eToro, our favorite broker for acquiring Monero from Ireland
Why do we recommend it?
- It is very user-friendly
- Allows to imitate other investment strategies
- Admits short-trading
- Leverage is allowed
- There are lots of goods you can invest in
Main site: www.etoro.com/monero
You should consider eToro if you are interested in buying Monero from Ireland.
“Social trading”, an innovative investment method that consists in replicating techniques and strategies from other experienced investors, has become trendy thanks to eToro.
If you are still a rookie or haven't gained much investment experience, eToro is very helpful, because it puts your investment on automatic by imitating moves from experienced traders with a very long profit history. And for those skilled investors willing to share their techniques with the community, eToro pays for it.
Besides, the platform is so uncomplicated, great for those who want to begin in the Monero world, without ending up overwhelmed with tons of numbers and information.
How does eToro work?
We mentioned before that eToro is very friendly and intuitive. Anyone can start investing without having to read endless explanations.
You won't have any problems with the interface if you have used any of the most common social networks.
We will explain the registration steps and the different sections that you will find on the platform.
First, you will have to enter your personal data, like first name, last name, address….
To complete your profile, you will see that they ask you some questions about your experience at investing.
However, it's not like they're testing you or anything. They only intend to know how much knowledge you have and what type of assets they can suggest. For instance, if it is your first experience in the investment world, they will not recommend that you invest in futures.
Let's see what the different sections of the platform are.
With the “Set Price Alerts” tool, you'll be able to program an alarm when a security is at a certain price. Just click the tab and you will be able to set it. This is ideal in case you want to buy a security that is falling but you believe it will decrease even more.
The section “News Feed” allows users to interact and share their experiences and knowledge.
“Instruments”, “People” and “CopyPortfolios” are within “Discover”. As we discussed in this guide, the types of financial assets available on are:
- Cryptocurrencies
- Exchange-Traded Funds
- Stocks
- Raw materials
- Forex
- Index funds
In the section “People”, you can find the profiles of eToro users and their past performance. This is where you can duplicate with just one click the movements of the investors that inspire you the most.
You can search for those users that best suit your interests: by risk level, types of instruments, average earnings… You just have to type the amount of your investment and eToro itself will replicate the movements made by the selected investor, in proportion. “In proportion” means that if you put $ 1000 and the investor puts 10% of their capital in Amazon, eToro will also invest $ 100 of your balance in that asset.
Also, here you will see CopyPortfolios classified into: Top Trader, Market, and Partner.
The advantage of copying to CopyPortfolios instead of individuals is that this way the risk will be more diversified. The different portfolios are easily identifiable: one about gaming, another about large drone companies, another about pharmacy … You think that a certain industry is going to succeed in the future? Then look, because surely there is a CopyPortfolio about it.
eToro deposit methods
Within the payment options accepted on eToro you will find: credit card, PayPal, bank transfer, Neteller, and Skrill. Making a deposit on eToro is so simple: go to “Deposit funds”, type the amount and choose your preferred method.
Remember that for security reasons, you need to be the holder of the account or the credit card.
The lowest amount is $ 200, and there is a maximum allowed if you are not verified, so if you want to trade with larger sums, you should verify your account previously.
You can make the payment in any currency you want and eToro will automatically convert it to USD. However, it is better to use USD anyway since the platform charges a commission.
Exchange-Traded Funds
Have you heard about Exchange-traded funds or ETFs? They are passively managed funds, known for merging the benefits of stocks and mutual funds: they can be exchanged regularly at market price, but include a much wider diversity of assets and the fees are significantly lower.
About ETFs
ETFs or Exchange-Traded Funds are similar to index funds. We can say that ETFs are somewhere between stocks and funds: they are traded in the market like stocks, during the day. However, their main benefit is that they offer more alternatives compared to stocks, and the rates are much lower than those of an actively managed fund.
Virtual account: How does it work?
For those who still don't have much experience in investing, a demo account can be very helpful. Just make sure the virtual mode is set in the upper left corner of the page and you can start practicing with a “fictional” portfolio.
A virtual account can be a good way of gaining confidence before starting to trade with real money. When you open your demo account, you will begin with a virtual balance of $ 100.000, to operate with a variety of assets available on the platform (not just with Monero).
If your trials don't go as planned and you lose your funds, you can always ask the platform to replenish $ 100k of virtual funds. You'll probably do better on the second attempt.
However, remember that trading is mostly about being prudent, and using a practice account can have an adverse effect. It is completely different to risk your real savings than to do operations with a fake balance which loss does not suppose any drama. Besides, using fake money can prevent you from learning to control your emotions, as a true investor should.
Finally, the demo mode is kind of pointless if you intend to trade in the medium or long-term, since you would be wasting years. Demo accounts may be useful for practicing short or medium-term operations.