eToro Chainlink Trading

Introduction

Providing real-world data to blockchain technology, Chainlink (LINK) is a decentralized cryptocurrency and oracle network that supplies data that feeds information to various applications in decentralized finance.

To put it simply, Chainlink improves the blockchain technology by creating a decentralized oracle that supply "off-chain" information especially the ones that influences the financial and crypto market such as financial trends, fiat currency rates, credit card transactions, and more, and providing input to "smart contracts".

It’s native token LINK has a supply limit set at 1 billion with a current circulation of more than 420 million.

LINK is developed using Ethereum architecture in accordance with the ERC-20 standard for tokens. You can buy LINK and sell it in exchange of fiat currency and other cryptocurrencies.

As opposed to fiat currencies, LINK tokens provide elasticity that no government-regulated currencies can achieve. An example of it is when a LINK token enables transactions in a trustless environment without the need for any intermediaries such as banks or any financial institution to implement trust. Additionally, the limiting of LINK tokens to 1 billion ensures protection of LINK holders from inflation.

How to Buy/Trade Chainlink on eToro?

To trade or buy Chainlink with eToro, you need to follow these steps. However, it's important to note that you can only do this if you have already opened a funded eToro account.

1. On your eToro dashboard, click "Trade Markets".

   

2. Select "Crypto".

   

3. Scroll down to look for "LINK"".

   

4. Click "Buy" and set the amount you want to invest.

   

5. "Click "Open Trade".

   

Minimum Amount for Buying LINK

A minimum investment amount of $10 is required to buy or trade the LINK cryptocurrency with eToro.

Important: The minimum investment amount for LINK may vary depending on the regulations in your region. To confirm the exact minimum amount required for investing in LINK, we recommend checking eToro's website for the terms and conditions or contacting their customer support team for further clarification.

How to Sell Chainlink (LINK) on eToro?

To sell your Chainlink on eToro, you will need to close your current open position. To do this, navigate to your portfolio and select the open LINK position. You can then click on the "Close Trade" button or the red X button. If you have multiple open LINK positions, you have the option to close a few of them or all of them.

After closing your position, the initial investment along with any profits or losses will be credited back to your account. This process is commonly referred to as "shorting" in trading.

Fee for Buying or Selling Chainlink

When purchasing Chainlink on eToro, you become the owner of the asset, and it is important to note that there is a 1% fee charged for buying or selling LINK tokens. This fee is already factored into the market price displayed when opening or closing a position, meaning it is included in the Bid-Ask spread.

Reminder: When you initiate a new position, you may initially notice a loss in the position. This is because the displayed Profit & Loss (P/L) incorporates both the 1% buy fee you paid and the additional 1% sell fee that you will incur when closing the position.

How to Copy Chainlink Traders on eToro?

To start copying other Chainlink traders on eToro, you first need to create an account and complete the verification process. This will entail submitting your personal information, verifying your identity, and completing a questionnaire to evaluate your trading experience and risk tolerance.

Once you have completed these steps, you can follow these instructions to begin copying:

1. Browse the eToro platform and identify Chainlink traders you want to copy.
2. Click on the "Copy" button on the selected trader's profile.
3. Choose the amount of funds you wish to allocate for copying the trader.
4. Set your preferred Stop Loss and Take Profit parameters.
5. Click on "Copy" to start copying the selected Chainlink trader.

Analyzing Chainlink on eToro

eToro provides a range of tools and features for analyzing Chainlink and other cryptocurrencies. Here are some of the essential tools for analyzing this cryptoasset with this broker:

1. Price Charts
   They provide detailed price charts for LINK, which can be customized to display different timeframes and technical indicators. You can use this to identify trends and potential entry and exit points for your trades.
   
   
2. Technical Analysis Tools
   In addition to price charts, there are also a variety of technical analysis tools, such as trendlines, moving averages, and oscillators. These tools can help you recognize patterns and potential trading opportunities in Chainlink's price movements.
   
   
3. News and Market Sentiment
   The trading platform has real-time news and market sentiment data for Chainlink and other cryptocurrencies. You can utilize this so you can stay up-to-date on important developments and market trends that may impact LINK's price.
   
   
4. Social Trading
   Using eToro's social trading feature allows you to follow and copy the trades of other successful traders on the platform. This can be a very valuable tool especially if you are new to the market or looking for new investment ideas.

How eToro Ensures the Security of Your Chainlink Holdings

If you are holding Chainlink (LINK) on eToro, it's important to understand the measures that this broker takes to ensure the safety of your holdings.

• Regulated by Financial Authorities
  One of the primary ways that eToro ensures the security of your Chainlink holdings is through regulation by financial authorities. The company is regulated by several leading authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). These regulatory bodies oversee eToro's operations and ensure that the company meets strict standards for security and financial stability.
  
  
• Two-Factor Authentication
  They require all users to set up two-factor authentication (2FA) to access their accounts. 2FA adds an extra layer of security to your account by requiring you to enter a code sent to your mobile phone in addition to your password. This can help prevent unauthorized access to your account and your Chainlink holdings.
  
  
• Secure Storage
  All Chainlink holdings are stored in secure, offline wallets that are protected by advanced security measures, including encryption and multi-signature technology. This means that your LINK holdings are not accessible through the internet, making them less vulnerable to cyberattacks.
  
  
• Insurance Coverage
  eToro also provides insurance coverage for its users' holdings. The company has a comprehensive insurance policy that covers all user funds, including Chainlink holdings, in the unlikely event of a security breach.
  
  
• Ongoing Security Monitoring
  They employed a team of security experts who continuously monitor the platform for potential security threats. The company uses advanced monitoring tools and protocols to detect and prevent unauthorized access, hacking attempts, and other security risks.

Here's the deal:

The measures outlined above are just a few of the ways that the company ensures the safety of your Chainlink holdings. This will give you peace of mind when trading Chainlink and other assets on their platform.

eToro's Chainlink Wallet

eToro offers a crypto wallet service and this via an app, which can be installed on tablets or smartphones running on Android or iOS. It provides high-level security and can be downloaded for free.

This secure and accessible multi-cryptocurrency digital wallet can store over 120 cryptocurrencies, including LINK. You will be able to buy, store, receive and transfer all your cryptocurrency here.

How to Transfer Chainlink from eToro Wallet to a Wallet?

If you have purchased LINK on eToro and would like to transfer it to a third party wallet, you can follow these steps:

1. Obtain the Personal Wallet Address
   You will need to obtain the wallet address from the third party wallet service provider. This is a unique string of characters that identifies your wallet on the Chainlink blockchain. Make sure to verify the wallet address and ensure that it is correct.
   
   
2. Log in to eToro and Navigate to the Portfolio Page
   Log in to your eToro account and navigate to the portfolio page. Find the Chainlink (LINK) investment you would like to transfer to your personal wallet and click on it.
   
   
3. Click on "Send"
   Click on the "Send" button, which is located next to the Chainlink investment.
   
   
4. Enter the Transfer Amount and Personal Wallet Address
   Enter the amount of LINK you would like to transfer to your personal wallet and the personal wallet address you obtained in step 2.
   
   
5. Check and Confirm the Transfer
   Check the transfer details to ensure that the amount and wallet address are correct. Once you have verified the details, click on the "Send" button to confirm the transfer.
   
   
6. Wait for the Transfer to be Completed
   The transfer from eToro to your personal Chainlink wallet may take several minutes to several hours to complete, depending on the current network congestion and other factors.