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eToro, boasting a vast global community exceeding 30 million users, is a regulated stock brokerage firm that extends its welcoming embrace to the world of cryptocurrencies. In this all-encompassing guide, we’ll provide a simple guide on how to buy Bitcoin on eToro. We’ll cover everything you need to know, from creating an account to depositing funds to executing your trade.
Bitcoin stands as a revolutionary digital currency that has garnered the interest of investors globally. As a decentralized cryptocurrency, Bitcoin embodies a rare blend of security, transparency, and the promise of substantial returns. Nevertheless, initiating your Bitcoin investment journey might appear daunting, particularly for those new to the cryptocurrency realm. This is where eToro, a widely acclaimed trading platform, steps in.
Assess your risk tolerance and investment goals
Prior to putting your money into any investment, it’s important to evaluate your comfort level with risk and establish clear investment goals. Bitcoin is known for its price volatility, which means it can experience significant and sudden price swings. Therefore, it’s essential to have a good grasp of the potential risks associated with investing in Bitcoin before you decide to do so.
Introducing eToro: Your Crypto Co-Pilot
eToro is a social trading and multi-asset brokerage platform that allows users to trade a wide range of financial instruments, including stocks, cryptocurrencies, commodities, forex, and more. It’s known for its social networking features, which enable users to follow and copy the trades of other investors, as well as interact with a community of traders.
eToro provides a user-friendly interface and aims to make trading accessible to both beginners and experienced investors. It’s available as a web platform and a mobile app, making it convenient for users to trade and manage their portfolios.
Why Choose eToro For Your Bitcoin Purchase?
eToro stands as a beacon of security and simplicity. As you contemplate your Bitcoin purchase, here are key reasons that set eToro apart and make it a choice worth considering:
User-Friendly Interface: eToro’s user-friendly interface is designed to cater to traders of all experience levels. It simplifies the process of purchasing, holding, and selling Bitcoin.
Social Trading: eToro’s social trading network allows you to follow and even copy the trading strategies of experienced investors. This can be a valuable learning tool and assist you in making informed Bitcoin investment decisions.
Education and Resources: eToro provides a wealth of educational resources, including webinars, guides, and market analysis. These resources are essential for staying informed about the cryptocurrency market’s developments and trends.
Multiple Payment Options: eToro supports various payment methods, making it convenient to deposit funds into your account and purchase Bitcoin.
Competitive Fees: eToro offers competitive fees compared to many other cryptocurrency platforms, helping you maximize your investment.
How To Buy Bitcoin on eToro: A Detailed Guide
Create an eToro Account
The first step to getting started with eToro is signing up for an account. This process opens the door to a world of financial opportunities, allowing you to explore and navigate the exciting realm of digital assets.
How to Create an eToro Account
- Go to the eToro website.
- Click on “Sign Up” to start the account creation process.
- Provide your personal information, including your full name, email address, and phone number.
- Create a unique username and a strong, secure password for your eToro account.
Verify Your Account
After signing up, you’ll need to verify your identity, in compliance with regulatory requirements.
- Follow the on-screen instructions for the identity verification process. This may involve uploading identification documents, such as a driver’s license or passport.
- Wait for eToro to confirm your identity. Verification times can vary.
Fund Your Account
Now that you’ve successfully signed up for your eToro account, it’s time to fund it.
- Once your account is verified, log in to your eToro account.
- Click on the “Deposit Funds” option.
- Choose your preferred deposit method from available options, such as credit/debit cards, bank transfers, or e-wallets.
- Specify the amount you want to deposit into your eToro account.
Follow the instructions provided for your chosen payment method to complete the transaction.
Payment methods available for funding your eToro account
eToro offers a variety of payment methods for funding your account, including:
- Credit/debit cards (Visa, Mastercard, Maestro, and Diners Club)
- Bank transfers
- E-wallets (PayPal, Neteller, Skrill, and Rapid Transfer)
- Trustly (online banking payment method available in many European countries)
- Klarna (buy now, pay later payment method available in selected countries)
The minimum deposit amount varies depending on the payment method you choose. Please note that not all payment methods are available in all countries. You can view the available payment methods for your country when you log in to your eToro account and click on the “Deposit Funds” button.
When funding your eToro account, please keep the following in mind:
- Use the same name and address that you used when you created your eToro account.
- If you are making a bank transfer, include the correct reference number in the transfer details.
Place Your Buy Order
With your eToro account set up and funded, you’re now ready to take the exciting step of placing your first Bitcoin order.
- Return to the eToro platform.
- In the search bar at the top, type “Bitcoin” or “BTC” and select Bitcoin from the results.
- On the Bitcoin trading page, click “Trade” to open the trading panel.
Customize Your Bitcoin Order
- In the trading panel:
- Choose “Buy” to purchase Bitcoin.
- Specify the amount of Bitcoin you want to buy or the amount of your base currency (e.g., USD or EUR) you want to invest in Bitcoin.
Optionally, set a stop loss and take profit to manage your risk.
- Review the order details, including the total investment amount and the current market price.
Confirm and Execute Your Bitcoin Purchase
- After reviewing your order details:
- Click the “Open Trade” button to execute your Bitcoin purchase.
Your order will be processed at the current market price, and you will become a Bitcoin holder.
Track Your Bitcoin Investment
Keep an eye on your Bitcoin investment within the eToro platform.
- Visit the portfolio section to monitor the real-time performance of your Bitcoin investment, including its current market value.
- You can choose to close your Bitcoin position at any time.
eToro Bitcoin purchase limit
The purchase limit for Bitcoin on eToro can depend on various factors, including your account type, verification level, and local regulations. For precise and current information regarding your purchase limits, it is advisable to refer to eToro’s official website or review the details within your eToro account settings. Please be aware that these limits may be subject to periodic updates and adjustments.
Do I own the crypto I bought on eToro?
Whether or not you own the crypto you bought on eToro depends on the type of position you opened.
If you opened a BUY (long) crypto position, then you own the crypto outright. This means that you can keep it in your eToro account, sell it anytime, or transfer it to a personal crypto wallet.
If you opened a SELL (short) crypto position, then you do not own the crypto. Instead, you are betting on the price of the crypto to go down. If the price goes down, you will make a profit. If the price goes up, you will lose money.
You can check the type of your crypto positions in your eToro portfolio.
How to send Bitcoin from eToro to another wallet
To send Bitcoin from eToro to another wallet, follow these steps:
- Log in to your eToro account and click on the Portfolio tab.
- Find your Bitcoin position and click on the Transfer to Wallet button.
- Enter the amount of Bitcoin you want to transfer and click on the Transfer button.
Your Bitcoin will now be transferred to your eToro Money crypto wallet.
Once your Bitcoin is in your eToro Money crypto wallet, you can then send it to any other external wallet that supports Bitcoin. To do this:
- Open the eToro Money app on your mobile device and sign in.
- Tap on the Crypto tab.
- Tap on the Bitcoin wallet.
- Tap on the Send button.
- Enter the receiving address of the wallet you want to send your Bitcoin to.
- Enter the amount of Bitcoin you want to send and tap on the Send button.
Your Bitcoin will now be sent to the other wallet.
- There is a fee associated with transferring Bitcoin from eToro to another wallet. The fee will vary depending on the network conditions at the time of the transfer.
- Make sure that you have entered the correct receiving address. If you enter the wrong receiving address, your Bitcoin will be lost.
- Double-check the amount of Bitcoin you are sending before you confirm the transaction.
Be aware that there may be a delay before your Bitcoin is transferred to the other wallet. This is because Bitcoin transactions need to be confirmed by the network.
READ ALSO: How to buy Cryptocurrency in Australia
How to Sell Bitcoin on eToro
Selling Bitcoin on eToro is just as easy as the buying process. Enjoy 24/7 accessibility to sell Bitcoin at your convenience, making it a seamless experience.
Start by clicking the ‘Portfolio’ button. Select the Bitcoin position you wish to sell, then click ‘Close’ to proceed.
Review your order and then click ‘Close Trade.’ eToro will promptly execute the sale of your Bitcoin, and you’ll notice an increase in your cash balance. You have the option to withdraw the funds or reinvest them as you prefer.
Important Note: You have the flexibility to sell a portion of your Bitcoin holdings, not necessarily all at once. If you prefer to cash out only a part of it, select the ‘Close Only Part of the Trade’ option. Then, specify the amount of Bitcoin you wish to sell before clicking ‘Close Trade’.
In summary, eToro offers a simple and professional way to buy Bitcoin. The platform’s user-friendly features, security measures, and social trading community make it a great choice for investors, whether new or experienced. By following the steps outlined in this guide, you can confidently make your Bitcoin purchase on eToro.
Keep in mind the importance of staying informed, diversifying your investments, and exercising caution in the volatile cryptocurrency market.
Buying Bitcoin on eToro is usually a speedy affair. The timing can vary, but it’s generally a swift process.
eToro charges a fee within the spread when you buy Bitcoin. This fee covers their costs, but there’s no separate commission for buying Bitcoin. The exact fee can vary, so it’s best to check for current charges.