Note – This post doesn't apply to US customers
eToro has announced support for Zcash trading. Zcash is a cryptocurrency with a focus on privacy. Unlike Bitcoin where transactions can easily be traced between wallets, Zcash aims to make things more private.
eToro is my trading platform of choice, that I've been using for the past few years. It's good to see them continuing to support new assets in 2019. Read on to find out more about Zcash and how you can start trading it.
ZCash is a lot like Bitcoin – it can be used as a currency or store of wealth. It does however have some unique privacy features to differentiate it.
When you send a transaction on Zcash you can choose to send it as transparent or shielded. Shielded transactions means the sender and recipient aren't published on the blockchain.
Zcash is currently ranked 21 on CoinMarketCap by marketcap. So it's definitely one of the most popular coins in the world. Privacy is definitely something people are looking for and value. Zcash can provide this for people.
Why trade cryptos on eToro
eToro isn't just a cryptocurrency trading platform. You can trade cryptos alongside traditional assets such as forex and stocks. Here are some of the advantages of trading cryptos using eToro:
- Trade Multiple Assets – don't just trade cryptos. Trade stocks, etfs, forex, indices and more.
- Easy fiat deposit – on eToro you can deposit using a credit card, paypal, bank transfer and more.
- CopyTrading – eToro has a unique copytrading feature that lets you copy trades. More on that below.
- Easy to use interface – eToro has one of the nicest trading interfaces available.
- Short Cryptos – If you believe the price of a crypto will fall, you can short them through eToro. This means you'll profit as the price falls.
As well as Zcash you can also trade coins such as Bitcoin, Ethereum, Litecoin, Dash and more. eToro has been consistently adding new cryptos (as well as traditional assets) every few months. I don't know of any other platform that has such a good range of markets to trade in.
It's good to see eToro continuing to support cryptos in 2019.
eToro has a unique feature known as CopyTrading. This allows you to copy the trades made by more experienced traders. You simply allocate funds to copy a trader. Then whenever their account makes a trade, your account does too. You can browse through the profiles of profitable traders on eToro and only copy the traders who have had good performance in the past and who use low risk strategies.
CopyTrading is a great way to trade for new traders. Trading is difficult and sadly most people end up losing money. By copytrading you tap into the knowledge of experienced traders. They do all the hard work for you. You can start copytrading with as little as $200.
Practice Trading Zcash
If you're not ready to spend real money on trading Zcash or other cryptos, then you can also try practice trading. You sign up to eToro for free and they give you a virtual trading account with $100k in practice funds. This allows you to try your hand at trading without having to risk any real money. If you're completely new to trading then I would recommend you start here.
You can sign up for a free practice trading account here
Disclaimer: 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. 78% 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.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
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.