eToro is a medium for social trading and a multi-asset brokerage platform. This UK-based crypto exchange provides various digital currencies, including Bitcoin. Purchasing this cryptocurrency on this platform is not very complex. It only requires you to sign up, send funds to your account on eToro, and start trading.
You can also use the eToro wallet to confidently store your cryptocurrency. If you are wondering how to buy Bitcoin on eToro, this post can act as your guide. Here, you will find a stepwise purchasing process. We will also explain why eToro can be the right choice for investing in Bitcoin.
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Steps to Buy Bitcoin on eToro
If you have ever invested in stock before, buying Bitcoin on eToro won’t feel difficult. You just need to follow two steps to get this digital currency on the platform.
1. Sign up on eToro.
The first step to purchasing Bitcoin on eToro is to sign up on the platform. You can make a brand new trading account. Just sign up, and connect your bank. You can tap ‘Join now’ on the official eToro website.
The signing-up process needs you to choose your username and credentials and fill in data like your name, birth date, zip code, and contact number. Verify your identity by complying with Know Your Customer or KYC regulations.
Lastly, upload a picture of your driver’s license or passport on eToro.
2. Start buying Bitcoin
After signing up on the platform, you can start purchasing Bitcoin fractionally. It means you don’t need to invest in an entire Bitcoin to own them. If the price of the digital asset is $10,000, you can certainly buy for $1,000, 0.1 Bitcoin.
Here are the stepwise instructions to buy Bitcoin.
- Head to ‘Discover’ followed by ‘Crypto.’
- Select ‘Bitcoin’ and tap the ‘Trade’ button beside it.
POINT TO NOTE: If you tap the entire list item, you will get to the Information page. Here there will be more details about Bitcoins.
- After tapping ‘Trade,’ you will come to the ‘Order Panel’ for Bitcoin.
- Here, there will be two options.
- Trade – Purchase a particular amount of Bitcoin at the existing price.
- Order – Choose a BTC price target and the coins to buy. When the price matches your target, the transaction will be completed.
- If you choose ‘Trade’, choose the amount to invest. Note that the minimum amount is $10.
- If you choose ‘Units,’ select the number of Bitcoins to purchase. As mentioned before, investors can buy Bitcoins on eToro fractionally.
POINT TO NOTE: Remember to have cash in your account. Otherwise, the platform will prompt you to deposit the needed amount.
- Now, tap the ‘Open Trade’ or ‘Deposit Now’ button.
- If your profile is approved, eToro will accept the order.
- You have purchased Bitcoin successfully on eToro.
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The Cost of Buying Bitcoin on eToro
A great benefit of buying Bitcoin on eToro is that it has a very less fee compared to other crypto exchanges. You only need to pay 1% of your entire transaction when purchasing Bitcoin from the platform. There are no extra fees or charges if you use a debit or credit card to purchase Bitcoin.
Moreover, there is also a zero deposit fee on the platform. You will be charged $5 as a withdrawal fee and will need to pay 0.5% of the total transaction fee when transferring Bitcoin from your account on eToro to your eToro Bitcoin wallet.
The crypto exchange is open throughout the day. So, you can place a Bitcoin order whenever you want. Having said that, you will need to wait for up to five days if you wish to send your Bitcoin to your crypto wallet.
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The Process to Transfer Bitcoin from eToro to Your Wallet
Now you know how to buy Bitcoin on eToro successfully. After purchase, you can send them to eToro Money, a crypto wallet. It is a great way to safeguard your Bitcoin. Moreover, you can access it whenever you want. The wallet has advanced signature mechanisms, with which it maintains a high level of security.
- Download the eToro Money app and sign into it.
- You will see the option to send cryptocurrency to your wallet.
- Tap the ‘Portfolio’ tab.
- Now choose the Bitcoin which you want to transfer.
- Tap on the specific trade that you wish to transfer.
- Now, touch the ‘Transfer to wallet’ option on the Edit Trade screen.
- After reviewing the details, tap ‘Transfer.’
- That’s it. Now just wait for the notification to confirm your request.
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You will undoubtedly have a user-friendly experience when buying Bitcoin on eToro. Just make an account, deposit funds, choose Bitcoin and buy it on the platform. As an additional step, monitor the performance of Bitcoin on your portfolio page.