How to Buy Bitcoin on eToro: A Comprehensive Guide

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eToro is a popular trading platform that allows users to invest in various assets, including cryptocurrencies like Bitcoin. This guide will walk you through the process of buying Bitcoin on eToro, step by step.

Step 1: Sign up for an eToro account

To start buying Bitcoin on eToro, you need to sign up for an account on the platform. Provide your personal information, such as your name, email address, and phone number. Once your account is verified, you can proceed to the next step.

Step 2: Deposit funds into your eToro account

Before you can buy Bitcoin, you need to deposit funds into your eToro account. You can do this using a debit card, credit card, bank transfer, or e-wallet. The available payment methods may vary depending on your location.

Step 3: Locate Bitcoin on the eToro platform

Log in to your eToro account and navigate to the Bitcoin page. You can find it by searching for “Bitcoin” in the search bar or by browsing the available cryptocurrencies.

Step 4: Choose between “Trade” and “Order”

On the Bitcoin page, you have two options: “Trade” and “Order.” “Trade” allows you to purchase Bitcoin at its current market price, while “Order” enables you to set a specific price at which you want to buy Bitcoin.

Step 5: Enter the amount of Bitcoin you want to buy

Enter the number of Bitcoin you wish to purchase and review the transaction details, including the fees. Keep in mind that eToro charges a 1% fee for buying Bitcoin, which is included in the price displayed when opening and closing a position.

Step 6: Confirm the transaction

Click “Open Trade” to complete the transaction. This will execute the purchase of Bitcoin on your behalf.

Step 7: Monitor your investment

Once you’ve bought Bitcoin, you can monitor your investment by keeping an eye on the cryptocurrency’s price and market trends. eToro provides various tools and resources to help you stay informed and make informed decisions.

Conclusion

Buying Bitcoin on eToro is a straightforward process that allows you to invest in the popular cryptocurrency. With its user-friendly interface and robust features, eToro is an excellent platform for both experienced traders and newcomers to the world of cryptocurrencies.

Remember that investing in cryptocurrencies carries inherent risks, and you should always do your research and consider your risk tolerance before making any investment decisions.

Q: What fees does eToro charge for buying Bitcoin?

A: eToro charges a spread of 0.75% for Bitcoin purchases, and a 1% fee for all cryptocurrencies, which is included in the price displayed when opening and closing a position. [5]

Q: Does eToro provide educational resources for users?

A: Yes, eToro provides educational resources, including articles, videos, and webinars, to help users enhance their trading knowledge and make informed decisions. [1][3][4]

Q: What are the steps to buy Bitcoin on eToro?

A: To buy Bitcoin on eToro, users need to sign up for an eToro account, deposit funds, navigate to the Bitcoin page, choose to “Trade” or “Order,” enter the amount of Bitcoin to buy, review the transaction details, and click “Open Trade” to complete the transaction. [5]

Q: Can users transfer Bitcoin to the eToro Money cryptowallet?

A: Yes, users can transfer Bitcoin to the eToro Money cryptowallet. [1]

eToro charges a 1% fee for buying Bitcoin, which is the same fee it charges for all cryptocurrencies. The fee is included in the price displayed when opening and closing a position, and it is added to the market price (the bid-ask spread). At the time of writing, the Bitcoin spread was 0.75%. [2][5] However, eToro does not charge any hidden fees, making it a good option for investors. [1] Additionally, eToro doesn’t charge any clearance fees when funding an account with a debit card. [3]

When selling Bitcoin on eToro, the platform charges a 1% fee for the transaction. This fee is the same as the fee charged for buying Bitcoin and is included in the price displayed when opening and closing a position. The 1% fee is added to the market price (the bid-ask spread) [3]. Additionally, eToro charges a 2% fee for coin transfers, with a minimum fee of $1 (in units) and a maximum fee of $100 (in units) [4]. Keep in mind that while eToro does not charge any hidden fees, tax on profits may apply[3].

Citations:
[1] https://www.etoro.com/crypto/how-to-buy-bitcoin/
[2] https://brokerchooser.com/broker-reviews/etoro-review/bitcoin
[3] https://www.etoro.com/crypto/how-to-buy-bitcoin-with-credit-card/
[4] https://www.asktraders.com/gb/learn-to-trade/guides/how-to-buy-bitcoin-on-etoro/
[5] https://help.etoro.com/s/article/when-do-i-pay-the-fee-for-crypto-investments?language=en_GB