How to Buy Bitcoin on eToro in 5 Easy Steps (2024 Guide)

Cryptocurrencies, particularly Bitcoin, have created a wave of interest among investors worldwide. Despite its volatility, Bitcoin’s value has consistently grown over the years. However, one question has gained prominence recently: How to buy Bitcoin on eToro?

This guide will walk you through a comprehensive five-step process to buy Bitcoin on eToro, a leading crypto-trading platform. 

Understanding Bitcoin and eToro

Before we dive into the process of acquiring Bitcoin on eToro, it is crucial to understand what both Bitcoin and eToro entail.

An insight into Bitcoin

As a decentralized peer-to-peer (P2P) digital currency, Bitcoin first appeared in 2009. It was the creation of an unidentified individual or group of people using the pseudonym Satoshi Nakamoto. Blockchain is a completely publicly accessible distributed ledger where Bitcoin transactions are recorded after being cryptographically authenticated by network nodes.

A closer look at eToro

eToro, on the other hand, has been in operation since 2007 and is a reputable social trading and investment platform that lets users buy and sell a large variety of financial products, including cryptocurrencies like Bitcoin. The eToro platform is renowned for its user-friendly interface and social trading capabilities, which allow users to emulate successful traders’ transactions.

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How to buy Bitcoin on eToro: A guide

Here are five distinctive steps that will help you buy Bitcoin on eToro. Take a detailed look:

Step 1: Register an account on eToro

Purchasing Bitcoin on eToro begins with creating an account. Visit the eToro homepage and embark on a straightforward registration process for your free account.

Furnish your distinct username and email address and establish a robust, secure password. For added convenience, you can opt to sign up using your existing Facebook or Google credentials. After completing the registration form, a final step awaits: verifying your email address.

Step 2: Verify your identity

eToro diligently adheres to Know Your Customer (KYC) regulations, necessitating users to authenticate their identities. 

In compliance, submit the requisite proof of identity, which includes a valid passport or government-issued ID, along with proof of address, such as a recent utility bill or bank statement. Rest assured, eToro’s proficient verification team typically reviews your documentation within 24 hours.

Step 3: Fund your eToro account

To embark on your Bitcoin journey, you must first ensure your eToro account is adequately funded. For eToro, a minimum deposit of $10 is obligatory. Numerous payment methods, including credit cards, bank transfers, and e-wallets, offer flexibility in funding your account.

To execute the transaction seamlessly, select your preferred payment method, specify the desired deposit amount, and meticulously follow the on-screen instructions.

Step 4: Search for Bitcoin

Navigate to the eToro dashboard and locate the search bar at the top. Type in “Bitcoin” or “BTC,” then click “Trade” to initiate a new order form.

Step 5: Buy Bitcoin

Determine the quantity of Bitcoin you intend to buy from eToro in US dollars. While optional, you can set specific take-profit or stop-loss levels; these features cater more to traders than long-term investors. After a thorough review of your purchase details, confidently click “Open Trade” to confirm and complete your Bitcoin transaction.

Congratulations! You’ve successfully acquired Bitcoin through eToro. Rest assured, your purchased Bitcoin is securely safeguarded within your eToro account.

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Storing your Bitcoin on eToro

The Bitcoin you buy on eToro is kept in your eToro account. But eToro also provides eToro Money, a cryptocurrency wallet of its own. On iOS or Android devices, the app is free to download. To link your eToro Bitcoin wallet to your account, log in using your username and password.

Selling your Bitcoin on eToro

Selling Bitcoin on eToro is quite easy. Click the “Trade” button, choose “Crypto” from the list of markets, and pick Bitcoin from the list of cryptocurrencies. Furthermore, click on the “Sell” button. Select the “Open Trade” button, enter the quantity you want to sell, and then review and submit your order.

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Why choose eToro?

When it comes to choosing an online broker and crypto exchange, the options are vast. However, eToro emerges as a clear leader, offering a blend of exceptional features that cater to the needs of traders, whether they are newbies taking their first steps into the world of finance or seasoned investors looking to diversify their portfolios. Here’s why traders choose to buy Bitcoin from eToro:

User-friendly platform

eToro’s platform boasts a user-friendly interface that caters to traders across the spectrum of experience. Its intuitive design ensures that navigating the platform is a breeze, making it accessible even for those who are new to trading.

Social trading innovation

eToro introduces groundbreaking features like CopyTrading, which allows you to take a page from the playbooks of successful traders. Additionally, this innovative tool empowers you to replicate the strategies of seasoned professionals, potentially enhancing your own trading prowess.

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Unparalleled asset variety

With eToro, the investment world is your oyster. You can dive into a pool of over 75 popular cryptocurrencies, along with an extensive selection of stocks, commodities, forex, indices, and exchange-traded funds (ETFs). Moreover, this diversity ensures that you have the freedom to craft a well-rounded portfolio that aligns with your investment objectives.

Regulated and secure

Trust is paramount in the financial world, and eToro earns it by being regulated by top-tier financial authorities. Also, these regulatory checks ensure that you trade in a secure and compliant environment, providing peace of mind as you navigate the markets.

Comprehensive research and analysis

Knowledge is power in trading, and eToro arms you with the tools you need to make informed decisions. Furthermore, delve into in-depth analysis, customizable technical charts, and expert market insights to stay ahead of the curve and seize opportunities as they arise. 

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Conclusion

Anyone looking to buy Bitcoin should use eToro as a platform. eToro makes purchasing Bitcoin easier with a user-friendly interface, low fees, a variety of payment options, and strong security measures. Additionally, you can easily create an account, verify it, fund it, and begin purchasing Bitcoin on eToro right away by following the instructions in this guide.