Bitcoin is similar to money, but it exists only in digital form. People from everywhere around the world are interested in bitcoins. But those who are naïve about the crypto world must take their time and learn the details about investing in Bitcoin safely. This is where the well-known trade website eToro comes in.
eToro has become a famous online broker. It lets investors purchase Bitcoin and other cryptocurrencies in a safe environment. All the crypto fans like it because it is easy to use and has many features. No one needs to learn a lot of technical stuff or make a wallet to trade in Bitcoin.
If you are new to it, don’t worry; we are here for your help. This informative article will tell you everything you need to know about how to buy Bitcoin on eToro.
Table of Contents
What Is eToro?
Many people trade cryptocurrencies on eToro, but you can also trade stocks and ETFs.
An exciting feature of eToro is that new investors can use this platform with a $100k virtual account. In this way, you are not risking your money, yet you can try various investing aspects. For example- stocks, ETFs, and cryptocurrencies.
You may also mimic their portfolios if you want to learn from the greatest. Once you have mastered the basics of trading, you can use eToro’s CopyTrader feature to mimic the strategies of successful investors and make money just like them.
How to Buy Bitcoin With eToro?
01. Open an Account on eToro
- You have to sign up for an eToro account first.
- Then go online and click on “Sign Up” for eToro. You will have to complete an online form.
- Type in your email address after choosing a username.
- You need a password for your eToro account, too. You must read and agree to eToro’s terms and conditions before clicking the “Create Account” option. eToro will then gather more personal and contact data from you.
02. Go Over The KYC Process
- New clients have to go through a verification process. It is required under eToro’s regulations.
- Users have to provide their government-issued ID. (KYC procedure)
- EToro accepts passports and driver’s licenses. Some states also accept state and national ID cards.
- Sometimes, you might have to provide other documents as well. For example- records of bank transfers, utility bills, and credit card statements.
- eToro is different from other platforms because of its know-your-customer policies. After 1-2 minutes, you can check your paperwork.
03. Deposit Funds
- After the Know Your Customer process is done, you can do anything you want with your account. You can use real money as a payment way. (Visa, MasterCard, or Maestro debit or credit card)
- eToro works with several different providers of mobile wallets. For instance- Skrill, PayPal, and Neteller.
- The next thing to do is type in the deposit amount. People from the US or UK only have to pay $10. For everyone else, the amount is $20.
- Lastly, click the ‘deposit’ button.
04. Searching for Bitcoin
- The next step for you is to visit eToro and look for Bitcoin. You should use the search bar because it works with many markets.
- If you are searching for “Bitcoin,” click on the first item. You can find a lot of Bitcoin study info here. Also, you can go to the eToro Bitcoin trading website right away by hitting the “Trade” button.
05. Buy Bitcoin
- Through the order box, you can now use eToro to purchase Bitcoin.
- Remember that eToro offers you many ways to make it your own. An example is a “Market” order. Another is a “Limit” order.
Note: The eToro wallet is a secure place to keep your new Bitcoin coins. When you use this wallet, eToro will make sure your money is safe. The eToro wallet also allows users to access their Bitcoin investments whenever they wish.
06. Choose How Much Bitcoin You Want to Buy
- When using eToro to buy Bitcoin, the next thing to do is choose the amount you wish to purchase.
- Then, decide how much money you want to spend to buy Bitcoin. Your deposit will be immediately converted into Bitcoin to the exact amount by eToro.
How Do I Buy on Etoro Without Leverage?
Using leverage is not necessary to buy assets on eToro.
You may adjust the amount of leverage you use when you start a transaction on eToro. Setting the leverage to “x1” or selecting the “no leverage” option during trade placement will allow you to trade without leverage.
Here’s how you can do it-
- To purchase assets (stocks or cryptocurrencies) on eToro, log in and go to the market of your choice.
- Type the asset name you want to buy into the search bar.
- To access the asset’s trading page, click on it. Locate and choose the “Buy” or “Trade” option. A new trading window will be opened.
- Select the amount you want to invest, choose between buying at the market price or setting a limit order, and then adjust the leverage level in the trading platforms. You can select “x1” or “no leverage” for the leverage setting.
- Do one last check to make sure everything is correct. Then, click on either “Open Trade” or “Confirm”.
Is the eToro Platform Good for Buying Bitcoins and Ethereum?
The answer is yes for those who are looking to purchase Bitcoin. How?
- eToro is an excellent platform for newcomers. For those who are new to the crypto universe, eToro is a perfect way for them to ease into the market.
- You can fulfill your diversification demands on eToro because of its various markets.
- The difficulty of keeping up with market trends is a significant challenge for ordinary investors. Many retail investors need more time to learn about cryptocurrency because they already have a lot to do. Here is where eToro comes in handy; it provides automatic trading capabilities that let you invest without lifting a finger.
- eToro is known for its “copy trading” feature. Users like this option because they can follow interesting traders this way.
Is Coinbase Compatible With Etoro?
Cryptocurrency trading platforms eToro and Coinbase are autonomous from one another. They can’t work together or be directly compatible. Users must create a different account on each site to trade or buy on that platform.
eToro and Coinbase are different places to buy, sell, and keep Bitcoin.
Is There a Limit to How Much Bitcoin You Can Buy In One Go?
As we already know, Bitcoin is one kind of money. Just one person does not own it, and it can be sold on many websites.
You can buy as many Bitcoins as you want at once. However, the amount can change depending on the platform and level of authorization.
Different Bitcoin buying and selling services may have different security measures, transaction limits, costs, ways to pay, and ways to verify your identity.
How to Transfer My Bitcoin From Etoro to My Wallet?
These are the steps you need to take to transfer your Bitcoin from eToro to your wallet:
- After opening an account on eToro, click the ‘portfolio’ section.
- To convert your Bitcoin into regular money like GBP, click on the “Sell” option.
- After you sell your Bitcoin, click the”Withdraw Funds.”
- Please enter the amount you want to withdraw and select the foreign currency.
- Provide information about your wallets, such as their location and other relevant details.
- Make sure to read the withdrawal request carefully and then sign it.
Can You Buy Cryptocurrency With a US Bank Account?
You can purchase cryptocurrencies if you have a credit or debit card from a reputable US bank. For example- Bitcoin and Ethereum. Check how to buy with a bank account. To do this, you need a licensed exchange like eToro and a credit card from a US bank account.
You should start by creating an account with a trustworthy cryptocurrency exchange. For example- eToro.
Most banks let you transfer money for free. And they usually handle the cash within one business day.
eToro makes it easier for clients to make transactions using their digital assets. (Bitcoin, stocks, ETFs, etc.)
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Final Thoughts on How to Buy Bitcoin on Etoro
For those seeking to invest in Bitcoin, eToro is a great platform. The procedure is very easy and affordable on eToro.
The crypto wallet is a fantastic feature if you want to keep your Bitcoin on the network. Investors should research Bitcoin before investing because trading cryptocurrency has risks.
We hope you have read this piece and understood that eToro is a great Bitcoin site for beginners and worth the investment.
Frequently Asked Questions
How do you buy Bitcoin with PayPal on eToro?
With PayPal, you can buy Bitcoin on eToro. But you need to have a confirmed payment method saved.
Go to the Bitcoin markets page and choose “PayPal” or another payment method. Then log in once your eToro account is accepted.
Can I buy and sell Bitcoin on eToro?
The answer is yes; eToro is a licensed cryptocurrency exchange platform. Here, you can buy and sell Bitcoin starting at $10. You may also use it with Ethereum, Cardano, and Litecoin.