How to Buy Bitcoin on eToro : A Step-by-Step Guide

How to Buy Bitcoin on eToro
How to Buy Bitcoin on eToro

In this article, we’ll go in-depth on the procedure for purchasing Bitcoin on eToro and provide you a step-by-step walkthrough to help you go around the site with ease. You will have a comprehensive grasp of how to properly start your Bitcoin investment journey on eToro by adhering to these steps.

How to Buy Bitcoin on eToro

A famous online platform that enables people to invest in this well-known cryptocurrency is eToro. Bitcoin has evolved as a revolutionary digital money. To get started investing in Bitcoin on eToro, take the following actions:

Sign Up for an eToro Account

Start by going to eToro’s official website. The “Sign Up” button should be visible; click it to begin the registration process. Include your name, email address, and preferred password in the required fields. Make sure the information you submit is secure and correct.

Verify Your Account

As soon as you’ve registered, eToro will ask you to confirm your account. To do this, you must present the necessary identification documents to prove your identity. To submit the required documents, adhere to the eToro guidelines. You can continue buying Bitcoin after it has been validated.

Fund Your eToro Account

You must make a deposit into your account in order to buy Bitcoin on eToro. Go to the “Deposit” section and select the payment method you like. eToro allows a number of methods, including e-wallets, bank transfers, and credit/debit cards. To finish the transaction, choose the best choice for you, input the appropriate amount, and adhere to the on-screen instructions.

Explore the eToro Platform

Learn how to use the eToro platform after funding your account. Spend some time learning about its features, user interface, and Bitcoin trading tools. In order to help you make better investment decisions, eToro provides charts, market research, and social trading capabilities.

Search for Bitcoin

To discover Bitcoin, use the eToro platform’s search box. When you enter “Bitcoin” or “BTC” in the search box, pertinent options will show up. Choose the Bitcoin trading pair that most closely matches your financial objectives. The alternatives available on eToro include trading Bitcoin against popular fiat currencies or other cryptocurrencies.

Place Your Bitcoin Order

After deciding on a Bitcoin trading pair, you can move on to placing your order. You can select between market orders and limit orders on eToro. A limit order allows you to specify a precise price at which you wish the transaction to be done, as opposed to a market order, which executes the transaction instantly at the current market price. Consider your investment strategy, and adjust the order as necessary.

Follow up on and look after your investment

It is essential to actively monitor and manage your investment after placing your Bitcoin order. Follow the development of the Bitcoin market and stay up to current on pertinent news and updates. You can use the real-time charting and analysis tools offered by eToro to help you make wise decisions. To properly limit your investment risks, think about using take-profit or stop-loss orders.

eToro’s one disadvantage

The fact that you don’t actually own the cryptocurrencies you purchase is the key reason why experienced traders and crypto enthusiasts don’t utilize eToro as frequently as newbies do. On your behalf, eToro purchases and sells cryptocurrency and deposits the proceeds in a separate account in your name.

You have to complete a number of steps in order to truly own your cryptocurrency. Setting up an eToro digital wallet is the first step in storing your bitcoins. Following that, you move the cryptocurrency from your eToro account to the new digital wallet you created. It’s important to remember that this is a one-way process that cannot be stopped. You can transfer your cryptocurrency to another location after it is in your eToro wallet.

Conclusion:

If you follow the instructions in this article, buying Bitcoin on eToro is a simple process. You can start your Bitcoin investment by creating an eToro account, confirming your identification, funding your account, exploring the website, looking for Bitcoin, placing your order, and actively managing your investment.

FAQs

What Is eToro?

The well-known cryptocurrency trading website eToro also lets users buy and sell equities and exchange-traded funds.

eToro, praised as a top platform for beginners, has a demo account that enables new investors to practice with a $100,000 account. Without putting any money at risk, you can practice purchasing stocks, ETFs, and cryptocurrencies to observe how they develop over time.

To learn from the best traders in the world, you can also mimic their portfolios. Once you understand how trading operates, you may use eToro’s CopyTrader tool to mimic the trades of successful investors using your own money.

Why eToro?

Since 2018, eToro has been accessible in the United States, although it is unable to offer services to residents of other countries. In addition to allowing you to trade 10 or so tokens on the platform, eToro introduced its own cryptocurrency wallet in 2018. Currently, there are more than 30 cryptocurrencies, including all of the major ones like Bitcoin, Ethereum, Litecoin, etc.

With a focus on social trading, eToro differs from other platforms. If you’ve never heard of it, it basically involves replicating the transactions made by other, more seasoned traders on the market. On eToro, you can explore top investors and rank them based on performance. You may duplicate their trades exactly and see what they are buying and selling. It offers a degree of real-time transparency that is uncommon in the world of investment.

How Much Does It Cost To Buy Bitcoin on eToro?

You must pay a fee of 1% of the indicated purchase price when purchasing bitcoin on eToro. The fee is included in the price displayed when you open a bitcoin position. To cash out your bitcoin on eToro, you must also pay 1%.

How Long Does It Take To Buy Bitcoin on eToro?

Orders placed on EToro can be filled instantly and are available around-the-clock. However, it may take up to five business days, or even longer, to complete the transfer of your bitcoin to your eToro Money cryptocurrency wallet.

eToro Alternatives

If you choose not to use eToro for buying bitcoin, you have many other options. Some popular alternatives to eToro include:

  • Robinhood
  • Webull
  • Stockpile
  • Wealthfront
  • Fidelity

All of these apps support trading in cryptocurrencies, equities, and ETFs.

You might wish to take into account one of the following cryptocurrency exchanges if you merely want to buy and sell bitcoin and other cryptocurrencies without trading equities or ETFs:

  • Coinbase
  • Kraken
  • Gemini
  • Binance.US

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