How to Buy Bitcoin on eToro: Invest Safe & Better (Guide)

Are you wondering how to buy Bitcoin? Which platform you should use? Or what payment method you should use?

Here is the full guide on how to buy Bitcoin on eToro! We share the different payment methods you can use, along with its advantages and disadvantages.

Bitcoin, the revolutionary cryptocurrency, has become a digital asset that everyone wants to buy. And don’t worry, buying it is pretty simple.

To buy Bitcoin, you need a reliable platform like eToro for seamless cryptocurrency transactions. This guide will provide you with a step-by-step walkthrough on how to buy Bitcoin on eToro. We will also cover other interesting topics which you will need if you are considering getting into the cryptocurrency market.

Understanding the Basics

What is Bitcoin?

Bitcoin is a decentralized digital currency that operates on a peer-to-peer network called blockchain. It was created in 2009 by an anonymous individual or group of individuals using the pseudonym Satoshi Nakamoto. Bitcoin offers a secure and efficient way to transfer value online, without the need for intermediaries such as banks.

Learn all about Cryptocurrency in 2023: Full Guide

What is eToro?

eToro is a well-established online trading platform that has gained popularity for its user-friendly approach. Founded in 2007, eToro has grown to become a leading social trading and multi-asset platform.

It offers a wide range of financial instruments. This includes stocks, cryptocurrencies, indices, currencies, and more. eToro’s unique feature is its social trading functionality. This lets users interact, follow, and even copy the trades of successful traders.

Should you buy Bitcoin with eToro?

Yes, you should buy Bitcoin with eToro, especially if you’re new to the cryptocurrency market. With a global presence and over 25 million users across 140 countries, eToro is a reputable and established platform. It offers innovative features like social trading, allowing you to learn from and copy successful investors.

eToro provides access to a diverse range of cryptocurrencies, including Bitcoin, along with stocks and ETFs. The platform prioritizes security with measures such as offline and online storage and two-factor authentication.

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How to Buy Bitcoin on eToro: Step-By-Step

To buy Bitcoin on eToro, follow this simple step-by-step guide:

Step 1: Sign up on eToro

To buy bitcoin on eToro, visit the eToro website and sign up for an account. Provide the required information and complete the registration process. This should not take a lot of time.

Step 2: Complete the Verification Process

Before you can buy Bitcoin on eToro with a card, bank account or other payment method on eToro, you need to complete the verification process. This step is necessary to ensure compliance with regulatory requirements and to enhance security on the platform. Follow the instructions provided by eToro to verify your identity.

Step 3: Add Funds to Your Account

Once your account is verified, you need to add funds to your eToro account. Select the “Deposit” option and choose your preferred payment method, which can be a Credit/Debit Card, Bank Account or PayPal. Follow the prompts to input your card details and the desired amount you wish to deposit. You will need to deposit at least 10$ to begin.

Note that buying Bitcoin on eToro with different methods is very similar, but their advantages and disadvantages may vary.

Step 4: Navigate to the Bitcoin Market

After successfully adding funds to your account, navigate to the Bitcoin market on eToro. You can do this by searching for Bitcoin or selecting it from the list of available cryptocurrencies. eToro provides a user-friendly interface that makes it easy to find and trade various digital assets.

Step 5: Place an Order

Once you are on the Bitcoin market page, you can place an order to buy Bitcoin on eToro.

Here you will get 2 choices: Trade or Order

Trade: This option allows you to execute an immediate market order to buy Bitcoin at the current market price.

Order: With this option, you can choose to set a specific price at which you want to buy Bitcoin or specify a price range. Once the market reaches your specified price, eToro will execute your order automatically.

Then, specify the amount you want to purchase and choose your preferred payment method. Review the order details and confirm the transaction. eToro will execute the order on your behalf at the current market price.

Note that with eToro, you can also buy fractions of Bitcoin.

Step 6: Securely Store Your Bitcoin

After your purchase is complete, it is crucial to store your Bitcoin securely. eToro provides a built-in wallet where you can securely hold your cryptocurrencies. However, for added security, we recommend transferring your Bitcoin to a personal wallet that you control.

Note that the steps provided here on how to buy Bitcoin on eToro could be slightly different for you depending on your device, region, and other smaller factors. However, these are the basic steps on how to buy bitcoin on eToro which will not be very hard to follow once you open the websites.

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How to buy Bitcoin on eToro with PayPal

To buy bitcoin on eToro with PayPal, follow to same steps as you would with other methods. Sign up on eToro, complete the verification process and add funds to your PayPal Account. Then navigate the bitcoin market, place your order to buy bitcoin on eToro and when it’s complete, don’t forget to safely store your bitcoin. The benefits of using PayPal to buy Bitcoin on eToro are discussed below.

Benefits of Buying Bitcoin on eToro using Debit, Credit Card, or PayPal

Whether you choose to buy Bitcoin on eToro with a debit or credit card or use your PayPal account, you get to enjoy similar benefits including convenience, Immediate Execution, and security.

• Convenience. Buying Bitcoin with a credit/debit card or Paypal on eToro is a simple and convenient process. It allows quick transactions without the need for additional accounts or wallets.
• Immediate Execution. Purchasing Bitcoin with these methods on eToro means instant execution. So you can acquire Bitcoin immediately at the current market price.
• Security. eToro implements security measures like SSL encryption and two-factor authentication to safeguard your transactions and personal information.

Important note:

Depending on your region, eToro may have limited availability for credit/debit card purchases of Bitcoin. It’s essential to check whether the service is accessible in your country.

Benefits of buying Bitcoin on eToro using a bank account

If you buy bitcoin on eToro using a bank account you get to enjoy benefits including :

• Lower Fees. Funding your eToro account with a bank transfer typically involves lower fees compared to credit/debit cards or PayPal.
• No Transaction Limitations. Bank transfers often have higher transaction limits. This lets you invest larger amounts in Bitcoin on eToro.
• Greater Availability. Bank account transfers are generally available to a wider range of users, as most countries support bank transactions.

Important Note:

Bank transfers may take a longer time to process (4-7 days) compared to credit/debit card or PayPal transactions. Bank transfers may also require additional verification steps, such as providing proof of identity or linking your bank account to eToro.

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Bitcoin trading fees at eToro

Here are the key points to know about Bitcoin trading fees on eToro:

1. eToro charges a 1% fee for buying or selling cryptocurrencies like Bitcoin, which is included in the market price displayed.
2. When opening a new position, you will see a “loss” representing the 1% fee, covering the cost of buying and the expected cost of selling.
3. The 1% fee is added to the market price, or bid-ask spread, which at the time of writing for Bitcoin was 0.75%.
4. Bid and ask rates on eToro correspond to BUY and SELL prices respectively.
5. CFD positions held overnight incur a small fee relative to the position’s value, covering leverage costs.
6. Weekend fees, triple the overnight fees, are charged for keeping positions open over the weekend.
7. Conversion fees are incurred when depositing and withdrawing in non-USD currencies, with exemptions and discounts for certain membership levels.
8. eToro charges a $5 fee for withdrawals and a $10 monthly inactivity fee after 12 months of no trading activity.
9. Each transaction is subject to a market spread upon opening and closing, determined by the market and consistent across banks and brokers.
10. There are no minimum trade or ticket fees for any asset types on eToro.

Please note this first time deposit FAQ

To learn more about bitcoin trading fees at eToro, click here.

Other payment methods to buy Bitcoin with eToro

To buy bitcoin with eToro you can use payment methods such as:

1. eToro Money
2. Credit/Debit Cards
3. PayPal
4. Neteller
5. Skrill
6. iDEAL
7. Klarna/Sofort Banking
8. Bank Transfer
9. Online Banking – Trustly (EU region)
10. POLi
11. Przelewy 24

Please note that the availability of these payment methods may vary depending on your country and eToro’s policies.

Caution and Risks To Consider

While Bitcoin presents exciting investment opportunities, it’s important to be aware of the risks involved.

The cryptocurrency market can be highly volatile, and price fluctuations can occur rapidly. The regulatory landscape for cryptocurrencies is still evolving. This can impact the future prospects of bitcoins and other cryptos. It’s very important to always do thorough research. Also consider seeking professional advice before making investment decisions.

eToro, on their websites, have also discussed the key risks of buying Bitcoin on eToro. We recommend you read this thoroughly before entering the cryptocurrency market.

To learn more about the key risks involved in buying Bitcoin on eToro, click here.

Tips for Successful Bitcoin Investing on eToro

Here are some tips to enhance your Bitcoin investment experience on eToro:

• Conduct thorough research before making investment decisions.
• Diversify your portfolio by including other cryptocurrencies or assets.
• Keep up with the latest news and market trends.
• Set realistic goals and avoid making impulsive decisions based on short-term price fluctuations.
• Regularly review and adjust your investment strategy.

Alternatives of eToro to buy bitcoins

There are many other alternatives to buying bitcoins including:

1. Coinbase
2. Binance
3. Kraken
4. Bitstamp
5. Gemini
6. Coinmama
7. Bitfinex

How to sell bitcoin on eToro ?

If you decide to sell your Bitcoin and withdraw the funds, navigate to the “Portfolio” tab on the eToro platform. Find your Bitcoin position and click on the “Sell” button. Follow the instructions to complete the transaction, and the funds will be transferred to your eToro account balance.

Key Takeaways: How to Buy Bitcoin with Etoro

Buying Bitcoin on eToro is a straightforward process. First, sign up and verify your account. Then, deposit funds using various payment methods such as eToro Money, Credit/Debit Cards, PayPal, or others. Once your account is funded, search for Bitcoin on the platform, specify the amount you want to buy, and execute the purchase.

To sell Bitcoin on eToro, follow a similar process that we have already discussed. eToro provides a secure wallet to store your Bitcoin, or you can keep it on the platform.

The advantages of using eToro include a user-friendly interface, a wide range of payment options, and access to social trading features. But, it’s important to consider potential disadvantages like withdrawal fees and limited cryptocurrency selection.

Tips for successful Bitcoin investing on eToro that we have discussed include conducting thorough research, setting clear investment goals, and staying updated on market trends.

We hope you learned all about how to buy Bitcoin with eToro using different payment methods and also explored other informative topics in this guide. Happy investing!

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