How to Buy Bitcoin on eToro

eToro provides one of the convenient and economical ways to buy  Bitcoin (BTC). So, if you are interested in investing in BTC, choose eToro.

Bitcoin's price is hovering around $60,000 due to positive market sentiment. Investors are drawn to Bitcoin as a hedge against inflation and as a legitimate asset class. Inflows into U.S. spot Bitcoin ETFs total $140.7 million and bolster the bullish outlook. Analysts predict Bitcoin could reach new heights as it approaches resistance levels. eToro is a popular platform for buying Bitcoin, offering a user-friendly interface and robust features for beginners and experienced traders. The platform's intuitive design makes it easy for novice and experienced traders to navigate, while its advanced charting tools and market analysis help investors make informed decisions.

How to Buy Bitcoin on eToro: Step-by-Step Guide

Notes:

• Please use something similar to ‘Deposit Funds into your eToro Account’ as one of the steps. Under this, please mention the different payment methods supported by eToro. Then, provide detailed instructions on how to deposit funds into the account.
• As the last step, please use something similar to ‘Set up an eToro crypto wallet (optional).’

Buying Bitcoin on eToro is straightforward and allows you to easily invest in one of the most popular cryptocurrencies. Follow these steps to navigate the platform and make your purchase.

Step 1: Open an eToro Account

To start, visit the eToro website and click the "Sign Up" or "Get Started" button. Fill in the required information, including your name, email address and password. After creating your account, check your email for a verification link from eToro and click it to confirm your account.

Step 2: Complete Your Profile and KYC Verification

Once your account is verified, log in and complete your profile by providing additional details such as your date of birth, phone number and country of residence. You will need to undergo the Know Your Customer (KYC) verification process by uploading a government-issued ID (like a passport or driver's license) and proof of address (such as a utility bill). Wait for eToro to confirm your verification via email before proceeding.

Step 3: Deposit Funds into Your eToro Account

After verification, you can deposit funds into your eToro account. Click on the "Deposit Funds" button in the left hand navigation bar. eToro supports several payment methods, including credit/debit cards, bank transfers, PayPal, Neteller and Skrill. PayPal and credit card are not available for UK and FCA users. Choose your preferred method, enter the amount you wish to deposit and follow the instructions to complete the transaction. Minimum deposit requirements vary based on your region and payment method. US and UK users have a $100 minimum.

Step 4: Search for Bitcoin

Once your account is funded, locate Bitcoin on the eToro platform. You can do this by using the search bar at the top of the page or navigating through the "Crypto" section under the "Discover" menu. Type "Bitcoin" or its ticker symbol "BTC" into the search box. Click on Bitcoin from the list of results to access its trading page.

Step 5: Place a Buy Order

On the Bitcoin trading page, click on the "Invest" button. You'll have two options: "Trade" for immediate purchases at current market prices or "Order" to set a specific price at which you want to buy Bitcoin. Enter the amount you wish to invest in, either in fiat currency or Bitcoin. Review your order details carefully before confirming the transaction.

Step 6: Monitor Your Investment

After placing your order, you can monitor your Bitcoin investment through your eToro portfolio. You can monitor market trends and price fluctuations to decide when to buy more or sell.

Step 7: Set Up an eToro Crypto Wallet (Optional)

For added security, consider setting up an eToro crypto wallet. This allows you to store your Bitcoin securely outside of the trading platform. To create a wallet, download the eToro Money app and follow the instructions provided within the app for setting up your crypto wallet. This step is optional but recommended for those seeking to manage their crypto assets securely.

How to Send Bitcoin on eToro

Sending Bitcoin on eToro is straightforward, especially if you have the eToro Money app set up. Follow these steps to transfer Bitcoin securely:

1.     Access the eToro Money App: Open the eToro Money app on your mobile device and log in using your eToro account credentials.

2.     Select Bitcoin: Tap the "Crypto" icon at the bottom of the screen to view your cryptocurrencies. Select Bitcoin from your list of holdings.

3.     Initiate the Transfer: Tap the "Send" button to begin the process.

4.     Enter Recipient Details: Carefully input the recipient's wallet address. Ensure that you have the correct address, as transactions cannot be reversed once they are sent.

5.     Specify Amount: Enter the amount of Bitcoin you wish to send. Double-check this figure before proceeding.

6.     Confirm Transaction: Review all details, including the recipient's address and amount, then confirm the transaction to complete the process.

Once confirmed, your Bitcoin will be sent to the specified wallet address and you can track the transaction status within the app.

How to Sell Bitcoin on eToro

Here's a brief guide on how to sell Bitcoin on eToro:

1.     Log into your eToro account and go to your portfolio.

2.     Find Bitcoin in your list of holdings and click on it.

3.   Click the red "X" or "Close Trade" button on the Bitcoin trade page.

4.     In the order box that appears, select "Sell" as the action.

5.     Enter the amount of Bitcoin you want to sell. This can be in BTC or fiat currency.

6.     Review the details and click "Sell Bitcoin" to execute the trade.

Does eToro Charge Any Fees for Buying or Selling Bitcoin?

Yes, eToro charges fees for buying and selling Bitcoin on its platform. A 1% transaction fee is applied to the quoted price when you purchase or sell Bitcoin. This fee is included in the price displayed when you open and close a position. Additionally, eToro has a spread of approximately 0.75% for Bitcoin trades, which is the difference between the buying and selling prices.

For users who wish to transfer Bitcoin to an external wallet, a 0.5% fee applies, capped at $50. It's important to note that eToro also charges a monthly inactivity fee of $10 after one year of account inactivity. While eToro offers competitive features, potential users should know these fees when trading Bitcoin.

Is It Safe to Buy Bitcoin on eToro?

Yes, it is generally safe to buy Bitcoin on eToro. The platform employs robust security measures to protect users' assets, including two-factor authentication and cold storage for funds. eToro is regulated in multiple jurisdictions, which adds an extra layer of trust and security for investors. Additionally, eToro offers a user-friendly interface and features like social trading, enabling users to learn from experienced traders. However, it's essential to be aware of the associated fees and that eToro does not provide a custodial wallet for crypto assets. For a comprehensive review of eToro's features and services, check out our eToro review.

Is eToro the Right Choice for Your Bitcoin Investment?

In conclusion, eToro is a reliable platform for buying Bitcoin, offering a user-friendly interface and robust security features. With a 1% transaction fee on trades and a 0.5% fee for transferring Bitcoin to external wallets, it provides competitive pricing compared to many other platforms. eToro's regulatory compliance further enhances its credibility, making it a safe choice for novice and experienced investors. While it lacks a custodial wallet option, the platform's social trading features and educational resources make it an attractive option for those looking to invest in Bitcoin.

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