Buy Bitcoin on eToro. With Bitcoin BTC $68,158 leading the charge, the cryptocurrency market has demonstrated indications of solid development. There were 1.59 trillion dollars worth of cryptocurrencies on the market as of early December 2023. Bitcoin’s massive market share of almost $827.84 billion, or about half of the total market worth, is reflected in its dominance, which now stands at 51.99%.
This enthusiasm to invest in and purchase Bitcoin is understandable, given its status as one of the most valued cryptocurrencies. When looking for a trustworthy platform to invest in and purchase Bitcoin, eToro is an excellent choice. Additionally, EToro provides a vibrant community and a wealth of instructional resources. This article details the essentials of using Bitcoin on the eToro platform and provides detailed instructions for investing in Bitcoin on the eToro platform.
What is eToro?
You can trade various financial instruments on EToro, a social trading platform. Stocks, ETFs, and cryptocurrency investment alternatives are provided to users. The eToro crypto platform has a lot of features and a user-friendly layout. You can now purchase Bitcoin with eToro without worrying about setting up your wallet or having a high level of technical knowledge. An exclusive social trading platform, “copy-trading” allows users to mimic successful investors’ strategies and investment portfolios worldwide.
Users are kept up-to-date on the latest market developments through the dashboard’s vital information, which includes social trading feeds, market trends, and real-time price charts. EToro also allows users to trade with one another directly through its peer-to-peer feature.
While Bitcoin is by far the most popular cryptocurrency on eToro, the platform does offer a wide variety of digital assets, including Ether ($3,835, $0.46 for Cardano), XRP ($0.53), Litecoin ($83.36), and many more. This opens up possibilities for exploring different investment strategies and diversifying bitcoin portfolios.
How to Purchase Bitcoin on eToro
Here’s a step-by-step Bitcoin trading guide on the eToro platform:
Open an eToro account
Find the “Sign Up” or “Get Started” button on the eToro homepage. Fill out the form with your name, email address, and password.
Before clicking the “Create Account” button, users should make sure they understand and agree to the terms and conditions. The user is kindly asked to open the verification email they will get from eToro at the specified address and click on the link to confirm their account opening.
Complete the profile information and the KYC verification
Before users can start purchasing Bitcoin with eToro, they must finish the identification verification process. Extra details such as phone number, country of residence, and date of birth are needed. After logging into your eToro account, go to the “Complete Profile” section to verify your identity. To comply with legal standards and strengthen security, eToro’s Know Your Customer (KYC) process asks users to upload photo IDs and proof of address.
Passports and driver’s licenses are the most often acceptable forms of identity, and users can also supply documents like utility bills or bank statements to prove their address. Do not move on until you have received an email confirmation from eToro.
To verify your eToro account, go to your dashboard and look for the “Verify Account” tab. The assessment and approval of verification documents by EToro could take a while. After their account is verified, users can buy Bitcoin and other cryptocurrencies directly from the platform.
Deposit funds
After you’ve created and verified your eToro account, you may start buying Bitcoin with a deposit. Credit cards, debit cards, bank transfers, and well-known e-wallets like Skrill, PayPal, and Neteller are all accepted on the site. Additionally, various fiat currency options are available to users for fund deposits.
To start funding your eToro Bitcoin account, go to the site and look for the “Deposit Funds” button on the left side of the navigation bar. After entering the amount and selecting your preferred payment option, you can finish the transaction by following the on-screen instructions.
The user’s locale and their chosen payment method determine if any minimum deposits are required. To ensure their customers’ safety and stay within regulations, eToro may ask for additional documentation or information when you create an account for specific payment methods.
Search for Bitcoin
The next step is to go to the eToro trading platform’s Bitcoin page. To begin, go to the top left of the page and find the “Trading” option. Then, see a drop-down menu that says “Crypto on eToro.” Click on that.
To access the Bitcoin and cryptocurrency tab on the cryptocurrency page, go to the “By Market Cap” section and scroll down. Another option is to locate the Bitcoin page using eToro’s search function. Click the “Trade” button to access the Bitcoin page after searching for “Bitcoin” or its ticker symbol “BTC” and selecting it from the list of assets.
Users can access details, charts and other vital data on Bitcoin on the same page. The platform provides:
- Tools for analyzing the market.
- Tracking Bitcoin’s performance.
- Making informed eToro Bitcoin trading decisions.
Placing a buy order
Select the “Invest” tab located on the Bitcoin website. Then, “Trade” and “Order” will be available for users to select. Traders can purchase Bitcoin at the current market price when they choose the “Trade” option. By selecting the “Order” option, traders can set up automated buy orders that are fulfilled when the price of Bitcoin hits a certain threshold.
Either market orders or limit orders are available to traders on eToro. Traders can instantaneously buy Bitcoin using the market order at the current market price. After deciding how much Bitcoin to purchase, you can place a market order by confirming the trade.
Traders can set a maximum price for Bitcoin purchases with limited orders. The market must reach the specified price before the order may be filled. For a limit order, type in the amount of Bitcoin you want to buy and the price you’re willing to pay. Before confirming the deal, double-check that the order details are correct.
Users can enter the amount they wish to acquire in US dollars or Bitcoin value depending on personal taste and available alternatives when using eToro. After placing an order, EToro will transfer the user’s Bitcoin to their eToro portfolio, where they may see the transaction history.
Set up an eToro crypto wallet (optional)
After buying Bitcoin on eToro, users can access all their trades by connecting their eToro Money crypto wallet with the eToro app. You can store your Bitcoins in EToro’s built-in custodial wallet. To further safeguard your Bitcoin investment, moving funds to a personal, offline, noncustodial wallet is generally advised. You can limit the amount you trade in dollars or units, but there is no cap on how much Bitcoin you can buy on eToro.
How to Send Bitcoin on the eToro Platform
Verify that your cryptocurrency wallet is connected to your eToro account before sending the Bitcoin. Click “Portfolio” on the eToro dashboard next. Choose “Bitcoin,” and then hit “Edit Trade.” All Bitcoin transfers are final and cannot be reversed, so follow the withdrawal instructions in the letter if you want your transfer to go smoothly into the wallet app. To finalize the purchase, click the “Transfer to Wallet” option. Users can view their Bitcoin tokens in their wallet app after the transfer’s completion.
How to Sell BTC on eToro
The eToro web wallets automatically store BTC tokens, allowing you to sell Bitcoin whenever possible. Buying and selling Bitcoin on eToro is very similar. Unlike other order forms, users must click “Sell” at the top of the order form after it appears.
When you go to your account dashboard and click on the “Portfolio” tab, you’ll see a display of all your eToro assets and their current prices. Click the “Sell” button after selecting “Bitcoin” from the list of cryptocurrencies. Please input the desired selling price in Bitcoin. After reviewing the order, select “Open Trade.”
EToro Fees
When purchasing Bitcoin on eToro, users must pay a transaction charge of 1%. Withdrawals made by US clients are free of charge at EToro. No matter the amount or method of payment, clients from other countries will be charged a $5 withdrawal fee. There is a 0.5% fee (up to $50) for Bitcoin transfers from eToro to Bitcoin wallets. Transferring cryptocurrency to the eToro Money wallet is another feature available on the eToro site. The price for this transfer is 0.1%. Reviewing the eToro cost structure before making transactions is vital, as it may vary over time.
Is it Safe to Keep Crypto on eToro?
Keeping cryptocurrencies on eToro secure while still being user-friendly is no easy feat. Strong security precautions are in place to secure user cash at eToro, which has a reputation for having good security processes. Most customer cash is kept in cold storage, an offline location less susceptible to cyber threats. The corporation also uses encryption techniques and follows stringent regulatory regulations.
There are inherent hazards while holding cryptocurrency on any exchange, even with eToro’s security safeguards. Possible events that could endanger valuables include hacks or failures. On top of that, users should enable two-factor authentication, make strong passwords, and stay updated on security best practices.
Because they retain complete control over their private keys, many investors store their cryptocurrency holdings in private or self-custodial wallets. Evaluating one’s risk tolerance and understanding the trade-offs between easiness and enhanced security is necessary for deciding whether to retain cryptocurrency on eToro or transfer it to personal wallets.
