How to Trade Platinum on eToro?

Written by Nadav Zelver

Reviewed by Wikitoro Team

To start trading Platinum on eToro, sign up for a new account or log into your existing one. Go to the "Discover" section, click on "Commodities", and select "Platinum". Choose either "BUY" or "SELL", input your desired trade amount or units, set your trading preferences, and hit "Open Trade".

Platinum's value extends beyond its glittering appeal. Its market dynamics fascinated me early on, especially how global events or even a shift in the automotive industry could sway its price.

Having delved into the intricate world of commodities trading for over five years, I've had my share of ups and downs. One platform that has been a constant for me is eToro. Here's my personal take on trading platinum on this platform.

Step 1: Access the Platform

Trading this commodity requires an active and verified account. If you already have one, then you can proceed to the next step. If not, you need to register, complete the verification, and fund it.

Step 2: Search for Platinum

Finding this asset on the platform wasn't a problem and I found that there are 2 ways:

1. Using the search bar: Simply typing "Platinum" will show you a list of results and just select the asset from there. This one is more convenient for me.
2. Clicking on "Discover", then "Commodities", and finally "Platinum": This one is another method if you don't feel like typing. Just three clicks and you'll get to the page you're looking for.

Step 3: Decide on the Trade Parameters

After finding this commodity and accessing its trading page, it's time to set the investment parameters:

• Buy or Sell: This is your trading position. Remember, these aren't just buttons; it's a decision weighed by market insights and personal experience.
• Trade amount: Here, you need to determine your risk threshold. The minimum investment starts at $1,000.
• Leverage: Using this gives you higher market exposure but be cautious because it can increase the magnitude of both gains and losses. 
• Stop-loss and take-profit: It's a risk management setting that you can set so that you can either lock in profits or prevent significant losses.

Step 4: Execute the Trade

The final part is hitting the "Open Trade" button so your eToro Platinum trade gets executed with all your parameters. All you need to do next is to wait, see how the market moves, and find out whether you'll make a profit or a loss. 

My Takeaways

• The platform's real-time charts and news feeds were invaluable. Over time, the social trading features became my silent mentor, offering insights from seasoned platinum traders.
• Leverage can be a double-edged sword. My initial trades saw amplified losses. Yet, as I better understood eToro's margin requirements and refined my strategies, I started to harness leverage's full power.
• The platform's tools, from Fibonacci retracements to moving averages, became crucial in my technical analysis. But it was the global news, supply-chain dynamics, and even whispers in the automobile sector that honed my fundamental analysis for platinum.

Parting Thoughts

Trading platinum on eToro has been more than just a financial endeavor for me; it's been a journey of learning, introspection, and growth. For anyone looking to embark on this journey, remember: the market will teach you, but how you respond determines your success.