How to Buy Bitcoin on eToro in 3 Easy Steps [Complete Guide]

Once you start showing interest in the world of cryptocurrency, bitcoin is probably the first thing that pops into your head. The reason for its popularity is that this cryptocurrency asset alone holds 51.99% value of the net market worth. 

Statistics show that on average 27000 bitcoin transactions get carried out in an hour around the world. 

However, there is still a large number of the population struggling to buy Bitcoin from a trusted platform. If you are also one of them, don’t worry, we are here to help! 

eToro is a trusted platform for Bitcoin trading. It has a user-friendly interface, so you do not require any prior expertise to operate it. Whether you are a trader or a beginner who is about to make your first cryptocurrency purchase, eToro is your go-to option. 

In this article, we will walk you through every detail of this popular trading platform and explain the step-by-step process of purchasing it.

What is eToro?

It is a popular online trading platform that makes cryptocurrency investments accessible to everyone. You can use the app or web version of this platform to trade or invest in a wide range of assets, including Bitcoin.

Whether you have just entered Bitcoin trading or a seasoned professional, eToro is the best option for everyone. Some of the features that help this platform stand out in this competitive market are:

• It offers a user-friendly interface that you can operate without any expertise. 
• There is a social trading option where you can check and copy the trades of other successful investors. It simply means you get access to deeper expertise without any additional charge! 
• There is a global community of traders on this platform where you can interact and discuss insights related to your trade. It is a boon for beginners who still have a lot to learn. 

In simple words, eToro is a platform that has made trading possible for even those who know nothing about buying, selling, or holding Bitcoin.

How to Buy Bitcoin on eToro? 

Buying Bitcoin on eToro is a simple process. Here’s a step-by-step guide that you can follow for a sorted purchase and a seamless trading experience. 

Step 1: Create an Account

You can start by downloading the eToro app from the website, Playstore, or App Store. Click on “join now” and fill out the signup form by providing all the details, like name and email.

You will be asked to set a username and password, which you can use for future logins. There is also a provision for Google or Facebook signup, which is speedy! 

eToro also requires account verification before you start trading. So, you would have to upload an identity proof to complete the verification. This process is necessary to ensure safe trading on the platform.

(Image source – https://www.etoro.com/customer-service/how-to-open-etoro-account/)

Step 2: Deposit Funds

Once your account is ready, you will add funds to your account by choosing your preferred payment method. It is possible through a credit or debit card or direct bank transfer, and there are multiple other options. The minimum fund deposit limit is somewhere around $50.

Step 3: Search for Bitcoin & Make the Purchase

To proceed with buying, search for Bitcoin in your search bar and choose Bitcoin when it appears in the search. Now, click on the trade button, enter the amount you want to invest in buying the Bitcoin, and click on “Open Trade”. 

This is a simple process that you would have to follow, and Bitcoin purchase will never be a hassle for you!

Methods to Fund an eToro Account

Adding funds to your eToro account is the fundamental step in the process of buying Bitcoin through this platform. Some of the ways to add funds to your account are listed below. 

Credit/Debit Card

It is one of the most common and widely used fund transfer methods. You can use your Visa, Maestro, or Master Card to instantly transfer the money into your eToro account.

Bank Transfer

If you have time, you can opt for the bank transfer method, which usually takes a few business days to complete a successful transfer. The money gets transferred directly from your bank account into your eToro account.

PayPal

If you do not wish to share the details of your cards, your PayPal account can help! Use it to fund your eToro account, and within a few clicks only you will have funds to start Bitcoin trading. 

e-Wallet

Users who like to keep digital wallets can use Skrill to transfer funds into their eToro wallet. It is the most convenient method as it helps keep your transactions separate from that of your bank transfer details.

Rapid Transfer

It is a faster bank transfer provision that makes a faster transaction into your eToro account and instantly reflects the funds, enabling quicker trading. 

Once you open your eToro account, it is advisable to check the available methods to add funds and choose the one that suits you. Follow the instructions, and once the money is reflected in your eToro account, you are ready for Bitcoin trading. 

How to Add Funds to Your eToro Account

Adding funds is a simple and convenient method. The process you should follow is discussed below:

• Start by logging in to your account by entering your username and password.
• Once you have the dashboard in front, choose the “deposit funds” option. 
• From the pop-up that comes up in front of you, select your preferred payment method and proceed with the fund transfer.
• Enter the amount of money you wish to transfer into the account, keeping the minimum deposit amount in mind. 
• Review all the details. For example, people opting for credit card transfers should check their card number, expiry, and other details. Once everything is verified, press submit, and the funds will be reflected in your account.

(Image source – https://www.etoro.com/customer-service/deposit-faq/)

Now you have funds in your account to start with Bitcoin trading.

Everything about EToro fees

If you wish to use eToro for Bitcoin trading, know that there are a variety of fees involved. Some of the fees you can expect are listed below for your reference.

Trading Fee: You will have to pay the spread for trading cryptocurrencies through eToro. It is 1% in the case of Bitcoin. 

Withdrawal Fee: For each withdrawal made through the platform, you will pay $5 as a withdrawal fee. 

Currency Conversion Fee: The currency used in eToro is USD. If you wish to deposit or withdraw in some other currency, you will have to pay the conversion fee between 50 to 150 pips.

Inactivity Fee: If you remain inactive for more than 12 months, the platform charges a monthly fee of $10. 

These are the additional charges that you should be ready to pay if you start using eToro for cryptocurrency trading. It is advisable to research and check the latest updates for any additional fee that the platform would charge before you start investing through it.

How to send Bitcoin on the eToro platform

Unlike other trading platforms, eToro wouldn’t allow you to directly send the Bitcoin to any external wallet. However, there is an indirect method using which you can make the transfer. 

Step 1: Check Eligibility

You will be eligible to make a transfer if you hold a real crypto position on this platform. Additionally, your eToro account should be verified with enough Bitcoin in your portfolio to make the transfer.

Step 2: eToro Money Wallet App

Download the eToro money wallet app and sign up on the app with your credentials. 

Step 3: Transfer to the eToro Wallet

Now open your eToro app dashboard and click on the transfer to wallet Keep following the instructions that flash on your screen, and the Bitcoin will move into your eToro money wallet. Pls, note that it might take a few days for the asset to reflect in your app wallet.

Step 4: Transfer from the app Wallet to the External Wallet

Now, you can use this eToro money wallet app to transfer the Bitcoin to any external wallet. For a successful transfer, ensure that you meet the minimum eligibility for transfer. 

Following these simple steps, you can send the Bitcoin to your external wallet and use the funds as you please. 

How to sell BTC on eToro

eToro is an extremely user-friendly platform with all the features lying in front of you. So, when it comes to selling your Bitcoin (BTC) through eToro, you just need to do a few clicks. 

• Login to your account and navigate to your portfolio to see all the assets that you hold. 
• Choose Bitcoin from this list and click on the sell button to initiate Bitcoin selling.
• In the window that opens up in front of you, enter the total amount and review your order before confirming the sale. 

You can follow this step over and over again whenever you want to sell BTC through eToro. Make sure you check all the details carefully to avoid any glitches. 

(Image source – https://www.etoro.com/trading/buy-sell-and-close-position/)

Conclusion

Crypto trading is one of the most fruitful investment types and is widely popular across the globe due to its higher returns. If you also wish to try your hands and benefit from higher profits, eToro can serve as a convenient and user-friendly option.

The platform offers a social connectivity feature and lets you be a part of the global community of crypto traders where you can learn and deepen your knowledge about this industry.

It is fair to say that eToro offers a compelling option for beginner or professional crypto traders. So, refer to all the information you learned about the platform here and get ready to experience the world of cryptocurrency from closer.

Do you know – now Paypal’s business account holder can buy and sell Crypto through their Paypal account?

FAQs on How to Buy Bitcoin on eToro