How to Buy Bitcoin on eToro: Step-By-Step Guide

How to Buy Bitcoin on eToro?

Step 1 - Set Up Your eToro Account

First, you need to set up your eToro account to buy Bitcoin on the platform. eToro makes the process of setting up your account and registering quick and simple.

Go to the eToro website and click on the “Join Now” option for registering. Fill out all the required information like your name, address, mobile number, etc and then accept terms and conditions. Make sure that you create a strong password for your account to make it difficult to guess by unknown people.

Complete your profile by entering all the additional details like date of birth, residence address, etc. And then, verify your account using email address or phone number. The final and the most important step in completing the setup process is uploading identity proofs and address profits for the verification process.

eToro ensures the security of your information and funds from external factors. And, being one of the reliable exchange platforms, eToro complies with KYC and AML guidelines. Additionally, eToro is regulated by FINRA, which further strengthens the argument that it is a secured platform. To support the platform and avoid any trouble in the future, you must verify your identity and comply with the rules of the platform.

Step 2 - Deposit Funds into Your eToro Account

The next step in buying Bitcoin on eToro is to add money to your account. Login to your account and click on the “Deposit Funds” option to add money. The eToro platform supports multiple payment options for its customers. They include traditional bank transfers, online payment systems, and credit card or debit card payments.

• Bank Transfer: You can deposit money in your eToro account using the bank transfer payment method. However, this method may take a while for the transaction process to complete and receive funds into your account. You can either use online bank payment or visit your bank branch to initiate the transfer.
• Credit/Debit Card Payments: eToro accepts credit and debit card payments from Visa, Mastercard and Maestro card to deposit funds into your account. You can complete the whole transaction process online, without any hassle.
• Online Payment Systems: Additionally, you can also choose E-wallets like PayPal, Neteller, and Skrill online payment services to deposit funds into your eToro account within a few minutes. This method ensures faster deposit compared to bank transfers and credit or debit card payments.

Before choosing a payment method, read and understand all the details like fees and processing time. Click on your preferred payment method and enter the details like card numbers or bank account details. Next, you must enter the amount you would like to add and confirm the transaction only after verifying all the details.
Note: PP and CC not available for FCA/UK clients

Step 3 - Search Bitcoin on eToro

The next step is to search for Bitcoin on eToro and invest your preferred amount in it. For this, you need to go to the “watchlist” section, which displays all the tokens and other financial assets. Here, you can find Bitcoin at the beginning itself, since it is the largest cryptocurrency by market capitalization.

In case, you cannot find Bitcoin, search for it in the search bar. eToro supports a diverse set of financial assets so it is best you search for it in the search bar. Now, the Bitcoin page will be displayed, where you can see all the details about this crypto. You can see the price trends and how the coin is performing, its market analysis, etc.

Step 4 - Place an Order to Buy Bitcoin on eToro

After searching and finding Bitcoin on eToro, the final step is to place a buy order to buy Bitcoin on eToro. Click on the “Buy” option and you will get an order box, prompting you to enter details.

• Enter the amount you would like to spend purchasing Bitcoin. Or, you can also enter the no. units of Bitcoin you would like to buy. 
• Verify and make sure that all the details are correct and then click on “Open Trade” to initiate the transaction. 
• This is called market order and your buy order will be executed instantly at the current market price of Bitcoin. 
• Cross-verify all the details and confirm the transaction to finally buy Bitcoin on eToro. 

If you are an experienced trader and would like to buy Bitcoin at a certain price other than market price, then you can place a limit order and specify the price at which you would like to buy Bitcoin. When the market price of Bitcoin reaches your limit order price, then your transaction will be executed.

How Much Does it Cost to Buy Bitcoin on eToro?

Let us also understand the amount of money you need to buy Bitcoin on eToro. The minimum deposit amount and the minimum trade amount required on eToro is $10.

If you deposit funds in the US dollar currency, there will be no fees. But, if you are making the deposit with any other currency, then you need to pay the currency conversion fees as the deposit fees on eToro. Additionally, there is a 1% trading fee on eToro.

For instance, if you’re buying Bitcoin worth $10, then you need to pay $0.1 trading fees. Thus, you need a minimum of $10.1 to buy Bitcoin on eToro, provided you are using the US dollar currency.

How to Transfer Bitcoin to the eToro Wallet Application?

eToro crypto exchange platform has the eToro Money application and the eToro crypto wallet is one of the features of this application. Similar to the exchange platform, eToro crypto wallet also offers a user-friendly interface for you to transfer and store cryptocurrencies.

Unlike the existing complex crypto wallets, you won’t have the burden of writing down your private keys and keeping them secure, with eToro wallet.

After buying Bitcoin on eToro, you can transfer it to the eToro crypto wallet to store it securely. Let us look at the process of transferring Bitcoin from eToro crypto exchange to the eToro wallet.

• Login to the eToro Money application using the same credentials of your eToro crypto exchange account.
• Login to your eToro crypto exchange account and click on the “Portfolio” button.
• Select your Bitcoin funds and click on “Edit Trade”.
• You will see an option – “Transfer to eToro Money Wallet”. Click on that to complete the transfer.
• Go to your eToro Money app and cross check if you’ve received the Bitcoin.

Apart from transferring and storing cryptocurrencies, eToro Money app also helps you send and receive crypto funds to other crypto wallets. However, it is not available in a few countries such as Estonia, France, Netherlands, etc. So, make sure you check the availability of the application in your country before proceeding to transfer the funds.