eToro is a famous platform for trading virtual currency and stocks. Among all the cryptocurrencies, Bitcoin is one of the oldest and the most popular. Beginners are often recommended to invest in it as it is also one of the safest.
Knowing how to buy Bitcoin on eToro is not difficult. All you need to do is to find a crypto exchange that provides Bitcoin, sign up on eToro, and link your banking account to it. Now just transfer money into your account on eToro. That’s it. You can easily buy Bitcoin on this platform.
Besides that, you can also buy Bitcoin on eToro with your PayPal. Here’s all you need to know about buying Bitcoin on eToro.
Key Takeaways
- eToro is a great platform for purchasing Bitcoins as it provides various payment options and has a user-friendly interface.
- You can buy Bitcoin on eToro within a few minutes to up to an hour. It depends on the speed of the funds getting deposited and how you use the platform.
- Use the Portfolio section in eToro to manage your crypto investment.
How to Buy Bitcoin on eToro
eToro is a very user-friendly platform, and even if you have zero knowledge, you can start buying and selling Bitcoin without hassle. Here are the pointers to start buying Bitcoin with eToro.
1. Create your account
- Navigate to the eToro.com/accounts/sign-up page to make a new trading account.
- Enter your email ID, select your password and username, and accept the terms and conditions, privacy, and cookie policy.
- Now, tap ‘Create account.’
- Navigate to your email account to verify your address.
- Fill in your basic information, such as name, date of birth, address, and phone number.
- After your profile is set up with this information, check that it matches your data in government-issued identity documents.
- You will get an SMS to verify your contact number.
- The needed documents to verify identity are a valid passport or a driver’s license.
- To provide proof of your address, submit a document issued by your bank, judicial, or a government agency.
- These documents must have your name on them and be dated within the prior three months.
- Take pictures of these documents and upload them on eToro will process these documents in not more than 24 hours.
2. Fund your trading account on eToro.
The next step to buy Bitcoin from eToro is making a deposit. Use these steps to fund your account.
- Sign in to eToro and tap ‘Deposit Funds.’
- Enter an amount and your chosen currency.
- Choose your source of funding.
- Enter the needed information.
NOTE- The permissible minimum deposit for American investors from funding methods like cards, PayPal, Neteller, and Skrill is $10. The funds will appear instantaneously in your account. But if you make a deposit through a wire transfer, the minimum deposit should be $500.
3. Search and buy Bitcoin
Access your eToro trading account and use these steps to search for and buy Bitcoin.
- Locate the search bar at your dashboard’s top portion.
- Here, type bitcoin.
- In the menu that spears, choose ‘BTC’ and tap the ‘Trade’ button.
- You will now see a new order form.
- Now you can set your Bitcoin order.
- Alternatively, start trading immediately.
- If you place an order above or below the current market price, they will only implement if the market trades at the price parameter you have set.
- Another option is to tap ‘Units’ and type in the precise Bitcoin quantity you wish to purchase.
- Set the ‘Stop loss’ as well as the ‘Take profit’ levels.
- When you are ready, tap ‘Set order.’
- If you are not purchasing but are trading Bitcoin, tap ‘Open trade.’
How to Buy Bitcoin with PayPal on eToro?
PayPal is a great option for those who are not comfortable using their debit and credit cards or bank accounts. Follow the steps above to sign up on eToro. After creating a verified account, use these points to purchase Bitcoin.
- On the eToro website or app, find the ‘Deposit funds’ option or tap it.
- Now use the guidelines onscreen to connect your PayPal to eToro.
- On the eToro app or website, input BTC.
- Tap the ‘Trade’ button.
- Now, input the Bitcoin you wish to purchase.
- You can type in the amount in BTC or dollars.
- Review all the details you entered and hit the ‘Buy’ button.
- The Bitcoin quantity you’ve ordered will now be sent to your eToro account.
POINT TO NOTE- PayPal charges a $5 withdrawal fee for those residing outside the US. These people have a minimum of $30 withdrawal amount.
Create an eToro Bitcoin Wallet to Hold Your Crypto Assets.
When you buy Bitcoin with eToro, you can store it in a crypto wallet. It protects the coins but is not a mandatory step. Creating crypto wallets is simple when you have the eToro money app.
- In the eToro money app, tap the ‘Crypto’ icon at the end of the screen.
- Now, touch the ‘+’ icon at the bottom right.
- Besides the crypto wallet, there will be an ‘Add’ option. Tap it to make a wallet.
- Now you can log in with your eToro credentials and connect this wallet to your trading account on the platform.
How to Manage Your Bitcoin on eToro?
eToro makes it easy to monitor and manage your Bitcoin. After purchasing the virtual currency, use the ‘Portfolio’ section of eToro to monitor your investment.
- Head to the ‘Portfolio’ section on your account. This is the area that lets you monitor your Bitcoin’s performance. Also, access other important data about Bitcoin from here.
- Monitor the present value of the crypto by scanning this section. It will give you information about losses, gains, or changes in value. Moreover, find the past price charts and assess your investment’s performance over a period.
- Furthermore, configure price alerts here. Define the price of the Bitcoin for which you want to be alerted.
- If the market reaches that price, eToro will notify you.
Summing up
If you are a beginner wanting to participate in the cryptocurrency revolution, how to buy Bitcoin on eToro is a great platform to start out. Use this guide to buy and monitor your Bitcoin investment. Comment below if you face any problems.