?
You can do this through a practice known as “going short” which consists in something like the following:
- They lend you, let's say, 100 units of Tron, with a total value of $ 5,000 (these numbers are imaginary)
- You make $ 5,000 by selling the 100 units
- The Tron goes from $ 50 to $ 30 (as you calculated, it devaluates)
- You get the 100 units again, but their total current value is now $ 3,000
- Then you give back the 100 units to whoever loaned them to you
- You keep the $ 2000 difference!
It all sounds more complicated than it really is. Just remember that by trading in Tron on eToro, you can make a profit if you foretell downs in the price.
Investment strategies
There are different methods or ways for crypto trading, such as day trading or buying and holding, for naming just a few.
My suggestion for those who are beginning to trade is going for a middle point: placing a dynamic stop-loss (15-20% under the highest price) and wait for it to work.
This means that if, for example, you purchase a cryptocurrency at $ 10, it reaches $ 20, and after that it falls to $ 12, your operation will be closed at $ 16-17 and you will obtain a pretty good profit.
I know it might sound more appealing to sell when the cost is at its peak, right before corrections, but that is simply not possible. The above method is much more down-to-earth and, well applied, it can work very well for you.
Eventually, you will be prepared for applying more advanced trading strategies, like using leverage or going short.