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Writer's picturemeowdini
May 214 min read

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

The cryptocurrency market is growing rapidly, with Bitcoin leading the charge. As of early December 2023, the total market value of all cryptocurrencies reached $1.59 trillion, with Bitcoin holding a dominant market share of approximately $827.84 billion. For investors looking to enter the Bitcoin market, a safe, reliable, and user-friendly platform is essential. eToro stands out as an excellent choice for purchasing Bitcoin. This guide will walk you through the process of buying Bitcoin on eToro.



What is eToro?

eToro is a social trading platform that offers a range of financial instruments, including stocks, ETFs, and cryptocurrencies. Known for its user-friendly interface and extensive functionality, eToro simplifies the process of buying Bitcoin without the need for personal wallets or advanced technical skills. The platform also features a unique social trading tool called "copy-trading," allowing users to replicate the investment strategies of successful traders.



How to Purchase Bitcoin on eToro


Step 1: Open an eToro Account

  1. Visit the eToro Website: Navigate to the eToro homepage and click on "Sign Up" or "Get Started."

  2. Fill Out the Registration Form: Enter your name, and email address, and create a password.

  3. Agree to Terms and Conditions: Read and agree to eToro’s terms and conditions, then click "Create Account."

  4. Verify Your Email: Check your email for a verification message from eToro and click the link to confirm your account.


Step 2: Complete Profile Information and KYC Verification

  1. Provide Personal Information: Log into your eToro account and complete your profile by entering additional details such as your date of birth, phone number, and country of residence.

  2. Verify Your Identity: Upload proof of identity (e.g., passport or driver’s license) and proof of address (e.g., utility bill or bank statement) to complete the Know Your Customer (KYC) process.

  3. Wait for Approval: eToro will review your documents and notify you via email once your account is verified.


Step 3: Deposit Funds

  1. Choose a Payment Method: eToro supports various payment methods, including credit cards, debit cards, bank transfers, and e-wallets like PayPal, Neteller, and Skrill.

  2. Deposit Money: Click "Deposit Funds" on the navigation bar, select your payment method, enter the amount, and follow the instructions to complete the transaction.


Step 4: Search for Bitcoin

  1. Navigate to the Crypto Section: Hover over the “Trading” tab and click on “Crypto on eToro.”

  2. Find Bitcoin: Scroll to the “By Market Cap” section and select the BTC/Bitcoin tab, or use the search function to find Bitcoin by typing "Bitcoin" or "BTC."


Step 5: Place a Buy Order

  1. Go to the Bitcoin Page: Click on the “Trade” button.

  2. Choose Order Type: Select either "Trade" to buy Bitcoin at the current market price or "Order" to set a specific price at which you want to buy Bitcoin.

  3. Enter Purchase Details: Specify the amount of Bitcoin you wish to purchase in USD or BTC. Confirm the trade to execute your order.

  4. View Your Portfolio: After the transaction, the purchased Bitcoin will appear in your eToro portfolio.


Step 6: Set Up an eToro Crypto Wallet (Optional)

  1. Connect Your Wallet: Link your eToro Money crypto wallet with your eToro account to manage your Bitcoin holdings.

  2. Transfer Bitcoin: For enhanced security, consider transferring your Bitcoin to an offline, non-custodial wallet.


How to Send Bitcoin on eToro

  1. Set Up Your Wallet: Ensure your crypto wallet is linked to your eToro account.

  2. Initiate Transfer: Go to “Portfolio,” select “Bitcoin,” and click “Edit Trade.” Follow the instructions to transfer Bitcoin to your wallet.


How to Sell Bitcoin on eToro

  1. Access Your Portfolio: Click “Portfolio” to view all your investments.

  2. Select Bitcoin: Choose Bitcoin from the list and click “Sell.”

  3. Confirm Sale: Enter the amount of Bitcoin to sell and confirm the trade.


eToro Fees

  • Transaction Fee: 1% for buying Bitcoin.

  • Withdrawal Fees: $5 for non-U.S. clients.

  • Bitcoin Transfer Fee: 0.5% (capped at $50).

  • Crypto Asset Transfer to Wallet: 0.1%.


Is it Safe to Keep Crypto on eToro?

eToro employs robust security measures, including encryption and cold storage, to protect user funds. However, for maximum security, consider transferring your holdings to a private wallet where you control the private keys.


eToro provides a straightforward and secure platform for buying Bitcoin. By following these steps, you can invest in Bitcoin with confidence, leveraging eToro's user-friendly tools and comprehensive market insights. Whether you're a beginner or an experienced investor, eToro's platform offers the resources you need to navigate the cryptocurrency market effectively.



Disclaimer

The information provided in this article is for educational and informational purposes only and should not be construed as financial advice. Investing in cryptocurrencies, including Bitcoin, involves significant risk, including the risk of loss. The prices of cryptocurrencies can be highly volatile and unpredictable. Always conduct your research and consult with a qualified financial advisor before making any investment decisions. The author and publisher of this article are not responsible for any financial losses or gains incurred as a result of following the advice or information provided herein.


Source:Koinly

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