The Beginner’s Guide: How to Buy Bitcoin on eToro
Looking to buy Bitcoin? With eToro and Twitter partnering to enable crypto purchases, you might wonder how to buy Bitcoin on eToro. Let us guide you through the process and get you started on your crypto journey.
In recent years, cryptocurrency investments have become popular with growth investors and those seeking to diversify their portfolios.
Buying and trading cryptocurrencies can be high-risk, especially for new users. That’s where eToro comes in: an award-winning social trading platform that offers a wide range of digital assets, including Bitcoin.
Whether you want to buy Bitcoin using your credit or debit card, bank account, or wire transfer, eToro is one of the best options available.
With low fees, a user-friendly mobile app, and various payment methods, eToro makes it easy for anyone to get started.
In this beginner’s guide, we’ll show you the basic overview of how to buy Bitcoin on eToro to help you research the right cryptocurrency for your needs.
Introduction to Bitcoin and eToro
What is Bitcoin?
Bitcoin is a popular digital currency that operates on a decentralized peer-to-peer network.
It was first created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. Bitcoin transactions are verified by network nodes through cryptography and recorded on a publicly distributed ledger called a blockchain.
What is eToro?
Additionally, eToro, which has been operating since 2007, is a renowned social trading and investment platform that enables users to purchase and sell various financial products, including cryptocurrencies like Bitcoin. A significant advantage of the eToro platform is its intuitive interface and social trading capabilities, which enable users to replicate successful traders’ trades.
Why buy Bitcoin on eToro?
There are several reasons why eToro could be a good option for buying and selling Bitcoin.
Consumer Safety
First, eToro is regulated by top-tier financial authorities such as the UK’s Financial Conduct Authority (FCA) and the Financial Industry Regulatory Authority (FINRA) in the United States. This ensures consumer protection and the safety of users’ funds.
Resources
Second, eToro offers various educational resources and tools to help users make informed investment decisions.
For example, the platform provides historical data, market prices, and price alerts to help traders stay up-to-date with the latest trends.
Innovation
Additionally, eToro’s innovative intelligent portfolios allow users to invest in the world’s most famous US stocks and the brightest US-listed companies.
Ease of use
eToro allows users to invest in Bitcoin using various payment methods such as credit cards, PayPal accounts, wire transfers, and e-wallets. This makes it easy for users to deposit funds into their eToro accounts today and start investing in Bitcoin.
Additionally, eToro’s award-winning copy trader and demo account make it easy for users to learn and practice due diligence before investing in high-risk crypto assets like Bitcoin.
Fees
Another critical point is that the platform offers commission-free investing, zero deposit fees, and low transaction fees.
eToro is one of the best sites for beginners to buy Bitcoin. It offers various assets, including cryptocurrencies, and allows non-leveraged buy positions. It is also regulated and provides excellent customer support, making it a good option for those looking to invest real money.
Creating an account on eToro
To buy Bitcoin on eToro, you first need to create an account. The process is straightforward and can be completed in a few minutes.
- Go to the eToro website and click on the “Join Now” button.
- Enter your personal details, including your name, email address, and phone number.
- Choose a username and password.
- Verify your email address by clicking on the link sent to your email.
- Complete the “Know Your Customer” (KYC) process by providing a copy of your ID and proof of address.
Verifying your account on eToro
Before you can start buying Bitcoin on eToro, you need to verify your account. Regulatory authorities require the mandatory process of verification to prevent fraud and money laundering.
To verify your account on eToro, follow these steps:
- Log in to your eToro account.
- Click on the “Complete your profile” button.
- Provide your personal information, including your full name, date of birth, and address.
- Upload a copy of your ID and proof of address.
- Wait for eToro to review and approve your documents.
Funding your account on eToro
Once your account is verified, you can fund it using various payment methods. eToro supports deposits using credit cards, bank transfers, and e-wallets.
To fund your account, follow these steps:
- Log in to your eToro account.
- Click on the “Deposit Funds” button.
- Choose your preferred payment method.
- Enter the amount you wish to deposit.
- Follow the instructions to complete the transaction.
Buying Bitcoin on eToro
Now that you have funded your account, you can buy Bitcoin on eToro. Here’s how:
- Log in to your eToro account.
- Click on the “Trade Markets” button.
- Select “Crypto” from the list of markets.
- Choose Bitcoin from the list of cryptocurrencies.
- Click on the “Buy” button.
- Enter the amount you wish to invest.
- Review your order and click on the “Open Trade” button.
Storing your Bitcoin on eToro
However, when you buy Bitcoin on eToro, it is stored in your eToro wallet. eToro employs a cold storage system to safeguard users’ funds against cyberattacks and hackers. It’s crucial to remember that if you store your Bitcoin on eToro, you won’t have control over your private keys. This means that if eToro were to be hacked or go bankrupt, you could lose your Bitcoin.
Selling your Bitcoin on eToro
If you want to sell your Bitcoin on eToro, the process is similar to buying. Here’s how:
- Log in to your eToro account.
- Click on the “Trade Markets” button.
- Select “Crypto” from the list of markets.
- Choose Bitcoin from the list of cryptocurrencies.
- Click on the “Sell” button.
- Enter the amount you wish to sell.
- Review your order and click on the “Open Trade” button.
Fees on eToro for buying and selling bitcoin
eToro charges fees for buying and selling Bitcoin. The fees are as follows:
- Spread: eToro charges a spread, which is the difference between Bitcoin’s buy and sell price. The spread varies depending on market conditions, ranging from 0.75% to 5%.
- Overnight fee: eToro charges an overnight fee if you hold your Bitcoin position overnight. The fee is 0.1% of the position value.
- Withdrawal fee: eToro charges a withdrawal fee of $5 for each withdrawal.
Conclusion
In conclusion, eToro is an excellent platform for anyone looking to buy Bitcoin or other digital assets.
With low fees, a user-friendly mobile app, and various payment methods, eToro makes it easy for beginners to get started.
Plus, eToro is regulated by top-tier financial authorities, ensuring consumer protection and the safety of users’ funds. The platform provides various educational resources and tools to help users make informed investment decisions. The innovative smart portfolios allow users to invest in the world’s most famous US stocks and the brightest US-listed companies.
By following the simple steps in this beginner’s guide, anyone can create an account, verify it, fund it, and start buying Bitcoin on eToro today.
Disclaimer: This article should not be taken as financial advice, and readers should carry forward their own research.