Bitcoin has built a reputation as the first secure and most valuable digital currency. The original crypto has become increasingly popular among investors as a speculative asset as well as a store of value. This guide gives you step-by-step instructions demonstrating how you can buy Bitcoin on eToro, the perks eToro offers for traders, and additional tips on successfully trading on the platform.
Methodology
As well as eToro, this article recommends a few other trading platforms with which users can buy Bitcoin safely and securely. All platforms have been chosen for the following reasons.
Market presence and reputation:
OKX, Binance, and Kraken are all well-established platforms with years of operation and positive reputations in the cryptocurrency trading community.
Trading volume and liquidity:
OKX and Binance are recognized for their high trading volumes and extensive liquidity, ensuring efficient trade execution and minimal slippage.
Range of cryptocurrencies and trading pairs:
OKX and Binance offer a wide selection of cryptocurrencies with multiple trading pairs, providing traders with ample choices to diversify their portfolios.
Trading fees and costs:
OKX in particular is known for its low trading fees, making it an attractive option for cost-conscious traders.
User-friendly interface and accessibility:
OKX offers demo accounts for inexperienced traders, while Binance provides a seamless and intuitive platform suitable for beginners and experienced traders.
Advanced trading features and tools:
Binance and Kraken offer advanced trading features like margin trading, futures, and staking, catering to the needs of experienced traders looking for sophisticated trading options.
Security measures:
Kraken is renowned for its industry-leading security practices, instilling confidence in traders regarding the safety of their assets.
Overall, BeInCrypto has chosen OKX, Binance, and Kraken as preferred eToro alternatives due to their strong reputations, extensive trading options, competitive fees, and user-friendly interfaces. These platforms offer a comprehensive trading experience suitable for traders of all levels.
For more information on BeinCrypto’s verification methodology, click here.
- How to buy Bitcoin on eToro
- What is eToro?
- Pros of using eToro to trade Bitcoin
- Risks of using eToro to trade Bitcoin
- How do Bitcoin fees and limits work on eToro?
- How long does it take to buy Bitcoin on eToro?
- How to transfer Bitcoin from eToro to a wallet
- Tips for successful Bitcoin trading on eToro
- Alternative platforms to buy Bitcoin
- Always DYOR before buying Bitcoin or other crypto
- Frequently asked questions
How to buy Bitcoin on eToro
Follow these steps to buy Bitcoin on eToro.
- Go to the eToro website and create an account. Click on the “Join Now” tab to start the registration process. You’ll also need to verify your identity by submitting your driver’s license, proof of address, or valid passport.
- Once logged in, click “Deposit Funds” on the navigation bar on the left of the dashboard to fund your account. eToro supports several deposit methods, including bank transfers, e-wallets, and credit/debit cards. Choose your preferred method and ensure you meet the minimum deposit required.
- Go to the Discover page and click “Crypto” at the top of the dashboard.
- Select BTC and click on “Trade” to initiate buying Bitcoin.
- Indicate the amount you want to spend in USD and the order type, then click “Buy” to complete your transaction.
What is eToro?
eToro is a social trading and investment company that was founded in 2007. It offers intuitive trading for various assets, including stocks, exchange-traded funds (ETFs), commodities, and currencies.
The online broker added cryptocurrency trading in 2013, starting with Bitcoin and expanding to over 80 popular digital currencies and tokens. eToro also offers staking services for certain proof-of-stake cryptocurrencies in select areas. The platform has a user-friendly interface and provides social trading, enabling users to auto-copy trades of the most successful traders on the platform.
eToro is regulated by the Financial Conduct Authority and the Cyprus Securities and Exchange Commission (CySEC) in the UK and Europe. In the United States, the company is registered as a Money Service Business (MSB) by FinCEN and holds Money Transmitter Licenses in various states.
Pros of using eToro to trade Bitcoin
Now, let’s look at some benefits of using the platform to trade Bitcoin.
- Accessible and user-friendly interface
- Offers detailed charts, stats, and news on BTC price trends
- Uses a flat fee of 1% for buying or selling crypto
- Offers CryptoPortfolio services and a crypto wallet that caters to crypto investors
- Offers social trading for less experienced investors
Risks of using eToro to trade Bitcoin
In this section, we highlight some of the risks you need to be aware of before buying Bitcoin on eToro.
- Crypto prices are highly volatile, which could lead to significant losses for investors.
- eToro uses USD as the base currency, which means if that isn’t your local currency, you expose yourself to additional currency risk.
- The platform charges an inactivity fee for accounts that have been inactive for 12 months.
How do Bitcoin fees and limits work on eToro?
The platform charges a 1% fee on buying or selling cryptocurrencies plus an additional spread. The fee is included in the quoted price when placing an order.
When you start a new trade, the 1% cost of buying BTC and the 1% expected cost of selling the asset will be indicated as a “loss” on the platform. eToro adds the fee to the Bitcoin market price based on the bid-ask spread (the difference between the bid and ask prices).
The minimum amount of Bitcoin you can buy on eToro is $10.
A 2% fee is also charged when you transfer Bitcoin to your eToro crypto wallet. The minimum amount of BTC you can withdraw is worth $30. The fee minimum is $1, and the maximum is $100.
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eToro also charges a monthly inactivity fee of $10 for accounts that have been active for more than 12 months.
How long does it take to buy Bitcoin on eToro?
eToro offers one of the easiest ways to buy and sell Bitcoin, with a user-friendly interface and robust features. The time it takes to buy Bitcoin varies because of a number of factors, including how long it takes you to open and verify your account, deposit funds, and navigate the trading page. eToro’s intuitive interface streamlines the signing-up process and is simple enough to navigate even for beginners.
Therefore, the duration of the purchase depends on your familiarity with the platform. The process can take a few minutes to an hour to complete, depending on how fast you can deposit funds and initiate a trade.
How to transfer Bitcoin from eToro to a wallet
eToro has a multi-crypto wallet for you to manage and store your digital assets securely. Here is what you need to do to transfer Bitcoin from eToro to the eToro Money wallet:
- Download the eToro Money app on your mobile phone and log in.
- Go to the eToro trading platform and click ‘Portfolio’ in the sidebar.
- Click on the asset you want to transfer, in this case, bitcoin. You will see all the open trades you have under BTC.
- Click on the trade you want to transfer and select the ‘Transfer to Wallet’ option.
- Review transfer details and initiate by clicking the blue ‘Transfer’ icon.
You will receive a notification to confirm the submission. The transfer will be processed in five business days, and once completed, your BTC will be in your wallet.
Note that the process of cryptocurrency transfer is one-way. Once you transfer your Bitcoin from the eToro platform into your wallet, you cannot send it back to the platform.
Tips for successful Bitcoin trading on eToro
Now, let’s look at some Bitcoin trading tips that can help you trade successfully on eToro.
- Stay informed: You need to stay up to date with what is happening in the cryptocurrency industry and look out for upcoming financial events or news updates that can affect Bitcoin trends.
- Implement investment strategies: The most popular investment strategy for bitcoin is buy and hold. You can also employ other investment strategies, depending on your goals.
- Understand the risk: When investing in a volatile market, remember that associated risks could lead to significant losses. Only invest what you can afford to lose. You can also implement risk management strategies on eToro, like setting stop-loss orders to mitigate potential losses.
- Educate yourself: Do your research on cryptocurrency investment and learn as much as you can before jumping into bitcoin trading. eToro offers educational resources through its academy to help you build your knowledge on trading and investments.
- Practice: eToro offers demo accounts for anyone who signs up on their platform with $100,000 in virtual money. You can practice trading with virtual money without risking any real money to build your confidence in your skills.
Alternative platforms to buy Bitcoin
There are several other platforms, besides eToro, that you can use to buy Bitcoin. In this section, we highlight some options you can consider.
Ideal for demo and spot trading
Trustworthy exchange with complete crypto ecosystem
Reputable trading platform for advanced traders
OKX
OKX is one of the world’s leading cryptocurrency exchanges by trading volume. It was launched in 2017 and offers advanced crypto trading services, including spot and derivatives trading. OKX has a wide variety of cryptocurrencies with multiple trading pairs and low trading fees. It caters to advanced traders but also offers demo accounts for inexperienced traders to build their trading skills.
Binance
Binance is a global cryptocurrency exchange platform that was founded in 2017. It supports over 350 cryptocurrencies and digital assets. The platform is one of the largest bitcoin and altcoin exchanges in the market by volume. Binance offers a wide range of products and services, including peer-to-peer (P2P), margin, futures, and OTC trading options.
Kraken
Kraken is a highly dependable platform that was launched in 2011. The cryptocurrency exchange is an industry leader in security and has a good selection of over 200 assets to choose from. Kraken offers many features and services, including margin trading, futures, and staking. The exchange targets more advanced traders with its range of technical trading tools.
Always DYOR before buying Bitcoin or other crypto
eToro offers a beginner-friendly way to invest in and trade Bitcoin and other popular cryptocurrencies. It features useful tools and resources to streamline your investment journey. The platform’s demo account is an excellent way to practice your trading and familiarize yourself with the tools and features eToro has to offer.
However, make sure you do your own research before making any investment decision and know the risks involved in buying Bitcoin or any other cryptocurrency.
Frequently asked questions
Is it safe to buy bitcoin on eToro?
How much does eToro charge to buy bitcoin?
How do I buy and sell Bitcoin on eToro?
Can I buy and send bitcoin with eToro?
Is eToro a safe platform?
Is eToro good for crypto?
Is eToro legal in the U.S.?
Which is better eToro or Binance?
What are the risks of using eToro?
