How to Buy Bitcoin on eToro: Explained in Easy Steps [2024]

Hey there! Interested in getting your hands on Bitcoin using eToro? You’re in the right place! eToro makes it easy to dive into the world of cryptocurrency, even if you’re new to the game.

This guide is here to help you how to buy Bitcoin on eToro. From setting up your account to making your first trade, we have it all here. So, let’s get started.

What is eToro?

eToro is like the social hub of investing. It’s a community where you can trade various financial assets, including cryptocurrencies like Bitcoin. What sets eToro apart is its social trading feature, allowing users to follow and copy the moves of successful investors.

It’s a one-stop shop that combines the thrill of trading with a social experience, making it accessible and engaging for both beginners and seasoned traders.

On eToro, you’re not just buying and selling assets; you’re connecting with a community of investors. The platform’s simplicity makes it easy to navigate, and its range of assets, from stocks to cryptocurrencies, opens up diverse investment opportunities.

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↪ Why Use eToro to Buy Bitcoin?

Here’s why you should consider using eToro when buying Bitcoin:

• User-Friendly Interface: eToro offers a simple and user-friendly interface, making it easy for both beginners and experienced traders to navigate and execute transactions.
• Diverse Cryptocurrency Selection: eToro supports a variety of cryptocurrencies, including Bitcoin. This diversity allows users to explore and invest in different digital assets within a single platform.
• CopyTrading Option: For those who prefer a more hands-off approach, eToro’s CopyTrading feature enables users to automatically replicate the trades of top-performing investors, saving time and effort.
• Flexible Payment Methods: The platform supports a range of payment methods for depositing funds, providing flexibility and convenience for users to start investing in Bitcoin.
• Integrated Wallet: eToro has a built-in wallet for holding and managing cryptocurrencies. This eliminates the need for external wallets and streamlines the user experience.
• Global Accessibility: eToro is available to users in many countries, offering a globally accessible platform for buying, selling, and trading Bitcoin.
• Transparent Fee Structure: eToro maintains a transparent fee structure, allowing users to easily understand the costs of trading Bitcoin without hidden fees or surprises.

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How to Buy Bitcoin on eToro

Here’s the complete process of buying Bitcoin on eToro:

Step 1: Setting Up Your eToro Account

Buying Bitcoin on eToro starts with setting up your account, a quick and straightforward process:

1. Type “eToro” in your browser’s search bar or go directly to “www.etoro.com.”
2. Click “Join eToro” on the homepage to start the account creation process.
   

   

3. Provide details like your name, email, and a secure password. Go through eToro’s terms and conditions, ensuring you understand and agree to them.
   

   

4. Check your email for a verification link from eToro and click to complete the process. Finish your profile by adding details like your birthdate and phone number.
5. To access all features, complete the verification process by submitting an ID and proof of address by navigating to Settings.
   

   

Step 2: Depositing Funds into Your eToro Account

To buy Bitcoin, you need funds in your eToro account. Follow these steps to deposit money:

↪ Choose Your Payment Method:

eToro accepts credit/debit cards, bank transfers, and e-wallets like PayPal.

1. Credit/Debit Card: For instant availability, use your Visa, Mastercard, Diners Club, or Maestro card.
2. Bank Transfer: A secure option, though it may take a bit longer for funds to appear.
3. E-wallets: eToro supports digital wallets like PayPal, Neteller, and Skrill.

↪ Deposit Instructions

1. Log in to your eToro account using your username and password.
2. Find and click on either “Deposit Funds” or “Deposit” – you’ll usually see this option in the main menu, your account dashboard, or the portfolio section.
   

   

3. Pick how you want to pay from the choices available. Fill in the info they request, like your card details or e-wallet login. Enter how much money you want to deposit, and ensure you have enough in your chosen payment method. Look over the details, including any fees, to know precisely what you’re paying.
   

   

4. Double-check everything, then hit “Deposit” to start the process.
   

   

5. Depending on how you pay, you might need to do extra checks or follow more steps to finish depositing.

You will receive a deposit request confirmation message when you finish this process.

Step 3: Searching for Bitcoin on eToro

Once funded, finding Bitcoin on eToro is easy:

1. Log in to your eToro account.
2. Look for the search bar at the top, type “Bitcoin” or “BTC,” and click “Trade” on the first result to access the Bitcoin page.

Step 4: Placing a Buy Order

With Bitcoin found, it’s time to buy:

1. Select “Trade” on the Bitcoin page.
   

   

2. Choose “Open Trade” for immediate market price or “Set Order” to set a specific purchase target. Specify the Bitcoin amount you want to buy.
3. Review everything and click on “Open Trade” or “Set Order” based on your choice.

Step 5: Monitoring Your Bitcoin Investment

Navigate to the portfolio section in your eToro account. Monitor your Bitcoin’s current value, gains/losses, and percentage change. View historical charts for analysis. Stay updated with price movements by setting alerts through email or push notifications.

Congratulations! You’ve successfully learned the process of buying Bitcoin on eToro.

Images by eToro

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Should You Cash Out on eToro?

Deciding whether to cash out on eToro depends on your individual financial goals, market conditions, and risk tolerance. Here are some factors to consider:

• Evaluate Profits and Losses: Assess if your investment has met its financial goals or if market conditions suggest potential losses.
• Monitor Market Trends: Stay informed about cryptocurrency market trends to make informed decisions.
• Consider Investment Timeline: Align cashing out decisions with your short-term or long-term investment goals.
• Be Mindful of Fees and Taxes: Factor in withdrawal fees and tax implications before deciding.
• Evaluate Future Potential: Consider whether there is room for further growth in your investment.
• Address Immediate Financial Needs: Examine if cashing out aligns with your current financial needs or opportunities.

Alternative Platforms to Buy Bitcoin From

Here are some alternative platforms you can consider to buy bitcoin from if eToro doesn’t align with your needs:

1. Coinbase

Coinbase is a popular cryptocurrency exchange platform that allows users to buy, sell, and trade a variety of digital assets, including Bitcoin, Ethereum, and other cryptocurrencies. It provides a user-friendly interface, making it accessible to both beginners and experienced investors. Coinbase also offers secure storage of digital assets through its wallet services.

2. Binance

Binance stands out as a leading cryptocurrency exchange, providing users with an extensive selection of digital assets for trading, including popular options like Bitcoin and Ethereum. Renowned for its advanced trading functionalities, Binance attracts a diverse user base, from newcomers to seasoned investors. Binance also introduced its native cryptocurrency, Binance Coin (BNB).

3. Kraken

Kraken is a well-established cryptocurrency exchange known for its emphasis on security and a wide array of supported digital assets, including Bitcoin, Ethereum, and various altcoins. With a reputation for regulatory compliance and transparent fee structures, Kraken has become a trusted choice for individuals seeking a secure and comprehensive cryptocurrency trading experience.

READ MORE: The 10 Different Types of Cryptocurrency You Should Know About ➜

Final Words

In summary, eToro emerges as a dynamic hub for Bitcoin enthusiasts, blending user-friendly trading with a distinctive social touch. Yet, the vast crypto landscape offers diverse options. Choose wisely, aligning your preferences and goals with platforms that match your unique journey.

Please note that cryptocurrency investments carry risks, and it’s crucial to conduct thorough research and, if necessary, consult with financial advisors before making investment decisions.