Bitcoin is the most widely used cryptocurrency in the world, and it’s easy to buy on eToro. We will walk you through how to buy Bitcoin on eToro. Everything from setting up an account to making your first trade will be covered. Let’s get started!
Introduction
Bitcoin is a digital currency decentralized that allows peer-to-peer transactions at a low cost and speeds without the need to use intermediaries such as banks or governments . In 2009 , a group or anonymous person called Satoshi Nakamoto created Bitcoin. Bitcoin has been a worldwide phenomenon since then. Millions of people buy and sell it every day.
What is eToro?
eToro, a social trading platform, allows users to trade a wide range of financial assets including Bitcoin. Founded in 2007 , eToro is one of the most popular online trading platforms in the world, with more than 20 million users across over 100 countries.
Creating an account on eToro
You must first create an account in order to buy Bitcoin on eToro. It is easy and takes only a few minutes. Here’s how:
- Click on the “Join Now” button to go to eToro’s site.
- Please fill in your personal information, including your name and email address.
- To complete registration, click on the “Create Account” button.
Verify Your Account
Verify your account before you can trade on eToro. This mandatory step is necessary to ensure that eToro complies and prevents fraud. Here are the steps:
- Log in to your eToro Account
- Click the “Complete Profile” button.
- Please fill in your personal information, including address, phone number and date of birth.
- Send a photo of your passport or ID card and a proof that you are a resident of the country.
Wait for eToro review your documents and to approve them. Depending on how many requests you have, this can take anywhere from a few hours up to several days.
Adding funds to your eToro account
You must first add funds to your account before you can buy Bitcoin on eToro. eToro accepts many payment methods including bank transfers, credit/debit cards, and ewallets such as PayPal and Neteller. Here are the steps:
- Log in to your eToro Account
- Click the “Deposit Funds” button.
- Select the payment method you prefer and complete the details.
- Click on the “Submit” button to enter the amount you wish to deposit.
Wait for funds to be credited into your account . Depending on how you paid, this can take anywhere from a few minutes up to several hours.
Buying Bitcoin on eToro
You can buy Bitcoin once you have funds in an eToro Account. Here are the steps:
- Log in to your eToro Account
- Click on “Trade Markets “, and then select “Crypto” in the drop-down menu.
- Click on the “Trade” button to trade Bitcoin.
- If you wish to trade with Bitcoin, enter the amount that you would like to invest in Bitcoin.
- Examine the details of the trade, including any fees and potential profits or losses.
- To execute your trade , click on the “Open Trade” button.
Congratulations! You just purchased Bitcoin on eToro
Storing your Bitcoin
You need to choose where to store Bitcoin after you have purchased it on eToro. There are two options.
Keep it on eToro:
eToro has a built-in wallet which allows you to securely store your cryptocurrencies. You don’t have complete control over your private keys so eToro can keep your Bitcoin safe.
Transfer it to your personal wallet:
You can transfer Bitcoin to your personal wallet if you want full control. There are many options for wallets, including software wallets such as MyEtherWallet or Exodus, as well as hardware wallets such Trezor and Ledger.
Selling Your Bitcoin on eToro
The process for selling your Bitcoin on eToro is the same as buying it. Here’s how it works:
- Log in to your eToro Account
- Click on “Trade Markets”, and then select “Crypto” in the drop-down menu.
- Click on the “Trade” button to trade Bitcoin.
- You can enter the amount that you wish to sell, and then review the details of the trade.
- To make your trade, click on the “Sell” button.
Fees on eToro
eToro charges several fees for trading cryptocurrencies, including:
Spread:
eToro charges a spread for every trade. This is the difference between the sell and buy prices. Spreads can vary depending on market conditions and can be as low as a few pennies to as many dollars.
Overnight fees:
If your trades are not closed for more than 24 hours, eToro will charge a rollover fee. Rollover fees are based on interest rates for the currencies you trade and can be either positive or negative depending on your position.
Deposit and withdrawal fees:
eToro charges deposits and withdrawals depending on the payment method used and the currency.
Security with eToro
eToro is very serious about security and has taken several steps to ensure that its users’ data and funds are safe. These are just a few of the security features offered by eToro.
Two-factor authentication:
To access their accounts, eToro users must enable two-factor authentication (2FA). 2FA is an additional layer of security that requires a verification code to be used in conjunction with the password.
SSL encryption:
eToro employs SSL encryption to encrypt all communications between its servers, and users’ devices. This protects sensitive information such as passwords and credit cards numbers from being intercepted by hackers.
Cold storage:
eToro keeps the majority of its users funds in cold storage. This is an offline, secure wallet that isn’t connected to the internet. This lowers hackers’ potential for theft.
Conclusion
Buying Bitcoin via eToro makes it easy and simple to invest in cryptocurrencies. In a matter of seconds, you can purchase or sell Bitcoin or other cryptocurrencies. You can also store your funds on eToro or transfer them directly to your personal wallet. It’s important that you consider the fees and security measures required to protect your funds.
eToro’s intuitive interface and social trading capabilities make it a popular choice for both beginners and more experienced traders. Follow these steps to get started investing in Bitcoin on eToro.
You can either store your funds securely in eToro’s wallet or transfer them into a personal wallet to have full control. It’s important that you consider the fees and security measures required to protect your funds.
eToro’s intuitive interface and social trading capabilities make it a popular choice for both beginners and more experienced traders. Follow these steps to get started investing in Bitcoin on eToro.
FAQs
Q: Is eToro a safe platform for buying Bitcoin?
A: Yes, eToro has a reputable and regulated platform. They take security very seriously. It has taken several steps to safeguard its users’ funds, data and assets, including two-factor authentication and SSL encryption.
Q: How long does it take to buy Bitcoin on eToro?
A: Buying Bitcoin via eToro can be done instantly, however it might take a few moments for the trade to be completed and the Bitcoin to appear on your account.
Q: Can I buy fractions of Bitcoin on eToro?
A: Yes, eToro lets you buy fractions Bitcoin. This is helpful if you don’t have enough money to buy a whole Bitcoin.
Q: What is the cost of buying Bitcoin from eToro?
Spreads are the difference between buy and sell prices. Spreads can vary depending on market conditions and can be as low as a few pennies to several hundred dollars.
Q: Can I withdraw Bitcoin from eToro to a personal wallet?
A: You can transfer Bitcoin from eToro into a personal wallet to have full control of your funds. However, eToro charges a withdrawal charge for this service. This fee varies depending on how much you withdraw and what currency you are using.
Q: Which payment methods does eToro accept for Bitcoin purchases?
A: Depending on where you live, eToro accepts many payment methods including bank transfer, credit/debit cards and PayPal. There may be a variation in the availability of payment options depending on where you live.
Q: Is there a minimum amount required to buy Bitcoin on eToro?
A: The minimum amount to purchase Bitcoin on eToro must be $25, or equivalent in your local currency. Keep in mind, however, that your payment method and geographic location may affect the minimum amount.
Q: Can I set up recurring purchases of Bitcoin on eToro?
A: Yes, eToro lets you set up recurring Bitcoin purchases through its “CopyTrader”, which allows you to automatically copy trades made by other traders on the platform.
Q: Does eToro provide any educational resources for Bitcoin trading?
A: Yes. eToro offers a variety of educational resources including videos, articles, and webinars to help users learn about Bitcoin trading, and cryptocurrency investing.
Q: What other cryptocurrencies can I buy on eToro?
A: eToro supports Bitcoin and a variety of other cryptocurrencies such as Ripple, Litecoin, Ripple and many more. It is possible that cryptocurrencies are not available in your area.
Disclaimer: Remember to always do your own research and understand the risks involved before investing in Bitcoin or any other cryptocurrency.
