We all know bitcoin is the fastest-growing asset throughout the world. If we see the performance of last year, then we can say it is the best-performing asset of the last decade. To buy a bitcoin, you need an exchange, and the bitcoin exchange enables you to buy bitcoin in exchange for fiat or digital assets. eToro platform meets all the requirements which are trusted by millions of investors. It’s the leading online broker and crypto exchange. Let’s get into the blog to learn how to buy bitcoin on eToro.
How to Buy Bitcoin with eToro?
eToro needs to verify the identity to know the customs regulations. Account and identity verification through the eToro crypto app is quite easier. The requisite document is identity verification for a valid passport or other government-issued documents. You need to give proof of address. Identity verification proof needs different documents. Banks issues acceptable documents, judicial authorities, and government agencies. These documents are issued in your name and dated within the last three months. Take pictures of documents and upload them on the platform. The verification team will process the documents within 24 hours to make it easier to buy bitcoin on eToro.
Setup a Bitcoin or Crypto Wallet
Store your assets in your eToro account when you buy bitcoin with eToro. It doesn’t matter if you have a Crpto wallet or not. A crypto wallet can protect and safeguard the coins. It helps to streamline the use of bitcoin or digital assets for a wide range of applications. eToro offers a proprietary cryptocurrency wallet you can access using eToro credentials once downloaded and installed. eToro money is a multi-crypto wallet that blends excellent ease of use with high-level security features and standardization protocols. Crypto wallet works on both iOS and Android devices. You can Log in with eToro credentials to connect the wallet to the eToro trading account.
Make A Deposit
If you want to fund the eToro trading account, then follow these process:
- Log in to the platform and click “Deposit Funds” at the bottom sidebar menu.
- Input the amount and preferred currency.
- Select the funding source or method to fill in the required details.
eToro accepts deposits from different sources, including credit or debit cards, PayPal and Neteller. The minimum deposit for US investors from funding methods is $10. Funds are processed instantly and appear in the account once to initiate the deposit. The minimum is $500, and processing would take four to seven business days. Whatever payment method is used for depositing funds will also be used for withdrawals, and investors in almost every other country can even invest with a minimum of $50.
Also read about how low will bitcoin go in 2023?
Search for Bitcoin/BTC
Go to the eToro trading account, and find the search bar at the top of the dashboard. Input the Bitcoin, and a drop-down menu will appear. Select BTC for bitcoin and click “Trade” in the top right corner to open a new order form.
Click the Trade button and open the new order form. You can either set the order or execute the trade. Orders are placed below or above the prevailing market price to execute the market trades. Immediate transactions are performed at the overall market price at the time of initiation. You can click on “Units” and input the exact quantity of bitcoin that you want to purchase. Set “Take Profit” and “stop loss” levels. These parameters are used for eToro Bitcoin trading than long-term investing. Click Set order if you are placing an order.
The price change can occur between placement and execution. The circumstance is called slippage and frequently occurs when trading highly volatile assets. Click “Open Trade” for immediate trade execution. Find your recent bitcoin order in the portfolio session of your profile. Follow the latest stats, monitor performance, set price alerts, and follow up with other bitcoin traders.
Why Buy Bitcoin on eToro?
eToro is considered one of the best crypto exchanges to buy bitcoin or other cryptocurrencies.
Low Fee Structure
In other major crypto exchanges, eToro offers the lowest fee structures to crypto or bitcoin investors. When you buy or sell bitcoin or other cryptocurrencies, you only pay 1% of the transaction. It charges no deposit fees or extra charges on buying bitcoin with credit or debit cards. A $5 charge applies during withdrawal. A transaction fee of 2% also applies for transferring bitcoin between eToro investments or trading platforms with a money crypto wallet. The fee depends on position size and conversion for withdrawals or deposits.
Availability of Crypto Assets
For investors to buy or sell, Bitcoin is available in different crypto assets, such as bitcoin cash, ripple, Litecoin, and Ethereum. It’s pretty simple to swap between bitcoin and other cryptocurrencies.
eToro has become the main hub of traders looking for the best social trading cryptocurrency. You can set aside a portion of your crypto portfolio with more experienced traders. People who lack requisite experience can take help through copy trading.
eToro has different features to make it beginner friendly. Its user interface is pretty simple and easy to trade. Highly customizable technical charts and in-depth crypto market analysis help smooth and learning curve for beginners. It helps to share ideas, especially when the market is headed or trading strategies.
eToro offers mock or virtual portfolios for investors before creating a live trading account. The virtual portfolio allows trading with fake dollars while considering actual market conditions. If you don’t have trading experience or lack confidence, then a virtual portfolio can help you prepare for what to expect in the market.
eToro trading or investment platform supports additional security measures like 2FA authentication and Dodos Protection. The eToro money crypto wallet has strong security and standardization protocols.
What Needs To Be Considered While Buying Bitcoin?
The crypto market is highly volatile and unpredictable and can swing in a direction depending on demand and supply. You need to consider the risk appetite before buying bitcoin. People with low-risk tolerance might make sense for investments like exchange-traded and mutual funds.
Do you know your investment goals? Short-term investors always look for passive income or growth investors for short-term markets for long-term returns. Bitcoin and other cryptocurrencies are not ideal for short-term investment goals. You may lose if you invest in bitcoin or cryptocurrencies to earn a few bucks.
Investing in Bitcoin and other cryptocurrencies costs money. You will spend the potential amount on buying bitcoin. Fees range from deposit fees to commissions and differ among crypto exchanges. It is combined with the amount needed to buy bitcoin, and the capital you need to invest can skyrocket. You should consider the available capital before buying. Look for crypto exchanges with low-fee structures offering fractional coins. eToro is a good example.
Frequently Asked Questions
How long does it take to buy bitcoin?
The eToro platform offers traders a simple platform that streamlines bitcoin trading. With eToro, it takes only a few minutes to buy bitcoin.
What happens when you buy bitcoin on eToro?
If you are a bitcoin scalper, you can watch out for small price changes and then sell. Your strategy is long-term, and you can store your bitcoin on eToro Money crypto wallet. When the price rises, you can sell it at a major profit. A long-term strategy offers the best chance of increasing profit.