How to Buy Bitcoin on eToro: Full Guide

How to Buy Bitcoin With eToro - Full Guide for Beginners

To start with, eToro is one of the prominent online brokers offering intuitive investment opportunities in the financial markets. eToro is an attractive destination for beginners and experienced traders because of its beginner-friendly interface, diverse financial assets, and social trading features.

Furthermore, eToro operates under the regulation of several top financial bodies across different countries, providing security for users’ funds. It is regulated by the Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Guernsey Financial Service Commission (GFSC), the Financial Industry Regulatory Authority (FINRA), and the Financial Crime Enforcement Network (FinCEN).

Moreover, eToro offers users one of the most diverse payment systems in the financial industry, allowing users to buy Bitcoin seamlessly. Besides, it is worth noting that eToro doesn’t charge transaction fees for deposits, regardless of the method used. However, it does charge a $5 withdrawal fee. The payment methods available on the eToro platform are PayPal, Skrill, Debit Card, Bank Transfer, etc.

Can I Buy Crypto on eToro With PayPal?

Yes, you can buy crypto on eToro using PayPal. Here is a step-by-step procedure on how to buy crypto on eToro with PayPal:

1. Signup/Login to your eToro dashboard.

2. Navigate to the cryptocurrency page.

3. Select the Bitcoin.

4. Choose the amount you want to deposit and click “Deposit”

5. Select PayPal as your deposit method to complete the process.

Can I Buy Crypto on eToro With a Debit Card?

Yes, eToro also enables users to buy crypto using a debit card. Let’s consider the step-by-step procedure on how to buy crypto on eToro using a debit card:

1. Signup/login to your eToro dashboard.

2. Link your debit card to your eToro account.

3. Choose the crypto you want to buy (Bitcoin) and select debit card as payment method.

4. Fill in the card details as required.

5. Enter the deposit amount to complete the process.

In addition, eToro may require users to complete a verification process at some point before proceeding with the debit card transaction.

Can I Buy Crypto on eToro With a Bank Transfer?

Yes, you can buy crypto on eToro using a bank transfer method. Here is how to do it:

1. Signup/Login to your eToro dashboard.

2. Link your eToro account to your bank account.

3. Click on the BUY button and choose the amount you want to deposit.

4. Click on OPEN TRADE to complete the process.

How much does it cost to buy Bitcoin on eToro?

Typically, eToro doesn’t charge users a specific amount when buying Bitcoin. However, the cost to buy Bitcoin on eToro includes several components, including markup spreads and other fees.

eToro charges a spread (the difference between the buying and selling price of Bitcoin) fee for cryptocurrency transactions, in this case, Bitcoin. The spread fee is not fixed; it does fluctuate based on the prevailing market conditions and other factors.

Furthermore, eToro may charge users overnight fees for positions held overnight. It also charges deposit and withdrawal fees, depending on the users’ location, currency used for deposit, and the payment method. For instance, eToro charges users a conversion fee for deposits made in another currency different from the account-based currency, the USD. eToro also charges a $5 withdrawal fee for every withdrawal transaction.

Besides the cost of buying Bitcoin on eToro, the platform also has a notable feature known as the eToro Money Crypto Wallet, which facilitates the storage and management of various cryptocurrency assets.

The wallet is user-friendly, secure, and supports a range of cryptocurrencies, providing a convenient way for investors to manage their assets on the eToro platform. The supported crypto by the eToro Money Crypto Wallet includes Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Stellar (XLM), and Cardano (ADA).

However, users should note that crypto transfers from the eToro platform to the wallet is not available in all countries. Therefore, users may refer to eToro’s official page for an up-to-date list of the eligible countries. In addition, all crypto assets held in CopyTrader and Smart Portfolio positions cannot be transferred to the crypto wallet.

Features of the eToro crypto wallet

The eToro Crypto Wallet is a mobile app that receives supported crypto assets from the eToro trading platform. Here are some key features of the eToro Crypto Wallet:

• Storage: The eToro Crypto Wallet allows users to store their cryptocurrency securely. In other words, it provides a secure storage space for various cryptocurrencies.

• Security: The wallet uses two-factor authentication (2FA) security features to protect users’ assets from unauthorized access.

• User-friendly: The wallet’s interface is beginner-friendly, making it relatively accessible for beginners to navigate without hassle.

• Supports a Variety of Cryptocurrencies: The wallet supports different cryptocurrencies, which gives users a broader choice. 

• Transaction Capabilities: The wallet also allows users to send, receive, and manage their cryptocurrency assets directly on the eToro platform.

• Integration with eToro Platform: The wallet is integrated with the eToro trading platform, which allows users to conveniently transfer crypto assets between their eToro account and the crypto wallet.

Here is a step-by-step guide on how to transfer crypto from the eToro platform to the wallet:

1. Open the eToro trading platform and click the “Portfolio” tab.

2. Select the crypto you want to transfer, Bitcoin (BTC), for instance.

3. Click on “Transfer to Wallet” under the Edit Trade section.

4. Click on the “Transfer” tab to complete the process.

In addition, users should also note that a crypto asset transferred from the eToro platform to the crypto wallet cannot be transferred back to the eToro platform. In other words, once you transfer a crypto asset from your eToro platform to your wallet, it cannot be transferred back to the eToro platform.

Tips for successful Bitcoin trading on eToro

Trading Bitcoin carries inherent risks due to market volatility, which makes the price fluctuate rapidly. Therefore, trading Bitcoin hinges on several factors. Let’s delve into some salient factors that may help beginners succeed in trading Bitcoin on the eToro platform.

• Education: Education is one of the most crucial factors that can determine the success of traders in the cryptocurrency market. Explore different resources and educational materials to understand the basics of how cryptocurrencies work, especially Bitcoin. Besides, you may also study blockchain in general for a broader knowledge of cryptocurrencies.

• Start Small: As a beginner, you can start with a small investment portfolio to mitigate the risk of losing heavily to the market due to having little or no experience in the cryptocurrency market. You can increase your investment portfolio gradually as you gain more market exposure.

• Use eToro’s Copy Trading Feature: Copy trading is another way to minimize losses and maximize profits, especially for beginners and busy investors. So, users may explore the eToro copy trading feature to copy trades from other experienced traders.

• Diversify your Portfolio: Do not put a significant amount of your investment portfolio into trading Bitcoin alone. Instead, spread your investment across other well-researched cryptocurrencies with good prospects. You may also invest part of your portfolio in stocks.

• Practice Good Risk Management: Set up a stop loss to mitigate the impact of bad investment decisions. In addition, do not invest money that can affect your financial capability because profit in the financial market is not guaranteed.

• Stay Updated: Follow the news and developments in the cryptocurrency space, especially Bitcoin, to make informed decisions.

• Set Feasible Goals: The Cryptocurrency market is generally volatile and dynamic; it cannot be predicted with certainty. Therefore, set short and long-term goals that are achievable. In addition, do not be greedy; be willing to take what the market offers, regardless of how small.