Although one of the world’s assets with the quickest growth is bitcoin, regular stock brokerages seldom carry it. The good news is that eToro, one of the top online brokers and cryptocurrency exchanges, allows you to purchase Bitcoin.
This article will demonstrate how to use eToro to purchase Bitcoin. We’ll go through the procedure step-by-step and discuss why eToro is now the greatest option for purchasing Bitcoin. To begin, keep reading!
How to Buy Bitcoin with eToro – Quick Guide
The procedures outlined above cover the essentials of buying Bitcoin on eToro, which has emerged as the go-to place for investors searching for the top social trading cryptocurrency platform. But in order for someone who has never bought bitcoin before to follow along, we’ve broken out the procedure in greater depth.
Step 1: Sign Up for eToro
The first step in using eToro to invest in Bitcoin is to open a new trading account. Click Join Now on the eToro website to get started.
After providing your email, choose a username and password. You must provide personal details such your name, zip code, birthday, and phone number on the next page. Finally, eToro asks you to prove your identification in order to abide with Know Your Customer requirements. You must submit a photo of your passport or driver’s license that you have taken.
Step 2: Verification
Through the eToro crypto app, account verification is simple. Simply submit identification documentation (such as a passport or other official document) and address verification (a recent utility bill or bank statement). Your papers will then be processed by the eToro verification team, often within 24 hours.
Step 3: Deposit
When you establish a new account on eToro, a $10 minimum deposit is required. Payment options include PayPal, Neteller, Skrill, credit or debit cards (Visa or Mastercard), and PayPal. If you make a deposit of at least $500, you may also pay via bank transfer.
Step 4: Set Up a Crypto Wallet
You have the option to keep your coins in your eToro account after purchasing Bitcoin via the exchange. You are not needed to have a cryptocurrency wallet, in contrast to other exchanges.
Cryptocurrency wallets, on the other hand, provide very high levels of security and enable you utilize your Bitcoin for a number of purposes. You may download eToro Money, the company’s own bitcoin wallet, for free on iOS or Android smartphones. To link your eToro Bitcoin wallet to your account, just install the app on your smartphone and log in using your eToro username and password.
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Step 5: Search for Bitcoin
Return to eToro and look for the search box on the dashboard. Once it displays to start a new order form, type in Bitcoin or BTC and click Trade.
Step 6: Buy Bitcoin
Did you know you could purchase Bitcoin using a bank account and an eToro trading account? Enter the dollar amount in which you want to buy Bitcoin. Although they are primarily used for eToro Bitcoin trading rather than long-term Bitcoin investments, you may also specify a take profit or stop loss level. Click Open Trade when you’re ready to purchase Bitcoin using eToro.
eToro offers a variety of payment options, including the ability to purchase Bitcoin with a credit card with no deposit fees. The finest Bitcoin ETFs for 2022 are included in our post if you’re interested in purchasing Bitcoin.
How to Sell Bitcoin on eToro
On eToro, the procedure for selling Bitcoin is much the same as the procedure for purchasing Bitcoin. The only difference is that you must click Sell at the form’s top after the order form has shown. Then, to finalize your sale, enter the amount of Bitcoin you want to sell in US dollars and click Open Trade. Because eToro accepts so many different payment methods, you can really purchase Bitcoin with PayPal right from your smartphone.
How Much Does Buying Bitcoin on eToro Cost?
When it comes to purchasing Bitcoin, eToro boasts some of the lowest costs of any significant cryptocurrency exchange. When you purchase Bitcoin or any other cryptocurrency at eToro, a 1% transaction fee will be charged. When you sell Bitcoin, a fee of 1% will also be charged.
Unlike many other cryptocurrency exchanges, eToro does not impose additional fees for using a credit card or debit card. On this site, there are really no deposit costs. You will pay a $5 withdrawal fee to eToro, plus a 0.5% transaction fee (maximum at $50) when you transmit Bitcoin from your eToro account to your eToro Bitcoin wallet.
Review of eToro Bitcoin
Is eToro really the greatest location to purchase Bitcoin? This dialogue stands out in a crowded field for a number of reasons.
eToro offers much more than simply Bitcoin, to start. More than 50 of the most well-known cryptocurrencies, including Ethereum, Bitcoin Cash, Ripple, Litecoin, and others, are available for purchase and sale. You may easily exchange between Bitcoin and any of these other coins using eToro, providing you access to a larger range of cryptocurrencies.
The low cost of eToro is another advantage. There are no deposit fees at eToro, and there are none when purchasing Bitcoin with a credit card or debit card. Every time you purchase or sell Bitcoin, a set fee of 1% of the entire transaction will be charged.
Although eToro is user-friendly for beginners, it also features some effective trading tools. You may create your own technical charts and get in-depth professional analysis of the cryptocurrency market. Additionally, eToro offers a built-in social network where you can interact with other Bitcoin investors and find out what their predictions are for the future of this cryptocurrency.
The copy trading capabilities on eToro are perhaps its most distinctive feature. You may use copy trading to allocate a piece of your portfolio to follow another trader’s lead, including Bitcoin traders. Copy trading makes it easy to get started with eToro Bitcoin trading if you’re interested in doing so but are unsure how.
Is eToro safe or not is a crucial issue that many traders have regarding this social trading platform. One of the safest solutions available is eToro, which is governed by numerous prestigious financial regulators and also includes additional security features like 2FA and DDoS protection.
eToro is a serious candidate for the title of best place to purchase Bitcoin because of all these advantages. If you liked this eToro review, you may also want to read our comparison of eToro vs Robinhood to see how this top copy trading site performs versus another well-known broker.
Conclusion: Using eToro to Purchase Bitcoin
Whether you’re entirely new to cryptocurrencies or a seasoned trader, eToro makes it simple to purchase Bitcoin. When you purchase Bitcoin using the site, there is just a 1% transaction fee and a $10 minimum deposit requirement. Additionally, you may keep your Bitcoin in eToro’s own cryptocurrency wallet.
It’s time to start buying Bitcoin on eToro now that you know how to do it. To open an eToro account right now, click the link below.