Find out the step-by-step procedure to buy Bitcoin effortlessly using the easy-to-use platform eToro.
The market for cryptocurrency has shown indications of rapid growth, including Bitcoin ( BTC) leading the roiling. In early December 2023, the total worth of the market for all cryptocurrencies reached $1.59 trillion. The dominance of Bitcoin currently stands at 51.99 per cent, which is a reflection of its huge market share of $827.84 billion, which is roughly 50% of the total market worth.
Bitcoin is among the most sought-after cryptocurrencies, which is why so many investors are eager to invest in and purchase Bitcoin. Investing in and buying Bitcoin requires a secure, trusted, and dependable platform. That’s the place eToro is a good choice. EToro provides a variety of educational resources and a fun community experience.
This article offers detailed guidelines for investing in Bitcoin through eToro and outlines the most important prerequisites to together Bitcoin through the eToro platform.
What exactly is eToro?
EToro is an online trading platform that lets its users trade a variety of financial instruments. Users can access investing options for shares, exchange-traded funds (ETFs), and cryptocurrency assets.
The eToro cryptocurrency platform comes with an intuitive user interface and a wealth of features. This lets you buy Bitcoin using eToro without the need to establish personal wallets or have an extensive set of technical knowledge. Users can duplicate the investment strategies as well as portfolios of renowned investors around the world together with an exclusive platform for social trade known as “copy trading.”
The dashboard gives access to vital information to keep users up-to-date with the latest market developments, live price charts, market trends, and social trading feeds. EToro also provides a peer-to-peer trading feature, which allows users to interact directly.
While BTC is the most sought-after cryptocurrency, it is also compatible with other digital assets such as Ether ( ETH), Cardano ( ADA), XRP ( XRP), Litecoin ( LTC), and many more. This allows for the diversification of portfolios with cryptocurrency as well as the exploration of a variety of investment options.
How do you buy Bitcoin on eToro app?
Here are step-by-step Bitcoin trading instructions for the eToro platform:
Step 1: Open an eToro account
Visit the eToro website and choose”Sign Up,” “Sign Up,” or “Get Started” choice. Input the required details like name, email address, and password.
The user should go through the Terms and Conditions thoroughly and then click on the “Accept “Create Account” button if you are happy. The email address you provide will be sent as a confirmation email from eToro, and users should be able to open and click on this link to verify the account’s opening.
Step 2: Complete the profile information as well as the KYC verification
Customers must complete the identity verification process before they buy BTC using eToro. This will require more details, including the date of birth, telephone number, and country of residence.
Sign in to the eToro account, then click”Complete Profile,” and then click the “Complete Profile” choice to confirm your identity. The KYC (KYC) process at eToro requires users to submit evidence of their address as well as a photo ID to ensure security and compliance with legal requirements.
The most commonly used acceptable forms of identification are driver’s licenses or passports. Users can also add proof of address using documents such as bank statements or utility bills. You must wait for the confirmation of eToro by email before making a move.
On the eToro dashboard, select the “Verify Account” tab to verify the account. EToro might take a while to verify and review the verification documents. After verification, users are able to buy Bitcoin and other cryptocurrencies on the platform.
Step 3: Make a deposit
Funds can be deposited after creating and validating your eToro account to start purchasing BTC. The platform accepts a wide range of payment methods, including credit cards, debit cards, bank transfers, and the most popular e-wallets, such as PayPal, Neteller, and Skrill. Furthermore, customers can use a variety of fiat currencies to deposit funds.
When you are on the eToro platform, Click on the “Deposit Funds” button on the left-hand part of the bar navigation. This will start the eToro Bitcoin transfer. Select the preferred payment method, enter the amount, and follow the steps in order to finish the payment.
Be aware the minimum deposit requirements could be imposed based on the user’s location and preferred payment method. In order to demonstrate its commitment to security and compliance with the law, eToro may request extra details or proof of payment methods before establishing an account.
Step 4: Search for Bitcoin
The next step would be to locate how to access the Bitcoin website within the eToro trading platform. The first step is to hover over”Trading” under the “Trading” tab on the upper left of the navigation menu, then click “Crypto on eToro” in the drop-down menu.
On the page for cryptocurrencies, go through the “By Market Cap” segment and then click on it to open the tab BTC/Bitcoin. You can also use eToro’s Search function to locate that Bitcoin page. Enter “Bitcoin” or its ticker symbol “BTC” into the search box, then select one of the currencies and click the “Trade” button to go to the Bitcoin page.
Users have access to extensive information, charts, and other important information about Bitcoin at the very same time. The platform offers:
- Instruments for analyzing the market.
- The performance of Bitcoin is being monitored.
- Making educated eToro Bitcoin trading decisions.
Step 5: Creating a purchase order
When you are on the Bitcoin page, click”Invest” and then click on the “Invest” tab. Users are then able to select between “Trade” and “Order.” The traders who choose the “Trade” feature can buy Bitcoin at the current market rate. The “Order” option “Order” opportunity allows traders to create purchase orders, which are executed automatically when Bitcoin has reached the desired price target.
The traders can place two kinds of orders through eToro: market orders and limit orders. Market orders permit traders to buy Bitcoin instantly at the current price on the market. To place an order for a market, you must select what amount of Bitcoin to buy and then confirm the transaction.
Limit orders permit traders to set an amount at which they wish to purchase Bitcoin. Orders are fulfilled when the market is at the specified price. Input the required Bitcoin amount and the price of the limit when putting in a limit order. Make sure that the details of the order are correct, and then confirm the transaction.
Users can input their eToro Bitcoin purchase value to be converted into United States dollars or Bitcoin value based on preferences and choices.
EToro will process the transaction, and the customer’s accounts will reflect the purchase of Bitcoin, which they can look at in the eToro portfolio.
Step 6: Establish an eToro cryptocurrency wallet (optional)
With eToro users, they can connect to their eToro Money cryptocurrency wallet as well as the eToro application and see the entire trade history after they have purchased Bitcoin. EToro offers an inbuilt custodial account for Bitcoin storage. However, moving funds to an individual non-custodial, offline wallet is generally suggested for extra protection of your Bitcoin investment.
There isn’t an eToro Bitcoin purchase limit; however, there is the option to set a dollar limit or unit value limit per trade.
How do I transfer Bitcoin via the eToro platform?
Before you send your Bitcoin, ensure you have established and connected your crypto wallet to the eToro account. Then, visit your eToro dashboard and select “Portfolio.” Select “Bitcoin,” then select “Edit Trade.” Follow the withdrawal guidelines carefully to warrant a smooth Bitcoin transfer to your wallet app since the transfer process is permanent.
Select “Transfer to Wallet” to complete the transaction. Users can see their Bitcoin tokens in their wallet after the transfer has been completed.
How do you make money selling BTC on eToro?
By default, eToro online wallets are able to store BTC tokens, which makes it simple to sell Bitcoin at any time. The process for Bitcoin to purchase and sell on eToro is nearly identical. However, unlike other order forms, buyers need to be able to select “Sell” at the top of the order form after it is displayed.
On your account dashboard, click on the “Portfolio” button, and a live-time price report of all investments on eToro will appear. Choose “Bitcoin” from the list of cryptocurrencies and then select”Sell” to proceed with the “Sell” button. Select the quantity of Bitcoin to be sold. Check the order, and then click “Open Trade.”
EToro fees
Users are required to pay a 1 percent transaction fee when purchasing BTC through eToro. EToro does charge withdrawal fees only for U.S. clients. Customers from other countries are charged $5 in withdrawal charges regardless of the amount of withdrawal or method of payment chosen. In the case of Bitcoin transfer via eToro for transfers to Bitcoin wallets, the cost is 0.5 percent (capped at $50).
There is also the opportunity for the eToro platform to provide a choice for transferring cryptocurrency assets into their eToro Money crypto wallet at the cost of 0.1 percent. However, it is important to note that there is a chance that the eToro fee structure can change over time, which is why checking it prior to making trades is vital.
Is it safe to store cryptocurrency on eToro?
The operation of cryptocurrency on eToro is a matter of balancing between security and convenience. Highly regarded for its security protocols, eToro protects user funds by implementing strict security measures. Apart from together encryption methods and following strict regulations, The company also stores the majority of funds from users in cold storage that is not on the internet and, therefore, less susceptible to cyber-attacks.
While eToro has security procedures implemented, there are dangers associated with the storage of currency in exchanges. Things like cyberattacks or problems could compromise the security of the security of your valuables. Users also need to be extra cautious, such as switching on 2-factor authentication, creating passwords that are secure, and following desirable methods for security.
Many investors decide to transfer their cryptocurrency accounts to self-custodial or private wallets, which give them total control over their private keys for greater security. Deciding whether to keep their the cryptocurrency on eToro or transfer it to personal wallets is a matter of an assessment of risk tolerance as well as understanding the tradeoffs between convenience and security.
