Contents
eToro, a great online brokerage for those who want to purchase Tether from Ireland
Advantages:
- It's uncomplicated and user-friendly
- It takes techniques and moves from skilled investors so you can replicate them
- Admits “shorting” or short-selling
- You can leverage
- There are uncountable possibilities for investments
Main site: www.etoro.com/tether
eToro is the best way to obtain Tether from Ireland.
eToro is popular for making “social trading” a trend, a revolutionary form of investing in which investors can imitate the movements of other traders who have been generating income for years.
If you are a beginner or haven't gained much experience in investments, eToro is great for you. You can rest assured that you are making a smart investment since the site emulates those from subjects with a long profit record. Also, in case you are an investor, the platform pays for your knowledge.
Another advantage is how intuitive the platform is, which turns out perfect for new users that are learning all about Tether.
Is eToro safe for purchasing Tether?
eToro has been independently tested once and again to verify its integrity in displaying performance statistics from previous users. And it has been confirmed every time that eToro is rigorous with the data.
In the legal aspect, eToro complies with all the strict policies of the European Union. Specifically, its main offices are in Cyprus, and it is validated by the CySEC or Cyprus Securities Market Commission, which can cover up to € 20,000 of the debts from its clients (those from Ireland included).
eToro responds to the European Financial Instruments Market or MiFID in Europe, and to the Financial Conduct Authority (FCA) in the USA. Apart from the above, it has a trajectory of fifteen years, with more than 20 million users around the world. So, yes, it is a safe broker.
Finally, their customer service functions perfectly. You can use the online chat, and they also have a phone number available for assistance.
Payment methods on eToro
Within the payment methods available on eToro are: bank transfer, PayPal, credit card (Visa, MasterCard, Diners, Visa Electron and Maestro), Neteller, and Skrill. Making a deposit on eToro is so simple: go to “Deposit funds”, choose an amount and the payment method you prefer.
(Consider that you should be the account or credit card holder, for security policies).
The minimum you can deposit is $ 200 and there is a limited amount if you are not verified, so if you want to trade with larger sums, contact Support previously to verify your account.
Finally, remember that you can make the transfer in any currency because eToro converts it to USD, but charges a commission for it, so it is better to make the transfer directly in USD.
Futures Vs CFD
What are the main differences between Futures and CFDs?
- Who is the counterparty? With Futures, the counterparty is another investor. In CDFs, it’s the brokerage, in this case eToro
- When do they expire? Futures expire in a variable given date, while CFDs don’t have expiry date
- Markets available for trading Futures include fewer options to trade. With CFDs you can trade in several different markets.
- Minimum deposit Being higher numbers, Futures require, proportionally, lower costs. Costs for CFDs are a bit higher.
- Is it possible to leverage? With Futures, it isn’t possible; while with CFDs it is.
How does eToro work?
We mentioned before that eToro is very easy to manage. Anyone can start investing without having to read endless explanations.
If you are familiar with any of the most popular social networks today, like Twitter or Pinterest, you can perfectly use this platform.
We will explain, roughly, the registration steps and the different tabs that you will see.
When you register, you will have to enter all the information that eToro asks for: first and last name, address…
Before you end up with the sign-up process, you will also find some questions about your previous investment activities.
However, it is not like you are answering an exam. It is only a way of finding out how much knowledge you have and what type of assets they can recommend. For instance, if it is your first experience in the investment world, they will not suggest that you invest in futures.
You will see a bar that says “incomplete profile” until you complete all the requested information.
Now we will explain the fundamental sections of the platform.
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 helpful if you want to buy an asset and you are waiting for its price to fall.
“News Feed” is for social purposes. This is the section where users can share opinions and learn from each other.
In “Discover” you will find: “Instruments”, “People” and “CopyPortfolios”. And we discussed previously in this guide the different financial instruments that are available on eToro:
- Cryptocurrencies
- ETFs
- Shares
- Commodities
- Currencies
- Index funds
The concept “social trading” makes sense within “People”: that is where you can replicate the movements of the best investors with just one click.
Through the search engine, you can find the users that you find more interesting: by average profits, market or risk level, for example. Just indicate the amount of your investment and eToro will be in charge of replicating the movements of the investor you selected, in proportion. “In proportion” means that if you have $ 1000 and the trader puts 10% of his or her balance in an asset, the platform will invest also 10% of your funds (in this case $ 100) in that same asset.
Finally, you will see in this section the popular CopyPortfolios. There are three types: Top Trader, Market, and Partner.
In some cases, it might be better to copy from CopyPortfolios than to individuals, since the former offer more diversity. 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 sector is going to succeed in the future? Then look, because surely there is a CopyPortfolio about it.
Trading strategies
There are several cryptotrading trategies: for example, you can buy and hold, or you can day trade using volatility of the market in your favor.
If you are just starting in the world of investment, my recommendation is something in between: when you open your position, set a stop-loss 15-20% under the maximum price, and let the rest happen on its own.
Therefore, if for example you buy a cryptocurrency at $ 10, it rises to $ 20 and then falls to $ 12, your stop loss will close your position at $ 16-17 and you will have made a decent profit.
It may sound way better to sell when the cost is at its highest, right before corrections, but that is simply not possible. The above method is much more down-to-earth and it can give great results.
Later on, you will be able to apply more sophisticated strategies, like short-selling or using leverage.
How does a demo account work?
In case you are taking your first steps as an investor, you can start by practicing with a “demo” option. Setting a virtual account and operating with fictional money is very easy.
This can be a great way of practicing before starting to trade with real money. The platform will give you an amount of $ 100.000 (“fake” or virtual, of course) to begin with, and you will be able to trade with all the different instruments available on eToro, not only with Tether.
The first attempt is not usually that good. But you can ask eToro to replenish the virtual $ 100k to your portfolio.
Take into account that investing is mainly about being cold-minded, and using a virtual portfolio might have the opposite effect. It is not the same to operate with your own money than with fake funds, which you can lose without a problem.
As you may suppose, the demo mode is kind of pointless if you want to invest in the medium or long-term, since you would be wasting years. Virtual accounts may be helpful for practicing before trading in the short or medium-term.