eToro Ethereum Classic Trading

Introduction

A hack by a third-party project in 2015 forced a split or hard-fork to be performed to secure the Ethereum network. This created a newer blockchain called "Ethereum", leaving the "Ethereum Classic" to maintain the original characteristics of the network.

As the result of the split, both the Ethereum and Ethereum Classic became two totally different cryptocurrencies which are both available for trading on the eToro online investment platform.

Simply say: Ethereum Classic is a decentralized, open-source, blockchain-based distributed cryptocurrency platform running smart contracts. "Smart Contracts" was developed based on the principles of "Code is Law". Smart Contracts are described as self-executing independent digital applications, capable of processing on their own as programmed. Such examples of smart contracts are the Bitcoin system and ATM machines.

How to Buy/Trade Ethereum Classic on eToro?

To trade or buy Ethereum Classic with eToro, you must follow these steps after opening a funded eToro account. It is important to note that you can only perform these actions after ensuring that your eToro account is sufficiently funded.

1. On your eToro dashboard, click "Discover".

   

2. Select "Crypto".

   

3. Scroll down to look for "ETC".

   

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

   

5. "Click "Open Trade".

   

Minimum Amount for Buying ETC

In order to buy or trade the ETC cryptocurrency with eToro, a minimum investment of $10 is required. However, the minimum investment amount for ETC may vary depending on the regulations applicable in your region.

Note: To confirm the exact minimum amount required for investing in ETC, we recommend checking the terms and conditions on eToro's website or contacting their customer support team for further clarification.

How to Sell Ethereum Classic (ETC) on eToro?

If you wish to sell your Ethereum Classic on eToro, you need to close your current open position. To do so, go to your portfolio and select the open ETC position. Next, click on either the "Close Trade" button or the red X button. If you have multiple open ETC positions, you can choose to close a few of them or all of them.

Once you have closed your position, the initial investment along with any profits or losses will be credited back to your account. This process is commonly known as "closing a position" in trading, rather than "shorting".

Fee for Buying or Selling Ethereum Classic

When you buy Ethereum Classic on eToro, you become the owner of the asset. It's important to note that there is a 1% fee charged for both buying and selling ETC tokens. This fee is already included in the market price displayed when opening or closing a position, which is reflected in the Bid-Ask spread.

Keep in mind: 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 Ethereum Classic Traders on eToro?

In order to start copying other Ethereum Classic traders on eToro, the first step is to create an account and complete the verification process. This involves submitting your personal information, verifying your identity, and completing a questionnaire to evaluate your trading experience and risk tolerance

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

1. Browse the eToro platform and identify Ethereum Classic 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 Ethereum Classic trader.

Analyzing Ethereum Classic on eToro

eToro offers a variety of tools and features to analyze Ethereum Classic and other cryptocurrencies. Here are some of the key tools for analyzing this cryptoasset on this platform:

1. Price Charts
   The platform has detailed price charts for ETC, which can be customized to display different timeframes and technical indicators. This tool can be used to identify trends and potential entry and exit points for your trades.
   
   
2. Technical Analysis Tools
   Apart from price charts, there are several technical analysis tools available on eToro, including trendlines, moving averages, and oscillators. These tools can assist you in identifying patterns and potential trading opportunities in Ethereum Classic's price movements.
   
   
3. News and Market Sentiment
   eToro's trading platform offers real-time news and market sentiment data for Ethereum Classic and other cryptocurrencies. This tool can be used to stay up-to-date on important developments and market trends that may impact ETC's price.
   
   
4. Social Trading
   Utilizing eToro's social trading feature enables you to follow and copy the trades of other successful traders on the platform. This feature can be particularly valuable if you are new to the market or seeking fresh investment ideas.

How eToro Ensures the Security of Your Ethereum Classic Holdings

If you are holding Ethereum Classic (ETC) 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 Ethereum Classic 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 Ethereum Classic holdings.
  
  
• Secure Storage
  All Ethereum Classic holdings are stored in secure, offline wallets that are protected by advanced security measures, including encryption and multi-signature technology. This means that your ETC 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 Ethereum Classic 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 Ethereum Classic holdings. This will give you peace of mind when trading Ethereum Classic and other assets on their platform.

eToro's Ethereum Classic 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 ETC. You will be able to buy, store, receive and transfer all your cryptocurrency here.

How to Transfer Ethereum Classic from eToro Wallet to a Wallet?

If you have purchased ETC 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 Ethereum Classic 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 Ethereum Classic (ETC) 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 Ethereum Classic investment.
   
   
4. Enter the Transfer Amount and Personal Wallet Address
   Enter the amount of ETC 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 Ethereum Classic wallet may take several minutes to several hours to complete, depending on the current network congestion and other factors.