Bitcoin has built a reputation as the first secure and most valuable digital currency. The original crypto has become increasingly popular among investors as a speculative asset as well as a store of value. This guide gives you step-by-step instructions demonstrating how you can buy Bitcoin on eToro, the perks eToro offers for traders, and additional tips on successfully trading on the platform.
Methodology
As well as eToro, this article recommends a few other trading platforms with which users can buy Bitcoin safely and securely. All platforms have been chosen for the following reasons.
OKX
- Offers a wide selection of cryptocurrencies with multiple trading pairs, allowing traders to diversify their portfolios
- Known for its low trading fees, making it an attractive option for cost-conscious traders
- Provides demo accounts for inexperienced traders, offering a user-friendly experience
- Automated trading bots
Binance
- Recognized for high trading volumes and extensive liquidity, ensuring efficient trade execution and minimal slippage
- Competitive trading fees that appeal to a broad range of traders
- Educational materials
Kraken
- Competitive trading volumes and liquidity,
- An accessible platform that caters to both new and experienced traders
- Advanced trading features like margin trading, futures, and staking
- Automated trading bots
For more information on BeinCrypto’s verification methodology, click here.
- How to buy Bitcoin on eToro
- What is eToro?
- Pros of using eToro to trade Bitcoin
- Risks of using eToro to trade Bitcoin
- How do Bitcoin fees and limits work on eToro?
- How long does it take to buy Bitcoin on eToro?
- How to transfer Bitcoin from eToro to a wallet
- Tips for successful Bitcoin trading on eToro
- Alternative platforms to buy Bitcoin
- Mastering Bitcoin trading on eToro
- Frequently asked questions
How to buy Bitcoin on eToro
Follow these steps to buy Bitcoin on eToro.
- Go to the eToro website and create an account. Click on the “Join Now” tab to start the registration process. You’ll also need to verify your identity by submitting your driver’s license, proof of address, or valid passport.
- Once logged in, click “Deposit Funds” on the navigation bar on the left of the dashboard to fund your account. eToro supports several deposit methods, including bank transfers, e-wallets, and credit/debit cards. Choose your preferred method and ensure you meet the minimum deposit required. Credit Cards and PayPal are not available for deposits for users under the FCA regulation
- Go to the Discover page and click “Crypto” at the top of the dashboard.
- Select BTC and click on “Trade” to initiate buying Bitcoin.
- Indicate the amount you want to spend in USD and the order type, then click “Buy” to complete your transaction.
What is eToro?
eToro is a social trading and investment company that was founded in 2007. It offers intuitive trading for various assets, including stocks, exchange-traded funds (ETFs), commodities, and currencies.
The online broker added cryptocurrency trading in 2013, starting with Bitcoin and expanding to over 80 popular digital currencies and tokens. The platform has a user-friendly interface and provides social trading, enabling users to auto-copy trades of the most successful traders on the platform.
eToro is regulated by the Financial Conduct Authority and the Cyprus Securities and Exchange Commission (CySEC) in the U.K. and Europe. In the United States, the company is registered as a Money Service Business (MSB) by FinCEN and holds Money Transmitter Licenses in various states.
Pros of using eToro to trade Bitcoin
Now, let’s look at some benefits of using the platform to trade Bitcoin:
- Accessible and user-friendly interface
- Offers detailed charts, stats, and news on BTC price trends
- Uses a flat fee of 1% for buying or selling crypto
- Offers CryptoPortfolio services and a crypto wallet that caters to crypto investors
- Offers social trading for less experienced investors
Risks of using eToro to trade Bitcoin
In this section, we highlight some of the risks you need to be aware of before buying Bitcoin on eToro:
- Crypto prices are highly volatile, which could lead to significant losses for investors.
- eToro uses USD as the base currency, which means if that isn’t your local currency, you expose yourself to additional currency risk.
- The platform charges an inactivity fee for accounts that have been inactive for 12 months.
How do Bitcoin fees and limits work on eToro?
The platform charges a 1% fee on buying or selling cryptocurrencies plus an additional spread. The fee is included in the quoted price when placing an order.
When you start a new trade, the 1% cost of buying BTC and the 1% expected cost of selling the asset will be indicated as a “loss” on the platform. eToro adds the fee to the Bitcoin market price based on the bid-ask spread (the difference between the bid and ask prices). The minimum amount of Bitcoin you can buy on eToro is $10.
A 2% fee is also charged when you transfer Bitcoin to your eToro crypto wallet. The minimum amount of BTC you can withdraw is worth $30. The fee minimum is $1, and the maximum is $100.
eToro also charges a monthly inactivity fee of $10 for accounts that have been active for more than 12 months.
How long does it take to buy Bitcoin on eToro?
eToro offers one of the easiest ways to buy and sell Bitcoin, with a user-friendly interface and robust features. The time it takes to buy Bitcoin varies because of a number of factors, including how long it takes you to open and verify your account, deposit funds, and navigate the trading page. eToro’s intuitive interface streamlines the signing-up process and is simple enough to navigate even for beginners.
Therefore, the duration of the purchase depends on your familiarity with the platform. The process can take a few minutes to an hour to complete, depending on how fast you can deposit funds and initiate a trade.
How to transfer Bitcoin from eToro to a wallet
eToro has a multi-crypto wallet that allows you to manage and store your digital assets securely. Here is what you need to do to transfer Bitcoin from eToro to the eToro Money wallet:
- Download the eToro Money app on your mobile phone and log in.
- Go to the eToro trading platform and click ‘Portfolio’ in the sidebar.
- Click on the asset you want to transfer, in this case, Bitcoin. You will see all the open trades you have under BTC.
- Click on the trade you want to transfer and select the ‘Transfer to Wallet’ option.
- Review transfer details and initiate by clicking the blue ‘Transfer’ icon.
You will receive a notification to confirm the submission. The transfer will be processed in five business days, and once completed, your BTC will be in your wallet.
Note that cryptocurrency transfers are one-way. Once you transfer Bitcoin from the eToro platform into your wallet, you cannot send it back to the platform.
Tips for successful Bitcoin trading on eToro
Now, let’s look at some Bitcoin trading tips that can help you trade successfully on eToro.
- Stay informed: You need to stay current with what is happening in the cryptocurrency industry and look out for upcoming financial events or news updates that can affect Bitcoin trends.
- Understand the risk: When investing in a volatile market, remember that associated risks could lead to significant losses. Only invest what you can afford to lose. You can also implement risk management strategies on eToro, like setting stop-loss orders to mitigate potential losses.
- Educate yourself: Do your research on cryptocurrency investment and learn as much as you can before jumping into Bitcoin trading. eToro offers educational resources through its academy to help you build your knowledge on trading and investments.
- Practice: eToro offers demo accounts for anyone who signs up on their platform with $100,000 in virtual money. You can practice trading with virtual money without risking any real money to build your confidence in your skills.
Alternative platforms to buy Bitcoin
There are several other platforms, besides eToro, that you can use to buy Bitcoin. In this section, we highlight some options you can consider.
Ideal for demo and spot trading
Trustworthy exchange with complete crypto ecosystem
Reputable trading platform for advanced traders
OKX
OKX is one of the world’s leading cryptocurrency exchanges by trading volume. It was launched in 2017 and offers advanced crypto trading services, including spot and derivatives trading. OKX has a wide variety of cryptocurrencies with multiple trading pairs and low trading fees. It caters to advanced traders but also offers demo accounts for inexperienced traders to build their trading skills.
Binance
Binance is a global cryptocurrency exchange platform that was founded in 2017. It supports over 350 cryptocurrencies and digital assets. The platform is one of the largest Bitcoin and altcoin exchanges in the market by volume. Binance offers a wide range of products and services, including peer-to-peer (P2P), margin, futures, and OTC trading options.
Kraken
Kraken is a highly dependable platform that was launched in 2011. The cryptocurrency exchange is an industry leader in security and offers a good selection of over 200 assets. Kraken offers many features and services, including margin trading, futures, and staking. The exchange targets more advanced traders with its range of technical trading tools.
Mastering Bitcoin trading on eToro
eToro offers a beginner-friendly way to invest in and trade Bitcoin and other popular cryptocurrencies. It features useful tools and resources to streamline your investment journey. The platform’s demo account is an excellent way to practice your trading and familiarize yourself with the tools and features eToro has to offer. However, make sure you do your own research before making any investment decision and know the risks involved in buying Bitcoin or any other cryptocurrency.
Disclaimer
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
Frequently asked questions
Is it safe to buy Bitcoin on eToro?
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