How to Buy Bitcoin on eToro: A Step-by-Step Guide for Beginners

10 min read

Are you a beginner looking to invest in Bitcoin? Are you wondering how to get started? If so, you’ve come to the right place. Bitcoin is a digital currency that has taken the world by storm, and eToro is one of the most popular platforms for buying, selling, and trading Bitcoin. 

In this article, we will provide you with a step-by-step guide on how to buy Bitcoin on eToro. So, buckle up, and get ready to learn how to buy Bitcoin using eToro.

What is eToro?

Photo Source: eToro

  • Founded in: 2007
  • Headquarter: Tel Aviv, Israel
  • Sector: Financial
  • Industry: Investment Banking & Brokerage Services
  • Founders: Yoni Assia, Ronen Assia, David Ring

eToro is a social investment and multi-asset brokerage company with a global presence. The company operates from 10 offices worldwide, including the US, UK, Israel, Cyprus, and Australia. It offers a unique platform supporting manual and social investing to democratize the investing process.

eToro’s investment platform is designed to provide clients with diverse investment opportunities, spanning stocks, currencies, commodities, crypto assets, ETFs, and indices. 

eToro Key Features

  • Social Investing;
  • Manual Investing;
  • Wide Selection of Financial Instruments;
  • Professional Tools and Analyses;
  • CopyTrader System;
  • Popular Investor Program;
  • eToro Money App;
  • Smart Portfolios.

Some eToro Key Features Explained

One of the unique features of eToro’s platform is its social investing component, which allows clients to follow the financial investment activity of other clients and replicate their trades in real-time using the CopyTrader system. The platform operates fully transparently, displaying each client’s relevant data, such as gain percentage, risk score, and portfolio composition.

eToro’s Popular Investor program is another unique offering, enabling successful investors to build their businesses by sharing their expertise and getting paid by eToro for being copied. The company has also developed Smart Portfolios, a long-term investment vehicle that comprises either top investors from the platform or several financial assets following a predetermined market strategy.

Also, recently, eToro was proud to roll out the eToro Money app, which includes a cash account and debit card that can be used to make and receive bank transfers, deposit and withdraw instantly from the eToro investment platform, and shop anywhere in the world. 

eToro Valuation by Year

Bitcoin Investing on eToro: Key Information to Know Before Beginning

Before diving into Bitcoin investing on eToro, it is crucial to have a deep understanding of what Bitcoin is and its underlying technology and to understand the key information and factors that can impact your investment decisions.

In a nutshell, Bitcoin is a decentralized digital currency that operates on a peer-to-peer network, allowing for secure and fast transactions without the need for a central authority. The technology behind Bitcoin is known as the blockchain. The blockchain is a digital ledger that records every Bitcoin transaction ever made. This ledger is distributed across a network of computers, making it impossible for anyone to manipulate the data without being detected. One of the key features of Bitcoin is its finite supply. Only 21 million Bitcoins will ever exist, and the rate at which they are created decreases over time. This makes Bitcoin a deflationary currency, which contrasts traditional inflationary fiat currencies.

Disclaimer: The information provided about Bitcoin is not sufficient to guarantee safe investment. We urge you to conduct your own research and be cautious when investing in this currency.

To successfully buy Bitcoin on eToro, you’ll need to do more than just rely on your knowledge of Bitcoin. It’s important to consider the following factors and conduct thorough research:

  • Consider the Risks;
  • Decide on a Trading Strategy;
  • Diversify Your Portfolio;
  • Keep Up With Market Trends.

eToro Statistics

  • The average age of an eToro user is 34 years old.
  • 69% of eToro users are from Europe, while 18% are from the Asia-Pacific region, and 8% are from the Americas.
  • 11% of eToro users are full-time traders or investors, 10% work in computer/IT services, and 7% work in sales or marketing.
  • eToro is available in 140 countries.

How to Buy Bitcoin on eToro

Prior to making a Bitcoin investment, it is advisable to check its current market value. Currently, the value of 1 BTC stands at:

  • bitcoinBitcoin$69,553.00-0.39%

Also, to ensure a seamless experience in buying Bitcoin on eToro, there are certain prerequisites that must be met beforehand. These include the following:

  • Creating an account on the eToro platform

If you don’t have an eToro account, you can create one here. To complete the process, you must provide your email address, username, and password. Click the “Create Account” button after accepting the terms and conditions.

  • Completing the verification process for your account

To verify your account, you’ll need to confirm your email address by following the link provided in the email. You’ll also need to provide additional details such as your full name, date of birth, address, and phone number. To complete your profile, you may be required to submit a photo ID and answer questions about your investing experience.

  • Ensuring that you have deposited funds into your account

To fund your account, click the “Deposit Funds” button, select your local currency, and enter the amount you wish to deposit.

With the prerequisites out of the way, we can now move on to the exciting stage of purchasing Bitcoin. To simplify the process for you, we have provided a step-by-step guide for both the browser version of eToro and the mobile app.

How to Buy Bitcoin on eToro Using Browser Version

Search for Bitcoin and Press the “Trade” Button

After completing the steps above and logging into your account, you’ll notice a search bar located at the top of the main page. To quickly find the cryptocurrency you wish to invest in, simply type in “Bitcoin” or “BTC” in the search bar and click on the “Trade” button. You can access the “Trade” button directly from the search bar next to BTC or after selecting “BTC” and reviewing the pertinent information the app provides. This streamlined process will make investing in Bitcoin a breeze on the eToro platform.

Buy Bitcoin After You Select the Desired Amount and Press the “Open Trade” Button

To purchase Bitcoin with eToro, simply enter the desired amount in US dollars and click on the “Open Trade” button. 

When purchasing Bitcoin on eToro, you can either set an order or execute an immediate trade. Here are the details for each option:

  • Order: You can set an order by placing it either above or below the current market price. This order will only be executed when the market price trades within the price parameters you have specified.
  • Trade: Alternatively, you can immediately trade based on the current market buy and sell prices. This trade is executed instantly, giving you the advantage of obtaining the cryptocurrency at the current market price.

You must ensure the “Leverage” is set to 1x, neither higher nor lower. This is because leverage is a tool that can significantly amplify your gains, but it also comes with a high degree of risk. With higher leverage, the risk of losing your investment also increases exponentially. Also, while including a take profit or stop loss level is possible, these are typically reserved for eToro Bitcoin trading rather than long-term investment strategies. Once you’ve set your parameters and reviewed your information, click “Open Trade” to seamlessly invest in Bitcoin using the eToro platform. Now Bitcoin will appear in your portfolio.

How to Buy Bitcoin on eToro Using Mobile Version

Search for Bitcoin and Press the “Trade” Button

To search for a specific cryptocurrency on the eToro mobile app, you need to click on the “Search” button in the app’s bottom bar. Once the search bar appears, simply type in “Bitcoin” or “BTC” to quickly find the cryptocurrency you wish to invest in. After selecting the desired cryptocurrency, you can access the “Trade” button directly from the search bar next to BTC or by reviewing the pertinent information that the app provides.

Buy Bitcoin After You Select the Desired Amount and Press the “Open Trade” Button

The process on the phone is similar to that in the browser.

To purchase Bitcoin on eToro, enter the desired amount in USD and click “Open Trade.” You can choose between setting an order or executing a direct trade. When setting an order, it will only be executed if the market price trades within your specified parameters. Trading immediately allows you to buy at the current market price. Ensure the “Leverage” section is 1x, not higher or lower. Take profit and stop loss levels are usually for trading rather than long-term investments. Finally, click “Open Trade” to invest in Bitcoin on eToro, which will appear in your portfolio.

Bitcoin Trading Fees on eToro

The most significant fee to consider when purchasing Bitcoin on eToro is a 1% fee charged by the broker for buying or selling crypto. This fee is factored into the displayed price when opening or closing a position, which is generally based on orders made on the eToro crypto exchange.

Upon opening a new position, you will observe a “loss,” representing the 1% cost of buying Bitcoin and the 1% expected cost of selling it. However, when closing the position, the selling fee is adjusted based on the current market value of the crypto asset. It is important to note that the 1% fee is added to the market price, or the bid-ask spread, which at the time of writing was 0.75% for Bitcoin.

Final Thoughts

So, eToro is a top spot for Bitcoin investing. You can invest in stocks, currencies, commodities, and crypto with a user-friendly platform. Consider the risks, have a trading plan, and stay current on market trends. To buy Bitcoin on eToro, create an account, verify, deposit, and start investing!

FAQ

Can You Buy Bitcoin on eToro?

Yes, you can buy Bitcoin on eToro. In fact, eToro provides a wide selection of cryptocurrencies, including Bitcoin, for users to trade or invest in.

Can I Withdraw Bitcoin from eToro?

Yes, you can withdraw Bitcoin from eToro. Once you have purchased Bitcoin on the eToro platform, you can withdraw it to your personal Bitcoin wallet. To do this, you will need to navigate to the “Portfolio” tab, select the cryptocurrency you wish to withdraw, and click on the “Withdraw” button. You will then be prompted to enter the amount you want to withdraw and the destination wallet address. It’s important to note that eToro charges a withdrawal fee of $5 for each cryptocurrency withdrawal.

How Do I Store Bitcoin?

A popular method of storing cryptocurrency is through the use of a crypto wallet. It is important to understand your specific needs before selecting the appropriate wallet. eToro provides traders with the eToro Money wallet, which is a safe and user-friendly option for storing various cryptocurrencies, including Bitcoin.

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