Yes, eToro makes it easy for you to buy Bitcoin whether you are new to cryptocurrency trading or an experienced trader.
The eToro has its own crypto wallet that you can use to store your Bitcoin. In this article we shall show you how you can buy bitcoin on eToro.
What is eToro?
eToro is an Israeli global social exchange platform and multi-asset investment company aimed at providing financial and copy-trading services.
It has headquarters in Central Israel and registered offices in Cyprus, the United Kingdom, the United States, and Australia.
The eToro platform gives traders and investors access to more than 2,000 different financial assets, including stocks, cryptocurrencies, ETFs, currencies, indices etc.
What is Bitcoin?
Bitcoin is a decentralized digital currency that runs through the peer-to-peer bitcoin network.
This kind of transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
In other words, Bitcoin is a form of digital cash that eliminates the need for central authorities such as central banks of countries.
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What Crypto Does eToro Support?
eToro supports over 30 cryptocurrencies for the U.S. customers. If you want to buy Bitcoin, you would not need a platform that offers a wide variety of coins.
But if you do want to spread out into altcoins you will find several popular tokens, though the range is still relatively limited.
Bitcoin and eToro Interaction
Note that eToro has much more than just Bitcoin as you can buy and sell over 50 of the most popular cryptocurrencies such as Ethereum, Ripple, Litecoin, and more.
The eToro makes it easy to swap between Bitcoin and any of the other coin, giving you access to the wider world of cryptocurrency.
The merit of eToro is that it does not charge deposit fees and there are no additional fees when you buy Bitcoin with a credit card or debit card. You will just pay a fixed fee of 1% of your total transaction every time you buy and sell Bitcoin.
Also, eToro does not give customers the option to earn interest on Bitcoin, but other exchanges do through lend or earn products that use the interest earned on decentralized loans to pay viable rates to stockholders.
Should I Use eToro to Buy Bitcoin?
Yes. If you only want to buy Bitcoin and hold it, two aspects of eToro are crucial. First one is the monthly inactivity fee while the second one is the lack of details about security.
You can mitigate this to some degree by moving your funds to an eToro wallet, but there are easier options available in the eToro network
The copy trading accounts are both interesting features for those who want to broaden their crypto investments but copying someone else is not a substitute for researching individual cryptocurrencies and making your own up-to-date decisions.
How Much Will It Cost You to Buy Bitcoin on eToro?
Of course, eToro has some of the lowest fees of any major crypto exchange in relation to buying Bitcoin.
At eToro, you are required to pay a fee of 1% of your total transaction when you buy Bitcoin or any other cryptocurrency. Even when you also sell Bitcoin you will pay a fee of 1%.
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The eToro platform does not charge extra fees for using a credit card or debit card as done by many other cryptocurrency exchanges do. There are, in fact, no deposit fees on eToro.
The eToro platform charges a $5 withdrawal fee, and you will be required to pay a 0.5% transaction fee when you send Bitcoin from your eToro account to your eToro Bitcoin wallet.
How You Can Buy Bitcoin with eToro –Expert Guide
The steps to buying Bitcoin on eToro are explained below:
Step 1: Open an Account with eToro
Go to eToro website and click ‘Join Now’. Then enter your email, choose a username and password.
On the next page, you’ll need to fill in personal information like your name, zip code, birthdate, and phone number.
To comply with KYC regulations, eToro requires you to verify your identity. You must take a picture of your driver’s license or passport or any legal means of identification and upload it to the platform.
Step 2: Verification
The account verification via the eToro crypto app is an easy process. Just upload proof of identity and proof of address.
The eToro verification team will then process your document which happens within 24 hours.
Step 3: Deposit Money in Your Account
eToro requires a minimum deposit of $10 when you open a new account.
You can pay by credit or debit card, PayPal, Neteller, or Skrill. You can also pay by bank transfer if you deposit at least $500.
Step 4: Set Up a Crypto Wallet
When you buy bitcoin with eToro, you can store your coins in your eToro account but in other crypto exchanges, you are not required to have a crypto wallet.
However, crypto wallets are highly secure and allow you to use your Bitcoin for a wide variety of applications.
The eToro platform offers its own cryptocurrency wallet called eToro Money that you can download for free on iOS or Android devices. You simply install the app on your device and log in with your eToro username and password to connect your eToro Bitcoin wallet to your account. That is all.
Step 5: Search for Bitcoin
Go back to the eToro-search bar at the top of the dashboard. Enter Bitcoin or BTC, and then click Trade when it appears to open a new order form.
Step 6: Buy Bitcoin
Enter the amount of Bitcoin you want to purchase in US dollars. You can also enter a take profit or stop loss level, although these are typically used for eToro Bitcoin trading rather than to invest in Bitcoin for the long-term.
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Whenever you are ready, just click ‘Open Trade’ to buy Bitcoin with eToro and with a wide range of payment methods, eToro lets you buy Bitcoin with a credit card with zero deposit fees.