Contents
eToro is an excellent brokerage for those in Kenya who want to obtain Ripple
Why do we recommend it?
- It takes other successful investment strategies so you can replicate them
- Accepts short-selling
- User-friendly and straightforward
- You can leverage
- There are uncountable goods you can invest in
Official main site: www.etoro.com/ripple
In case you are considering buying Ripple from Kenya, eToro may be the best way to do it.
This broker is well-known for making “social trading” a trend, an innovative form of investing in which traders can emulate the moves of other investors who have been making earnings for years.
eToro is very useful if you are still a novice user in trading, because it automatizes your investment by repeating strategies from those who have been doing it for years. Additionally, in case you do have experience in investment, the platform pays you for sharing it.
Another thing to mention is how intuitive the platform is, which turns out perfect for new users that are just learning all about Ripple.
Differences between futures and CFDs
How are Futures and CFDs different?
- Which are the counterparties? With Futures, the counterparty is another trader. In CDFs, it’s the brokerage, in this case eToro
- When do they expire? Futures expire in a variable given date. CFDs don’t have expiration date
- Markets available for trading The market for Futures is narrower. With CFDs you can trade in several different markets.
- Minimum investment amount or “trade size” Being higher figures, Futures require, proportionally, lower fees. Costs for CFDs are a bit higher, although not excessively.
- Use of leverage With Futures, you can’t leverage; while with CFDs leverage is always available.
Investment strategies
There are different methods or ways for crypto trading, such as buying and holding or day trading, for naming just a few.
If you don't have much experience trading, I recommend something in between: placing a dynamic stop-loss (15-20% under the highest price) and wait for it to work.
Therefore, if for example you purchase a cryptocurrency at $ 10, it reaches $ 20 and then falls to $ 12, your stop loss will take you out of the trade at $ 16-17 and you will have earned a decent profit.
Perhaps you are wondering: why not selling when the cost is at its peak? But that would only work for a psychic or a fortune-teller. The mentioned strategy is more down-to-earth and can work out perfectly if it is well applied.
And when you have gained more experience, you can take your first steps with advanced trading strategies, like short-selling or using leverage.
How to deposit funds on eToro
When it comes to depositing money on eToro, there isn't really much to say, since it is pretty simple. You only need to select “Deposit funds”, set an amount, and choose the payment option you prefer. You can use PayPal, bank transfer, credit card (Visa, MasterCard, Diners, Visa Electron and Maestro), Skrill, or Neteller.
Consider that for security policies, you must be the holder of the credit card or the account.
You can start with a $ 200 deposit, and if you are not verified you will have a maximum amount allowed. Thus, if you intend to operate with much more, you should contact Support to verify your account first.
The platform accepts deposits in any currency, but you will have to pay a fee for the conversion to USD. So it is better to use USD from the beginning.
Can you rely on eToro?
eToro is very careful with the information about past performances from investors, and its reliability has been independently tested several times.
eToro follows all the strict regulations required by the European Union. Its head office is in Cyprus, where it is approved by the CySEC or Cyprus Securities Market Commission, which can cover up to € 20,000 of the debts that its clients may have with creditors, including those from Kenya.
eToro responds to the European Financial Instruments Market (MiFID) in Europe, and to the Financial Conduct Authority (FCA) in the United States of America. You should also know that it has a trajectory of fifteen years, with more than 20 million users around the globe. So, you can be sure that your money is safe.
Finally, their excellent customer service is also worth mentioning. They have a phone number for assistance, a ticket system, and a live chat.
Virtual account
If you are taking your first steps as an investor, you can start by practicing with a “demo” option. You only need to set the “virtual” option and your operations will be carried out with “imaginary” funds.
This option is ideal for those who are new to this world and want to put their talents to the test before playing for real funds. When you create your account, you will start with $ 100,000 of virtual balance to do your operations, not only with Ripple, but you can also work with a diverse portfolio.
The first attempt is not usually that good. But you can ask support to replenish the virtual $ 100k to your portfolio.
Take into account that trading is mostly about being cold-minded, and perhaps using a demo account can prevent you from controlling your impulses. It will never be the same as risking your own money.
And of course, the virtual mode is kind of absurd if you intend to invest in the medium or long-term, since you would be wasting years to see the outcome. Demo accounts may be ideal for trying out before investing in the short or medium-term.
eToro Interface
We mentioned previously that eToro is very friendly and intuitive. Anyone can start investing without having to read endless explanations.
Everyone who has previously used social networks like Twitter or Facebook, knows enough to use eToro.
We will talk about the sign-up process and the different sections of eToro that you should know.
You will have to provide some personal data (like full name or address, for instance) when registering.
To complete your profile, you will have to answer some questions about your experience at investing.
But don't worry: it is not an exam. They are only measures to know how much knowledge you have and what type of assets they can suggest. For example, 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 site are.
With the “Set Price Alerts” tool, you'll be able to program an alarm when a security is at a certain price. This is perfect if you want to buy 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.
In “Discover” you will find: “Instruments”, “People” and “CopyPortfolios”. And we already talked about the kinds of assets on eToro:
- Cryptocurrencies
- ETFs
- Shares
- Commodities
- Forex trading
- Index funds
The concept “social trading” comes to life in the section “People”: there, you can duplicate the movements of the investors you find most inspiring with just one click. You'll be able to see all their profiles and performances.
Using the search bar, you can find the users that you find more interesting: by average profits, market or risk level, for instance. Just indicate the amount of your investment and eToro will replicate the movements made by the investor you chose, in proportion. “In proportion” means that if you have $ 1000 and the trader puts 10% of his or her balance in an asset, eToro will invest also 10% of your funds (that is, $ 100) in that same asset.
Also, here you will see CopyPortfolios classified into three categories, Top Trader, Market, and Partner.
The advantage of copying to CopyPortfolios instead of people is that this way you will diversify the risk. There are all kinds of portfolios that you can recognize easily and are classified by sectors. Therefore, in case you think a specific industry, like fashion or pharmacy, has good chances to succeed, you can look for that specific portfolio and invest in it.