Bitcoin (BTC) is the original pioneering cryptocurrency that started the crypto movement. Bitcoin was invented to promote the use of cryptocurrency as a medium of exchange and popularise payment currencies. It has become one of the most widely traded cryptocurrencies globally and accounts for the highest share in the crypto markets. Bitcoin’s performance has been exceptional and the currency has risen rapidly which explains its popularity among users. The returns provided by BTC are better than stocks and other commodities. It is also used by institutional clients and as a hedge against inflation. The cryptocurrency is available for buying/selling on almost all cryptocurrency exchanges and brokers.
eToro is one of the most popular cryptocurrency exchange and broker platforms that allows trading (buying/selling) of Bitcoin. While eToro offers world-class security features and processes transactions quickly, it does not charge any extra fees. There is a fixed 0.75% commission on spreads for BTC. In addition, there might be additional charges levied by the exchange platform. You should carefully evaluate all fees and charges before you select an option. The site is a social trading platform and users can also copy trades of other experienced and more successful users which is a very useful function for beginner traders.
In this guide, we will discuss how to buy Bitcoin in eToro.
The ability to buy/sell crypto on eToro is available for selected locations so a customer must be residing in a country where eToro is available. You can check the list of supported countries here.
How to open an Account on eToro?
Sign up on the eToro site if you don’t have an account. It’s easy and takes under a minute to open an account. You will need a valid and working phone number, an email address, and a government-issued ID to complete the entire procedure of signing up.
Enter your full name, email address, then select a username and password as shown below.
How to Verify the Account on eToro?
Once you have created an account, login to the site. You will need to verify the account before you can begin trading as shown below.
You will need to verify your phone number by entering a code received on your device as shown below.
Complete the KYC Process on eToro
In the next step, you will need to upload an identity document to further complete the Know Your Customer (KYC) verification procedure. You can upload a passport or other government-issued ID that has relevant details such as birth date, expiry date, and valid document number. Ensure the details are clearly visible and correct as the site might reject if the documents do not match the information provided while opening the account.
The KYC procedure is a regulatory requirement and all customers must complete this extra step before they are allowed to trade. It ensures that the platform is kept safe for all users.
How to Deposit Funds on eToro?
The site will then approve and validate your account which might take a few hours. Once done, you can proceed to the deposit funds section and proceed as shown below. eToro supports multiple payment options such as credit/debit card, direct bank transfer, Neteller, and Skrill. Use any of the payment methods to deposit funds in your preferred currency and proceed.
Select a currency such as USD, EUR, GBP, or AUD and click on the deposit button after entering card details as shown below.
How to Buy Bitcoin on eToro?
Then, search for Bitcoin in the search tab and click on “Trade” to open the trading window where you can input the amount of BTC you wish to purchase. Confirm all details are correct and click on the Buy button to confirm the trade.
Track Your Trade to Monitor Profit/Loss
Once the trade is complete, you can view the assets under the portfolio tab and also monitor the progress under the stats function as shown below. Users must carefully track the asset on a regular basis to avoid losses as Bitcoin is a volatile cryptocurrency. Users can also add stop-loss and other risk management techniques to ensure their asset performs as per their expectations.
The eToro site is widely used throughout the world in many countries and most users prefer to use it because of the lack of fees and other charges. As explained above, the eToro platform charges a fixed spread on trading BTC. Spread is the difference between the buy and sell price. It is a common method through which platforms charge fees to customers. The eToro platform has sufficient liquidity and is a very popular trading platform for cryptocurrency users.
The eToro site also provides regular news feeds, updated charts, and research to help users monitor the performance of their assets.
The eToro site is also available through an application for convenient trading on mobile phones or tablets.