How Can I Trade GBPUSD on eToro?

Written by Mike Druttman

Reviewed by Wikitoro Team

To engage in GBPUSD trading on eToro, initiate by logging in or establishing an eToro account. Subsequently, utilize the search bar to find "GBPUSD", choose the GBPUSD option from the Markets section, and tap the "Trade" icon. Based on your market perspective, opt for "BUY" or "SELL". Specify your desired investment sum or the number of currency units you're targeting. Configure your stop-loss, leverage, and take-profit metrics, followed by a click on the "Open Trade" button.

Prelude

The GBPUSD pair, colloquially termed as "Cable", embodies the strength and relationship between the British Pound and the US Dollar. As a prime forex pair with significant trading volume, understanding its nuances is vital for a profitable experience. eToro simplifies this trading journey with its robust platform. Here, I delineate the steps to navigate eToro GBPUSD trading so you can get started on this currency pair.

Step 1: Login or open an account on eToro if you're still not registered. 

For novices, eToro's registration is a breeze. Navigate to their digital portal or app to commence the process. Regulars can swiftly access their account by logging in.

Step 2: Key in "GBPUSD" in the search bar, identify the GBPUSD listing under the Markets section, and press the adjacent "Trade" button.

Post-login, employ the search functionality and introduce "GBPUSD". Out of the generated results, pinpoint GBPUSD under the Markets header. Then, press the adjacent "Trade" icon.

Step 3: Opt for "BUY" or "SELL" based on your trading intuition.

Depending on your market appraisal, go with "BUY" if predicting a Pound surge against the Dollar, or "SELL" if foreseeing a decline.

Step 4: Indicate the capital or the currency units you're keen on trading.

Pen down your investment magnitude or decide on the specific currency units for the trade.

Step 5: Shape your trading metrics: stop loss, leverage, and desired profit point.

Tweak your eToro forex trading parameters: anchor a stop loss to shield against hefty downturns, decide on the leverage magnitude, and earmark a profit realization point. If these elements appear intricate, delve deeper with research or solicit insights from trading aficionados.

Step 6: Hit the "Open Trade" button.

With all parameters set, activate the "Open Trade" command. You're now in the trading arena of the GBPUSD on eToro!

Closing Remarks

With eToro's ergonomic design, trading the GBPUSD is streamlined and efficient, catering to both neophytes and trading veterans. If GBPUSD trading aligns with your financial blueprint, eToro serves as an adept conduit. Here's to successful trades ahead!