Cardano

Written by Mike Druttman

Fact checked by Nick Zelver

Updated Mar, 2024

Getting Started

Cardano (ADA) may not be as well-known to casual investors as Bitcoin, Ethereum, Litecoin, and Ripple, but its recent market performance indicates it's quickly becoming a significant player in the cryptocurrency world. Excitingly, Cardano is now available for investment through the eToro online investment platform.

In this guide, I’ll delve into the specifics of investing in Cardano through eToro, sharing personal insights that could be valuable for those interested in this burgeoning asset.

Why I Prefer Trading Cardano on eToro

I've traded Cardano on eToro multiple times and have identified several key benefits:

• The platform's interface is straightforward and user-friendly.
• The minimum investment requirement is just $10.
• I can easily transfer crypto to my eToro wallet.
• The option to copy strategies from successful Cardano traders.
• Leverage trading is available, allowing me to engage in larger trades with a smaller capital commitment. Note that leverage limits vary based on your country of residence. Also, using leverage means you're trading crypto CFDs (Contracts for Difference), not the actual cryptocurrency.

The Cardano Asset Page on eToro

When you navigate to the Cardano (ADA) page on eToro, you'll land on the Overview section by default. This section provides a wealth of information, organized into several key areas:

• Graph: This interactive graph displays Cardano's market performance, including vital statistics like market capitalization, daily price range, and 52-week range. Note that this is a basic graph; a more detailed version is available under a different tab.
• About: Here, you'll find a brief description of Cardano, offering a quick insight into the asset.
• Latest News: Stay updated with the latest developments related to Cardano. This section is powered by CityFALCON, ensuring you receive timely and relevant news.
• People Also Bought: This feature shows other assets that traders interested in Cardano are investing in, offering ideas for diversifying your portfolio.
• Copy Cardano Investors: Discover the top traders who are investing in Cardano. You can easily copy their trading strategies by clicking the "Copy" button next to a trader's profile, which will direct you to the copy trading interface.
• Discussions: Engage with the eToro community in this section, where traders share posts and discussions about Cardano. You can filter to view top discussions or all conversations, and interact just like on social networks – like, comment, or share posts to your feed.

Useful Crypto Trading Tools on eToro

During my time trading Cardano and other assets on eToro, I found the platform's integrated tools particularly effective, eliminating the need to switch between different apps or screens. Here are some of the key tools I utilized:

• Chart: This advanced live chart for Cardano offers a comprehensive view of its market performance. You can customize it to display price movements from 1 minute up to 1 week intervals, providing a flexible analysis tool for different trading strategies.
• Analysis: This section offers a detailed technical analysis, summarizing the consensus of market analysts. It features a graph showing aggregated buy, sell, and hold signals from popular technical indicators, giving a quick overview of market sentiment. This is incredibly useful for understanding the current market pulse.
• Technical Indicators: Located within the Analysis section, this area provides live updates of various technical indicators. These indicators, based on price and volume, are essential for analyzing market trends and potential directions.
• Latest Research: Exclusively available to registered and verified eToro users with a funded account, this section offers in-depth research materials. I highly recommend utilizing this resource, as it provides valuable insights and analysis that can significantly inform your trading decisions. 

The Process of Buying Cardano on eToro

Purchasing Cardano on eToro is straightforward. Here's how you can do it:

• Search for Cardano: Look up the Cardano asset on the platform.
• Initiate Trade: Click on the "Trade" button.
• Enter Investment Amount: Specify how much you want to invest in Cardano.
• Execute the Trade: Confirm and complete your purchase.

Note: By following this method, you're buying actual cryptocurrency, not a derivative of it.

Trading Cardano via CFD on eToro

CFD (Contract for Differences) trading offers an alternative method to engage with the eToro crypto market. Here’s why it’s appealing and how to do it:

1. Advantages: CFD trading allows you to speculate on the price movements of Cardano without owning the actual cryptocurrency. Your profits or losses are determined by the price change between when you open and close your CFD position. This means you can potentially earn returns regardless of market direction, provided your trades are well-planned.
2. Process:

• Find Cardano: Search for Cardano on eToro.
• Click "Trade": Open the trading interface.
• Set Investment Amount: Enter the amount you wish to invest.
• Configure Trading Parameters: Adjust settings like leverage, stop loss, and take profit according to your strategy.
• Execute the Trade: Confirm your CFD trade.

Note: CFD trading may not be available in all countries, and it's essential to be aware of its risks and regulations in your region.

Copying Cardano Traders on eToro

One standout feature of eToro is the CopyTrader function, which I found particularly beneficial. This feature enables you to emulate the trades of seasoned cryptocurrency investors. Here’s how I used it:

1. Filter Traders: Utilize the filter options to narrow down your search for traders with a focus on Cardano.
2. Select a Trader: Choose a trader whose investment strategy aligns with your goals.
3. Set Investment Amount: Decide the amount you wish to allocate for copying their Cardano trades.
4. Start Copying: Hit the "Copy" button, and your account will automatically replicate their future trades.

Maximizing Your Cardano Investment Journey on eToro

To sum up, these insights should equip you with a comprehensive understanding of how to navigate Cardano investments on eToro. Whether you’re using their web-based platform or mobile app, these tips are designed to enhance your trading experience. Remember to apply these strategies judiciously in your crypto trading endeavors and make the most out of your journey on eToro!

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.