Despite the ongoing bear market, the number of BTC holders have continued to rise everyday. Recall that the largest crypto by market cap fell to its lowest low in June after trading below $19,000. Meanwhile, it slipped even below $17,000 in November in response to the FTX saga. But, remarkably, the recent downturns have not discouraged holders from hoarding and still seeking to buy the crypto. According to findings, more investors have started buying the dip with the confidence that BTC will bounce back soon. A data by Glassnode, there are over 16,000 new BTC “accumulation addresses.” This data illustrates that thousands have continued to buy and hoard Bitcoin despite the dip. Amidst this development, many new investors have, over time, asked how they can seamlessly buy bitcoin, particularly on eToro, a world’s leading social trading and multi-asset investment company.
If you are one of them, then this article is for you as it is going to critically provide a guide on how to buy the crypto on eToro, the advantages incurred in buying from the platform and many more. Worthy of note that this piece is not geared towards promoting the platform but only to give a comprehensive insight to new investors about how they can purchase bitcoin on eToro. It is majorly for educational purpose. However, without placing the cart before the horse, it is imperative to give a brief about the social trading platform before proceeding to how BTC can be purchased on it.
An Overview of eToro
Founded in 2007, eToro runs as a leading provider of crypto and stocks trading services. Through eToro, users are able to buy and sell a range of assets including stocks, exchange-traded funds (ETFs), and cryptoassets. Further, it allow users to cross-fertilize trading techniques and ideas, thereby gaining real-time insight about the prevalence of the market. Just like its contemporaries, eToro allows users to buy more than 40 digital currencies, including bitcoin, dogecoin, ether and more. It has started supporting BTC since 2014. Remarkably, eToro allows for both crypto-fiat and crypto-to-crypto trading. It also facilitates zero-commission stock trading.
Meanwhile, the multi-asset platform remains one of the platforms with lower fees within the crypto sphere. For the sake of clarity, eToro charges just 1% of the amount to buy Bitcoin or any other cryptocurrencies supported on its network. This thus means depositing on the platform seems cheaper than any other similar platforms. Worth noting that it charges similar percentage when selling the assets. However, eToro charges for withdrawals is fixed. According to its website, it charges $5 withdrawal fee. It also takes $50 transaction fee when users send their assets from their account to its wallet. Additionally, it usually charges an inactivity fee of $10 per month after a year of inactivity by users.
How to buy Bitcoin on eToro
Notably, to buy bitcoin on eToro is not rocket science. It only requires some procedures which will be relayed step by step here for new investors to note. However, the trading platform allows them to either use debit or credit card in the purchase of the token. Without further ado, the steps are as follows:
Step 1: Registration or Sign-up on eToro
The first step that is necessary to buy bitcoin on eToro is for users to sign up or open an account on the platform. To get this done, users need to first visit the website of Etoro and thus insert fill in necessary information about themselves in the sign-up page. Some of the details necessary to sign up with the platform include users’ email address, username and password, phone number, name and birth date.
Step 2: KYC Verification
After inserting the required personal information, users need to now verify their identities. This is in compliance with Know Your Customer rules. To achieve this, users are expected to upload their ID card and perhaps their address documents. More so, users need to immediately link their debit or credit cards to the account. Worth noting that the verification will be confirmed by eToro’s team in the next 24 hours after the sign-up was done.
Step 3: Deposit funds on the account
After confirmation of the identity, the user must fund the account. eToro mandates every new users to at least deposit a minimum amount of $10.
Step 4: Search and Buy Bitcoin on eToro
To buy Bitcoin on eToro, users need to check for the search box on the platform’s homepage. When found, enter Bitcoin and use the trade function. Afterward, it will display a page for you to insert the amount of money you intend to spend in USD. More so, users must give a pre-targeted price for which they intend to sell the purchased bitcoin should in case it falls below point.
Step 5: Click on Open Trade to buy Bitcoin on eToro
Finally, click on the Open Trade function to purchase the BTC.
Why investors must buy Bitcoin on eToro with credit or debit cards
Worthy of note that deciding to buy Bitcoin on eToro with either debit or credit cards comes with numerous benefits. Some of the benefits include:
Safety of the transactions: Notably, any transaction, particularly in regards to buying Bitcoin on eToro is entirely safe when done with credit or debit cards.
Zero clearance fees: More so, eToro charges users with no clearance fees in their quest to buy Bitcoin through debit or credit card.
Convenience: Using credit or debit cards to buy Bitcoin on eToro aids users’ convenience. How? It helps removes the need for cash transactions, thereby allowing users to initiate the purchase anytime and anywhere they are.
Fast and Reliable: The usage of credit or debit cards in buying BTC on eToro allows for a faster transaction. Worth noting that the whole transaction process can be completed in just a few minutes without any hitches.
Other means of buying Bitcoin on eToro
Beyond, credit and debit cards, the social trading platform supports other payment alternatives. Some of them include PayPal, bank transfer and many more. To use PayPal, for instance in buying Bitcoin, users need to select it from available payment options. Then they must deposit at least $10, and consequently select the trade function to place an order. Afterward, they would enter Bitcoin in the search box, enter their investment amount and then buy it on eToro.
Using bank account directly to buy Bitcoin on eToro remains another alternative. However, this method seems slower than others, as it takes days to complete the transaction. Normally, it takes four days, but in some cases, it extends to seven days. However, to use bank account in buying BTC, users need to first click the deposit funds function on the platform. Then, they are expected to determine the currency, and amount before selecting bank transfer as the payment method. Occasioned by this development, the platform will display the details of the bank transfer and in some cases email it to concerned users. Afterward, users have to proceed to their bank app or a branch of the bank to transfer the fund through the details provided. Notably, they must include the ID of the transaction as well as their eToro username in the payment reference.
Storing Bitcoin on eToro
Remarkably, eToro avails two enablements for investors to store their purchased bitcoin. One of the enablements is its native wallet app. As designed, the crypto wallet is simple, user-friendly and free. As of press time, it supports more than 100 cryptocurrencies. More so, according to eToro website, the wallet usually facilitates the trading of more than 500 currency pairs. It possesses advanced security mechanisms, capable of protecting the funds of users. Without any doubt, investors who buy Bitcoin on eToro may try using the wallet to store their assets. The wallet is available for download and can be used on mobile phones.
Furthermore, users may keep the Bitcoin or other assets they buy on eToro on their account within the platform itself. Occasioned by this, users through their email log on and store their assets without subscribing to crypto wallets. However, in situations whereby users decide to transfer their assets away from eToro, they cannot return it back to the platform.
Trading Bitcoin on eToro
After users buy Bitcoin on eToro, they may decide to engage in subsequent trading of the assets. The platform, as earlier asserted, avails them with this offering. To better aid traders on the platform, it usually provide advanced charts and analysis tools for them to follow market trends. Also, it offers custom watchlist as well as real-time insight to make them stay abreast with updates. Notably, it avails risk management tools, including Stop Loss to enable investors protect their investments on the platform.
eToro money: A brief overview
eToro money manifested in 2021 as a separate financial service project of the platform. It runs to complement its native platform, allowing users to maximize their deposit, withdrawal and management of their funds on the platform. Through eToro money, users save money on every deposit to the investment platform. It also allow them to enjoy instant deposits, withdrawals and 0% FX fees on all deposits. To use this app, users need to download it on their mobiles. Afterward, they can log in to the app using their eToro login username and password.