How to Buy Bitcoin on eToro: Step-by-Step Guide
Want to buy Bitcoin? eToro is one of the most popular and trusted crypto exchanges to buy Bitcoin on. Learn how to buy Bitcoin on eToro in 2024 in our guide.
With another bull run on the horizon, more newcomers than ever are flocking to crypto and wondering how to buy Bitcoin. Some crypto exchanges aren’t particularly friendly to beginners, but fortunately, eToro is. eToro is a popular trading platform that simplifies the process of buying Bitcoin. In this step-by-step guide, we'll walk you through how to buy Bitcoin on eToro, ensuring you can confidently use the platform.
Step 1: Set up your eToro account
Creating an account is the first crucial step to buying Bitcoin on eToro. The registration process is straightforward and quick.
Visit eToro's Website: Start by heading to the official eToro website, either by typing "eToro" in your web browser's search bar or directly entering "www.etoro.com" in the address bar. Always make sure you’re on a legitimate website before you proceed any further.
Sign Up for an Account: Look for the "Join Now" or "Sign Up" button on the eToro homepage in the top right corner and click it to initiate the account creation process.
Enter Your Personal Information: Provide your full name, and email address, and select a strong password containing letters, numbers, and special characters to enhance your account's security.
Read and Accept the Terms and Conditions: Carefully review eToro's terms, conditions, and any other legal documents or disclaimers provided.
Verify Your Email Address: After completing the sign-up form, check your email inbox (including spam or promotions folders) for a verification email from eToro. Click the provided link to verify your email address.
Verify your account: You'll be prompted to complete your eToro profile by providing additional information like your date of birth, phone number, country of residence, social security number, ID, proof of address, and more. This step ensures compliance with regulatory requirements.
Step 2: Deposit funds into your eToro account
To buy Bitcoin on eToro, you must deposit funds into your account. eToro offers several convenient payment methods:
Credit/Debit Card: You can use Visa, Mastercard, Diners Club, or Maestro cards for quick and instant deposits.
Bank Transfer: eToro accepts deposits via bank transfers, which may take a bit longer (hours to a few business days) to appear in your account, depending on your bank and location.
E-wallets: eToro supports popular e-wallet services like PayPal, offering faster processing times and added security.
How to deposit funds in eToro
Log in to your eToro account.
Click on the "Deposit Funds" or "Deposit" option, usually found in the main menu, account dashboard, or portfolio section.
Choose your preferred payment method.
Enter the required details, such as card information or bank account details.
Specify the deposit amount and review associated fees or conversion rates.
Double-check the information and click "Deposit" to initiate the transaction.
Depending on the payment method, additional verification or instructions may be required.
Once completed, you'll receive a confirmation of your successful deposit, and your funds will be ready for purchasing Bitcoin.
Read next: How to buy Ethereum on eToro
Step 3: Find Bitcoin on eToro
Once your funds are in your eToro account, you can locate and access the Bitcoin trading pair with ease.
Log in to your eToro account.
Use the search bar at the top of the page or within the main menu.
Type "Bitcoin" or "BTC" and press enter or click the search icon.
The first result will be "BTC." Click "Trade" to access the Bitcoin page.
Step 4: Place a buy order
Now that you've found Bitcoin on eToro, it's time to place a buy order and acquire Bitcoin. eToro offers a straightforward order placement process:
On the Bitcoin page, click the designated tab and select "Invest."
Choose between "Trade" (current market price) or "Order" (predefined purchase order).
Enter the investment amount.
Review transaction details, including fees and total cost.
Understand order preferences, such as Market or Limit orders.
Double-check order details.
Confirm the order by clicking "Buy."
eToro will execute the order based on your specified parameters.
Step 5: Monitor your Bitcoin investment
Managing your investment on eToro is convenient and straightforward:
Access the portfolio section in your eToro account.
Track performance, including current value, gains or losses, and percentage change.
Set price alerts to stay informed of Bitcoin's price movements.
Stay informed about market trends and news.
Consider risk management strategies like stop-loss orders.
Regularly review your investment and trading strategy.
Utilize eToro's educational resources to enhance your trading knowledge.
Read next: How to buy Dogecoin on eToro
Buying Bitcoin on eToro is an exciting opportunity for anyone looking to venture into cryptocurrencies. This comprehensive guide has outlined the step-by-step process, ensuring you can confidently navigate the world of Bitcoin investments on eToro. Remember to conduct thorough research and be aware of the associated risks before making any decisions.
Your frequently asked questions...
Is eToro a reliable platform for buying Bitcoin?
eToro is a reputable platform known for its user-friendly interface, various payment options, and social trading features. However, always be cautious and conduct research when investing in cryptocurrencies.
How long does it take to buy Bitcoin on eToro?
The time required can vary, but generally, the process from account setup to purchasing Bitcoin can be completed within minutes to an hour, depending on your familiarity with the platform and the speed of depositing funds.
Can you withdraw Bitcoin from eToro?
Yes, you can withdraw Bitcoin from eToro by converting it to a fiat currency or another cryptocurrency on the platform and then initiating a withdrawal. Specific withdrawal processes and options may vary by location and eToro's policies. Review eToro's guidelines for a successful Bitcoin withdrawal.
Is it safe to buy Bitcoin on eToro?
Millions of crypto investors worldwide trust eToro with their Bitcoin investments. The exchange has a strong reputation for security and reliability. However, your crypto is only as secure as you are. You should always follow best practices and store any crypto you're not actively trading in a secure, offline wallet.
How to I buy and send Bitcoins on eToro?
You can follow our simple steps above to buy Bitcoin on eToro, all you need to do is fund your account and then navigate to the Bitcoin page in eToro to buy. Once you’ve bought your Bitcoin, to send it to another wallet, select crypto, then wallets, and then send. Make sure to triple check your wallet address is correct before you confirm the transaction.
How much does eToro charge to buy Bitcoin?
eToro charges a flat 1% fee to buy or sell Bitcoin, as well as all other cryptocurrencies.
Do I actually own my crypto on eToro?
If you purchase actual crypto like Bitcoin on eToro, the platform purchases the tokens on your behalf and registers them in a segregated account under your name. If you purchase a CFD on eToro you do not own the underlying asset.
What if eToro goes bust?
eToro adheres to strict regulations from financial authorities around the world. Each investment deposited by a client is held in a segregated account. In the unlikely event eToro goes bust, eToro states investors would be entitled to compensation.