If you’re new to eToro (or Bitcoin), you’ve probably got some questions. You undoubtedly want to know not just how to buy Bitcoin on eToro but also whether it’s safe, how much it will cost you, and whether you’ll even possess Bitcoin in the first place. In this article we will guide you about how to buy Bitcoin on eToro?
What Is Bitcoin?
Bitcoin (BTC) is a stateless digital currency that was created in 2009 by Satoshi Nakamoto, who remains unknown. Using blockchain technology, Bitcoin lets people send money to each other without going through banks. These transfers are safe and transparent. Bitcoin is often compared to gold because it can only be made in 21 million coins and can be used instead of government currencies. Its price changes a lot because supply and demand decide how much it’s worth. The blockchain technology behind Bitcoin has led to the creation of many other cryptocurrencies, or “altcoins,” and new uses for blockchain technology in many fields. Putting money into Bitcoin is risky, so people who want to do it need to do a lot of study.
What Is eToro?
eToro is a well-known site for selling cryptocurrencies. It also lets people buy and sell stocks and exchange-traded funds.eToro is known as an excellent tool for new investors because it has a demo account that lets them practice with a $100,000 account. You don’t have to change any money to try buying stocks, ETFs, and cryptocurrencies and see how they do over time. You can also learn from the best traders in the world by copying their accounts. Once you understand how trading works, eToro’s CopyTrader tool lets you use your own money to copy what the best investors do.
How to Buy Bitcoin on eToro?
By following these easy steps you will be able to understand how to buy Bitcoin on eToro?
Step 1: Create Your eToro Account
Start by going to the eToro website and starting the process of making an account. Enter critical information about yourself, such as your complete name, email address, and a secure password. Be ready to go through the steps of verification that are needed to meet regulatory standards.
Step 2: Complete the Verification Process
Before users can put money in and start investing, eToro requires that their accounts be verified. To do this, you will need to prove who you are and show proof of your location. Follow the directions given to finish this step correctly.
Step 3: Deposit Funds into Your eToro Account
Please go to the “Deposit Funds” part of your approved eToro account after logging in. Choose the way you’d like to pay, whether it’s a debit or credit card, a bank transfer, or an e-wallet. To finish the deposit, follow the steps shown on the screen.
Step 4: Search for Bitcoin (BTC)
Once you have enough money, use the search bar at the top of eToro to find Bitcoin (BTC) and click on it. When you click on the result that is shown, you can see a lot of information, like a Bitcoin price map and a market report.
Step 5: Initiate the Trade
Click on the “Trade” button on Bitcoin’s page to start the buying process.
Step 6: Specify Your Trade Parameters
A trade window will show up where you can describe the details of your deal. You can choose how much Bitcoin you want to buy and whether to set your price or buy at the current market price.
Step 7: Confirm and Execute the Order
Check that the trade information is correct. Once you’re sure, click “Open Trade” to make the buy. Your order will be handled right away, and then you’ll have Bitcoin.
Step 8: Monitor Your Investment
Following the buying of Bitcoin, it is essential to keep an eye on it regularly using eToro’s real-time data and analysis tools.
Bitcoin trading fees on eToro
- When you trade on eToro, there is no processing fee. The only fees you need to know about that aren’t apparent at first glance are Accounts that last used a year ago will be charged an inactivity fee.
- Fees to convert (use a trade to change one coin for another)
- Withdrawal fees (a flat rate of $5 for withdrawals of $30 or more)
Overnight fees (CFD positions)
Fees are not charged for buy contracts that are not leveraged. They do, however, apply to all sell positions, all leveraged buy positions, and all coin pair positions (which is when you trade one token for another). Keep in mind that fees can change at any time and with no notice. Before you make a trade, you should always check the website for the most up-to-date rates.
Deposit method options for learn how to buy Bitcoin on eToro?
In addition to standard ways such as bank transfer and bank card deposits, you may deposit funds using a variety of digital wallets and alternative service providers (options may vary by country). These include:
- PayPal
- Neteller
- iDeal
- Skrill
- Rapid Transfer
- Klarna / Sofort Banking