5 Step Guide to Buy Bitcoin on eToro

The recent crypto market buzz drew the attention of investors and traders of all classes. Traditional institutional investors started adding Bitcoin to their portfolios, and new traders made their first steps into the crypto world.

Owning BTC is usually easy, and hundreds of providers, brokerage firms, and exchange platforms offer such services. However, the eToro coin exchange is a reliable source for pursuing your financial goals in various financial markets.

This brokerage platform enables you to invest in a plethora of tradeable securities. However, this article will explain how to buy Bitcoin on eToro and the expected fees you may face.

Key Takeaways

• eToro is a crypto and social trading platform that allows users to store, buy, and sell securities, including Bitcoin.
• eToro enables trading for over 5,000 securities, including traditional financial markets like stocks, bonds, ETFs, and Forex.
• Users can store their digital assets in retail investor accounts or transfer them to self-custodial wallets.

What is eToro?

eToro is a multi-asset investment platform launched in 2007 that provides financial services through social trading, where users and investors trade various assets ranging from stocks, bonds, ETFs, Forex currencies, and recently added cryptocurrencies.

eToro is a reliable source for owning your first cryptocurrency, especially if you want to invest in the most valuable and developed asset, Bitcoin.

Users can buy Bitcoin on eToro without the hassle of creating a Web 3.0 wallet and managing the security layers for the digital funds. This platform is easy to use, with intuitive interfaces that make it easier for beginners to learn how to purchase Bitcoin on eToro.

The platform offers social trading and P2P networks to facilitate direct trading and community-based investment advice. It is powered by real-time market updates and various charting options, which equip traders with the means to make informed decisions.

Is eToro Safe?

eToro BTC exchange is highly secure as the platform utilizes multiple safety measures to protect users’ funds and data. The website stores funds in cold wallets, keeping assets and digital coins offline and away from hackers’ reach.

eToro gives traders the choice to buy cryptocurrencies and store them internally or transfer them to self-custodial wallets if users prefer to take more control over their asset safety.

Moreover, eToro adheres to different regulatory frameworks in the UK, US, Europe, Australia, and Gibraltar, making it relatively safe to deposit and engage in financial activities on its website.

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

Buying Bitcoin with eToro is straightforward, and the process might be similar to that of other financial service providers you have encountered. 

However, newcomers must know how to buy Bitcoin on eToro in detail and the required documentation. Let’s review the steps for creating the eToro account.

Create a New Account

Right after you open the website, you will find the “Join eToro” or “Sign up” button. Click to register, enter your username, email address, and password, and check the disclaimers before creating your account.

After clicking on “Create account,” you will receive a verification link in the email you provided. Click on verification, which will redirect you to the verification page on the eToro website. 

Complete the account set-up, where you must provide further details like your place of birth, residence address, contact number, and social security number. As a regular adherence procedure, you might be asked to submit some documents to prove your identity and financial status.

Make Your First Deposit

After completing your account registration, it is time to deposit funds before owning your first virtual currency. Find and click on the “Deposit Funds” button on the left function bar to send money.

Choose the payment method you prefer. eToro supports multiple options. You can use credit/debit cards issued by VISA, Mastercard or Diners Club to conduct a transaction similar to buying online.

Bank transfers are also supported. You can send a wire transfer directly using a bank account. Depending on your location and currency, this process can take a few hours or business days.

You can also use digital wallet services like PayPal, Neteller, or Skrill to send funds from your e-wallet directly to your eToro account. Check out the minimum deposit requirements, which can differ based on your location and currency.

Search for Bitcoin

Go to the search bar to locate Bitcoin, as eToro supports a wide range of cryptocurrencies. You can navigate it by typing Bitcoin/BTC in the search bar or finding it from the top cryptocurrency trading options.

Put a Buy Order

The chart will open, showing the price graph, historical Bitcoin market fluctuations, and analytical insights. Click “Trade” and choose the invested amount. See if any minimum amounts are mentioned.

View your order details before requesting your market position, and set up your limitations, like stop-loss and take-profit boundaries. Once submitted, eToro will execute your order, and your position will become active.

Keep Track of Your Position

You can view your investment, where your Bitcoin will fluctuate according to market conditions. It is essential that you monitor the market updates to track sudden price changes or if one of your order limits is closing up.

You can also keep track of any industry news that might affect your investment so that you can adjust your order accordingly.

Creating eToro Bitcoin Wallet

You can store your funds and digital assets in your account wallet or create one. The investment app eToro provides similar performance and displays to the website, offering a range of charts, a trader room, asset management, and actions like withdrawals and deposits.

You can use eToro transfers to your wallet for better fund management, especially if you want to store your BTC coins in personal, offline wallets for better security. 

How to Send Bitcoin on eToro Wallet

When you store crypto coins in your eToro money crypto wallet app, you can send them using their storage address. Opening a wallet and sending and receiving payments using your app is free.

You can also sell your virtual coins directly to the marketplace. To sell your Bitcoin with eToro, you need to go to your portfolio and select Bitcoin chart, similar to the buying process, then click “Sell” to open a trading order.

Fast Fact

eToro supports Bitcoin, Ethereum, Litecoin, and other cryptocurrencies, including up to 21 cryptos.

eToro Cryptocurrency Fees

It is essential to be updated with the platform’s fees. Otherwise, you might end up paying additional costs without realizing it. The website provides a description of the broker’s charges and commission.

Opening a crypto trading account and wallet is free of charge. Despits made with USD are not subject to commissions, while other currencies have various fees implied. However, when you want to withdraw money, the broker will charge a $5 service fee.

If you want to buy Bitcoin with eToro, the website will charge 1% fees for buying and selling, in addition to the spread that buyers and sellers pay as natural market dynamics.

An additional 2% fee applies when you send crypto assets between your eToro Bitcoins account and wallet.

Conclusion

eToro is a reliable crypto exchange and financial market platform for trading Bitcoin and hundreds of other instruments. 

You can buy Bitcoin on eToro by creating an account and placing a buy order after depositing funds. The platform provides a comprehensive trader’s room with charts, analysis tools, and order limits.