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How to Buy Bitcoin on eToro? [A Step-by-Step Guide]

How to Buy Bitcoin on eToro

Bitcoin is a revolutionary digital currency and has garnered global investor attention. Its decentralized nature offers security, transparency, and the potential for high returns. Yet, venturing into Bitcoin investment can be overwhelming for newcomers. Fortunately, eToro, a popular trading platform, provides a user-friendly solution. Do you know how to buy Bitcoin on eToro?

eToro offers an accessible platform for buying and trading cryptocurrencies, including Bitcoin. With its user-friendly interface and robust features, eToro has become popular among crypto enthusiasts. It simplifies Bitcoin investment, eliminating the need for technical expertise or personal wallets.

This blog post will serve as your comprehensive guide on buying Bitcoin on eToro, empowering you to navigate the platform confidently. Let’s go through the process step by step together.

What is Bitcoin?

Investing Cryptocurrency
Photo Credit: https://www.freepik.com/

Bitcoin is a widely recognized digital currency that functions on a decentralized peer-to-peer network. Introduced in 2009 by an anonymous individual or collective entity known as Satoshi Nakamoto, Bitcoin operates through a system where transactions are verified by network nodes using cryptography.

These verified transactions are then recorded on a transparent and distributed blockchain ledger. As a digital currency, Bitcoin offers the potential for secure and borderless transactions independent of traditional financial institutions. Its decentralized nature and cryptographic technology have contributed to its popularity and position as a prominent cryptocurrency in the financial landscape.

What is eToro?

What is eToro

eToro is a renowned trading platform that offers users the opportunity to engage in various financial markets, including cryptocurrencies, stocks, and commodities. Founded in 2007, eToro has gained popularity for its user-friendly interface and innovative features catering to beginner and experienced traders.

With eToro, users can access a wide range of investment options, leverage social trading to learn from successful traders and benefit from unique tools like Copy Trading that automatically replicate top-performing investors’ trades. eToro’s mission is to provide a seamless and inclusive trading experience, empowering individuals worldwide to participate in the global financial markets confidently and quickly.

How to Buy Bitcoin on eToro: Step-by-Step Guide

Here we will discuss the step-by-step process for buying Bitcoins on eToro.

Sign Up for Your eToro Account

To sign up for your eToro account, follow these simple steps:

  • Visit the eToro website: Open your web browser and go to the official eToro website.
  • Click on “Join Now”: Look for the “Join Now” or “Sign Up” button on the eToro homepage and click on it.
  • Fill in your information: Provide your full name, email address, and choose a secure password for your account.
  • Accept the terms and conditions: Read through the terms and conditions and privacy policy of eToro. Check the box to express your acceptance if you agree with them.
  • Complete the verification process: Additional verification steps may be required depending on your jurisdiction. 
  • Verify your email address: Check your email inbox for a verification email from eToro. Open the email and click the verification link to confirm your email address.
  • Set up your profile: Once your email is verified, you may be prompted to set up your eToro profile. Customize your profile with a profile picture and any additional details you wish to add.
  • Start exploring eToro: With your account created, you can now explore the eToro platform, including the different features, markets, and investment opportunities it offers.

You have successfully signed up for your eToro account. Now you can fund your account, explore investment options, and engage in cryptocurrency trading on eToro.

Depositing Funds into Your eToro Account

To deposit funds into your eToro account, please follow these guidelines:

  • Log in to your eToro account using your login information.
  • Locate the “Deposit Funds” or “Deposit” button in the main menu, account dashboard, or portfolio section.
  • Choose the way you want to pay from the options offered.
  • Enter the requested details, such as your card or bank account details. For e-wallets, log in to your e-wallet account to authorize the transaction.
  • Specify the deposit amount, ensuring you have sufficient funds in your chosen payment method.
  • Check out the specifics of the deposit, such as any fees or conversion rates. eToro provides transparent fee information upfront.
  • Double-check all the provided information and click “Deposit” to initiate the transaction.
  • Depending on the payment method, you may need to provide additional verification or follow further instructions to complete the deposit process.
  • Once done, you will receive a confirmation message indicating the successful deposit. The funds will be credited to your eToro account shortly, allowing you to proceed with buying Bitcoin and other investments.

By following these steps, you can conveniently deposit funds into your eToro account and begin exploring various investment opportunities on the platform.

Placing a Buy Order

Once you have located Bitcoin on eToro, it’s time to place a buy order and acquire Bitcoin. eToro provides a simple and efficient order placement process, making it easy to invest in Bitcoin. Let’s walk through the steps involved:

Explaining the Order Placement Process on eToro

  • Find Bitcoin: On the Bitcoin page, click the designated tab and select the “Invest” option.
  • Choose Trade or Order: You will be presented with “Trade” or “Order.” Opt for “Trade” to buy Bitcoin at the current market price. Alternatively, choose “Order” to place a predefined purchase order that will be automatically executed when the Bitcoin value reaches your specified target.

Choosing the amount to invest and looking over the transaction details:

  • Enter the following investment amount: Enter the amount of Bitcoin you want to buy in the order placement window.
  • Review transaction details: Carefully review the transaction details in the order placement window. Pay attention to the investment amount, associated fees, and total cost of the transaction. eToro ensures transparency by showing real-time rates and fees upfront.
  • Understand order preferences:  eToro provides various order types to accommodate your preferences. Two common types are:

Market Order: Executes right away at the current price on the market. The exact execution price may vary slightly due to market fluctuations.

Limit Order: This allows you to set the price you want to pay for Bitcoin. The order will be executed only if the market reaches your specified price.

  • Double-check order details: Before proceeding, double-check that the investment amount, order preferences, and transaction details are accurate. Ensure you are comfortable with the terms and fees associated with the order.
  • Confirm the order: Once satisfied with the details, click the “Buy” button to confirm your purchase. eToro will execute the order based on your specified parameters.

By following these steps, you can successfully place a buy order for Bitcoin on eToro and initiate your investment in the cryptocurrency.

Monitoring Your Bitcoin Investment 

Monitoring and maintaining your eToro investment is simple and convenient. Here’s how you can monitor your Bitcoin investment in the eToro portfolio section:

  • Access the portfolio section: Log in to your eToro account and navigate to the portfolio section. This is where you can monitor the performance of your Bitcoin investment and find important information about your holdings.
  • Track performance: Within the portfolio section, you can easily track the current value of your Bitcoin investment, observe any gains or losses, and see the percentage change in value. You can also view detailed historical price charts to analyze the performance of your investment over time.
  • Set price alerts: To stay informed about Bitcoin price movements, eToro allows you to set price alerts. You can specify a target price you would like to be notified of. If the market reaches or surpasses your specified price, eToro will send you an alert via email or push notification.

By regularly monitoring your Bitcoin investment in the eToro portfolio section, tracking its performance, and utilizing price alerts, you can stay updated on market changes and make informed decisions regarding your investment.

Buy Bitcoin on Etoro With a Debit/Credit Card

Credit Cards

On eToro, buying Bitcoin is a straightforward process using card payment methods. Here are the simple steps:

Sign up: Open an account on eToro by providing your information and verifying your account, which takes only a few moments.

Link and transfer funds: Connect your debit card account and initiate the transfer. A mandatory verification process will follow this step.

Purchase Bitcoin: Click on the provided link to buy Bitcoin on eToro. You also have the option to buy a fraction of a Bitcoin on the platform.

By following these steps, investors can easily buy Bitcoin on eToro using card payment methods, making the process quick and convenient.

How to Buy Bitcoin on Etoro with a Bank Account?

To buy Bitcoin on eToro with a bank account, follow these steps:

Sign up for an eToro account: Visit the eToro website and sign up to create an account. Provide the necessary information for the registration form.

Link your bank account: Once verified, navigate to the “Deposit Funds” section in your eToro account. Select the option to deposit funds via a bank transfer.

Provide your bank account details: Enter your bank account information, including the account number, bank name, and routing number. Ensure the accuracy of the details to avoid any issues with the transfer.

Initiate the bank transfer: After providing your bank account information, eToro will provide instructions on initiating the bank transfer. Follow the instructions carefully and ensure that you include any necessary reference or payment information.

Wait for the funds to be credited: It may take some time for the bank transfer to be processed and credited to your eToro account. The duration can vary depending on your bank and other factors.

Buy Bitcoin: Once the funds are credited to your eToro account, you can proceed to buy Bitcoin. Access the Bitcoin trading section, specify the amount you want to buy, and review the transaction details. Finally, confirm the purchase to execute the trade.

By following these steps, you can buy Bitcoin on eToro using your bank account, providing a secure and convenient method to invest in the cryptocurrency.

How to Buy Bitcoin on Etoro With Paypal?

Paypal
Photo: Collected

To buy Bitcoin on eToro with PayPal, you can follow these steps:

Sign up for an eToro account: Visit the eToro website and sign up to create an account. Provide the necessary information for the registration form.

Link your PayPal account: Once your eToro account is verified, navigate to the “Deposit Funds” section. Select PayPal as the deposit method.

Authenticate your PayPal account: You’ll be redirected to the login page. Log in to your PayPal account and follow the instructions to authenticate the connection with eToro.

Specify the deposit amount: Enter the amount you want to deposit into your eToro account to buy Bitcoin. Ensure that the amount is within your PayPal account balance.

Review and confirm: Double-check the transaction details, including the deposit amount and associated fees. eToro provides transparency by displaying the fees upfront. Verify that all of the information is valid.

Initiate the deposit: Once satisfied with the details, click the “Deposit” or “Submit” button to initiate the deposit process using PayPal.

Wait for the funds to be credited: The PayPal deposit may take some time to be processed and credited to your eToro account. The duration can vary depending on PayPal’s processing time.

Buy Bitcoin: Access the Bitcoin trading section once the funds are credited to your eToro account. Specify the amount you want to buy, review the transaction details, and confirm the purchase to execute the trade.

Following these steps, you can buy Bitcoin on eToro using PayPal, providing a convenient and secure payment method for investing in the cryptocurrency.

How to Trade Bitcoin on eToro?

CFD Trading Explained

To trade Bitcoin on eToro:

  • Create an eToro account and go through the verification process to finalize your registration.
  • Deposit funds into your eToro account.
  • Search for Bitcoin on the platform.
  • Place a trade order specifying the investment amount and order type.
  • Review and confirm the trade.
  • Execute the trade by clicking on the appropriate button.
  • Monitor and manage your trade.
  • Close the trade when satisfied with the outcome.

By following these steps, you can engage in Bitcoin trading on eToro and take advantage of the opportunities the cryptocurrency market presents.

Selling your Bitcoin on eToro

To sell your Bitcoin on eToro, follow these steps:

  • Access your eToro account by logging in with your provided login details.
  • Click on the “Trade Markets” button.
  • Select “Crypto” from the list of markets.
  • Choose Bitcoin from the list of cryptocurrencies.
  • Click on the “Sell” button.
  • Enter the amount of Bitcoin you wish to sell.
  • Review your order to ensure accuracy.
  • Select the “Open Trade” button to initiate the execution of the sell order.

By following these steps, you can successfully sell your Bitcoin on eToro. Remember that market conditions and timing can affect the price you receive for your Bitcoin, so monitoring the market and making informed decisions is essential.

Why Should You Buy Bitcoin on eToro?

There are several compelling reasons to choose eToro as a platform for buying and selling Bitcoin.

Consumer Safety: eToro is regulated by respected financial authorities like the UK’s Financial Conduct Authority (FCA) and the US’s Financial Industry Regulatory Authority (FINRA). This ensures the safety of users’ funds and provides consumer protection.

Resources: eToro offers a range of educational resources and tools to help users make informed investment decisions. These include historical data, market prices, and price alerts to stay updated with the latest trends.

Innovation: eToro’s intelligent portfolios allow users to invest in well-known US stocks and promising US-listed companies, showcasing the platform’s commitment to innovation.

Ease of Use: eToro supports various payment methods, such as credit cards, PayPal accounts, wire transfers, and e-wallets, making it convenient for users to deposit funds and start investing in Bitcoin.

Learning and Practice: With eToro’s award-winning copy trader and demo account, users can learn and practice due diligence before investing in high-risk crypto assets like Bitcoin.

Fees: eToro offers commission-free investing, zero deposit fees, and low transaction fees, enhancing the cost-effectiveness of buying Bitcoin.

eToro is an excellent choice, particularly for beginners investing in Bitcoin. Its wide range of assets, including cryptocurrencies, non-leveraged buy positions, regulatory compliance, and strong customer support, make it a reliable platform for those interested in investing real money.

Tips for Safe Bitcoin Trading on eToro

When trading Bitcoin on eToro, it’s crucial to follow these tips for a secure and prosperous experience:

Conduct Research: Prioritize thorough research on Bitcoin, including its fundamentals, price history, and industry news. This knowledge will empower you to make informed trading decisions on eToro.

Utilize eToro’s CopyTrading Feature: Take advantage of eToro’s CopyTrading feature, which allows you to learn from experienced traders by replicating their investment portfolios. This can enhance your understanding and skills in trading.

Secure Your Investments: Safeguard your Bitcoin holdings by using a secure wallet. Consider hardware or software wallets, or utilize eToro’s crypto wallet for convenient and secure storage.

Diversify Your Portfolio: Consider diversifying your investment beyond Bitcoin. eToro offers various cryptocurrencies, stocks, and ETFs, enabling you to spread risk and explore different market opportunities based on your goals and risk tolerance.

By following these tips, you can ensure a safer and more successful Bitcoin trading experience on eToro. Stay informed, secure your investments, and diversify your portfolio to optimize your trading outcomes.

Final Words

Buying Bitcoin on eToro is a straightforward and convenient process that allows individuals to enter the world of cryptocurrency investment. With eToro’s user-friendly platform, diverse payment options, and regulatory compliance, users can confidently navigate buying Bitcoin.

The platform offers a range of educational resources and innovative features like CopyTrading to support users in making informed investment decisions. eToro’s commitment to consumer safety, low fees, and excellent customer support make it a reliable choice for buying Bitcoin. By following the outlined steps, individuals can begin their Bitcoin investment journey on eToro easily and securely.

Frequently Asked Questions (FAQs)

Check out some commonly asked questions on Bitcoin and Etoro here.

Is eToro suitable for buying Bitcoin?

Yes, eToro is a trustworthy platform for purchasing Bitcoin. Its easy-to-use design, payment choices, and social trading features allow users to learn from and engage with other traders. However, like with any cryptocurrency investment, it’s critical to be aware of the risks and undertake comprehensive research before making any decisions.

Can I withdraw my Bitcoin from eToro to an external wallet?

Yes, you can transfer your Bitcoin from eToro to another wallet. You must, however, have an eToro Wallet account to do so. The eToro Wallet is a stand-alone smartphone software that stores, transfers, and manages your bitcoins. The eToro Wallet app is available for download from the Google Play Store or the Apple App Store.

What are the fees for buying Bitcoin on eToro?

You will be charged a spread when you purchase or sell Bitcoin on eToro. The spread is the difference between a financial instrument’s buy and sell prices. The Bitcoin spread on eToro is 0.75% as of September 2021. Please keep in mind that fees are subject to change. Therefore, verifying the fee structure on eToro’s website is critical before making any transactions.

How long does it take to buy Bitcoin on eToro?

The time it takes to buy Bitcoin on eToro depends on several things. The general steps are signing up for an eToro account, depositing funds, accessing the Bitcoin trading website, and placing an order. These procedures can usually be done in a few minutes to an hour, depending on the user’s expertise with the platform and the pace with which funds are deposited.


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