how to buy bitcoin on etoro and Bitcoin price
how to buy bitcoin on etoro its simple You have to sign up for an account and go through a strict verification process on eToro before you can buy bitcoin (BTC). After this is done, you can input money and make trades.You can buy bitcoin on etoro today.
We go over every step in this article in great detail to help you make your first eToro BTC buy.
What is eToro Bitcoin?
Let’s take a quick look at bitcoin and eToro as a trading tool before we talk about how to buy bitcoin on eToro.
Bitcoin is a stateless digital currency that was created in 2009 and works on a peer-to-peer network using blockchain technology.
Besides being a way to store value, it can also be used to buy things online and send money to other countries.
Bitcoin is also bought by some people as a risky investment.
Even though there are now thousands of other cryptocurrencies, bitcoin is still one of the most popular ones to buy because it was the first altcoin and is well known.
eToro is an online trading site where you can buy, hold, and sell bitcoin and other well-known cryptocurrencies like Cardano, Ethereum, and Solana.
eToro’s social copy trade tools are what make it stand out from other cryptocurrency platforms.
These let users follow and copy the trading methods of experienced investors. This makes eToro a popular choice for people who are new to trading.
Read our full eToro review to get a full rundown of all its features and functions.
Step 1: Make an eToro account and make sure it’s real.
You have to make an account on eToro before you can buy bitcoin. Find the eToro website or app on your phone and press the “Sign Up” or “Join Now” button.
You’ll be asked for some personal details, like your name, email address, and a strong password.
eToro has a KYC (Know Your Customer) process in place because it is a regulated site.
You will need to send a copy of your ID, like a passport or driver’s license, and give any other information that is asked for.
KYC verification helps eToro make sure that its users are real people. It also keeps your account safe from people who shouldn’t be able to see it and keeps trade safe.
Step 2: Put money into your account.
To trade bitcoin on eToro, you’ll need to add money to your account after setting it up.
Credit and debit cards, bank transfers, and e-wallets like PayPal and Skrill are just some of the ways that you can deposit money on the site.
In the UK, buyers must make a minimum deposit of $50 USD on their first deposit. If they want to fund their account via bank transfer, they must make a $500 USD deposit.
You don’t have to pay anything to put money into eToro, but you should know that your payment provider may charge you.
The payment method you use can change how long it takes for your money to show up in your eToro account. Usually, it only takes a few hours to a few days.
Step 3: Use eToro to find Bitcoin and buy it
Once you have money in your account, go to the search bar, type “Bitcoin” or “BTC,” and then choose the Bitcoin currency.
The next step is to choose between “Trade” and “Buy.” Click “Buy.”
eToro will give you an idea of how much it will cost based on the current market price after you tell them how much you want to buy.
There are two types of orders: market orders and limit orders. Market orders are performed right away at the current market price, while limit orders let you set a specific price at which you’d like to buy.
If you want to buy or sell any coin on eToro, there is a 1% fee per transaction.
Step 4: Keep your Bitcoin safe
There are a few ways to keep your bitcoin safe when you buy it on eToro.
The first way is to keep it in your eToro crypto wallet, which is a safe way to store digital currency that the site offers.
When you use your eToro crypto wallet, you don’t have to worry about secret keys, which can be extra hard to understand, especially for new traders.
You can also move your eToro bitcoin to a bank outside of eToro.
People who want more power over their bitcoin often choose these wallets because they have more advanced security features.
Coinbase and Ledger are two of the best bitcoin wallets you can get.
Step 5: Use eToro to sell your bitcoin
If you decide to cash out your bitcoin, the process is pretty easy.
On the website, go to the bitcoin market and click “Sell.” And then do what it says on the screen to finish the sale.
When you sell your bitcoin, you can connect your eToro account to your bank account so that the site can help you move the money.
eToro charges a $5 fee for every transfer, plus any fees that come up when the currency changes.
What are the pros and cons of buying Bitcoin on eToro?
Now that you know how to use eToro to buy bitcoin, let’s go over some of the best and worst things about it.
Pros:
- It’s simple to use.
- Different ways to invest
- Trading with other people
- Regulation and safety
Cons:
- Fees ✂️
- Access is limited in some places ✂️
- The learning curve ✂️
Pros:
Simple to use: eToro is known for having an easy-to-understand interface that makes trading simpler. This makes it popular with both new and experienced traders.
Many ways to invest: eToro lets you buy and sell a lot of different cryptocurrencies, commodities, and assets, in addition to bitcoin. You can build a diversified portfolio on a single site this way.
Social trading: Because eToro focuses on social copy trading, you can watch and copy the trades of successful traders. This could be a good way to learn, and it might even help your trade.
Regulation and safety: eToro is a regulated platform that follows safety and fund separation rules set by the industry. Your savings will be somewhat safe because of this.
Cons:
eToro crypto has fees: for some actions, like a 1% fee for buying crypto and a $5 fee for withdrawing crypto. For transfers made in different currencies, there are also fees for changing the currency.
Access is limited in some places—eToro’s availability changes by country, and some places may not be able to use it. Before you sign up for an account, make sure that eToro is open where you are.
Learning curve: eToro is easy to use, but trading and investing in cryptocurrencies takes some knowledge. It’s important to learn as much as you can so you can make smart choices.
Frequently Asked Questions
Is eToro a good place to buy Bitcoin?
eToro is a good place for both new and expert traders to buy bitcoin. The site is simple to use, has reasonable spreads, and gives you many trading choices.
If you want to be sure that eToro will work for you, use the free test account first.
How much does it cost to buy Bitcoin on eToro?
There is a 1% fee for every trade on eToro, whether you are buying or selling bitcoin.
This fee is part of the spread, which is the price you see on the site. Besides that, there is a $5 fee for transfers, and if you need to change the currency, there will be extra fees.
How do I use my eToro bank to buy bitcoin?
If you want to keep all of your crypto assets in one place, you can use the eToro crypto wallet. It doesn’t really make trade easier.
You can buy bitcoin on eToro either through the investment site or the eToro Money app.
