Have you heard about eToro yet? it is one of the most versatile and highly trusted social trading and multi-investment platform. Today, we will walk you through the details of this platform and also show you how to buy Bitcoin with eToro. Let’s get started!
What is eToro and How Does it Work?
eToro is a highly innovative trading platform that allows you to experience a unique social trading environment. As an eToro user, you can explore the trades of highly experienced crypto, stocks, and ETF asset investors. You can also buy bitcoin and other cryptocurrencies using the platform and trade them for maximized profits.
Is eToro Good for Beginners?
eToro is a great option for beginners who aim to invest and trade assets. It is regulated by the Financial Conduct Authority (FCA) which binds the platform to treat customers fairly and safely.
Why Use eToro for Bitcoin Trading?
Bitcoin is the largest cryptocurrency on the planet right now. While you can trade it on many platforms, eToro stands out in the competition based on various factors.
Easy and Quick Onboarding
eToro allows you to quickly open your trading account and get it up and running within 10 minutes.
Easy Funding
eToro supports bank deposits and other payment options without a deposit fee, making it ideal for bitcoin trading (location-based conversion fees may apply).
Simple Trading Charges
For each crypto trade, you will have to pay flat 1% using eToro.
Copy Trading
Not a trading pro? eToro allows you to copy trade practices of the most experienced traders on the platform so you can win decent amounts.
eToro Bitcoin Wallet
eToro has an efficient Bitcoin wallet that allows you to take control of your assets for seamless sending and receiving activities.
How to Buy Bitcoin on eToro?
Open Your Trading Account
Join the platform by pressing the Join Now button and providing your details like email address for choosing a username. You may also provide other information such as your name, address, contact number, etc.
Complete KYC (Know Your Customer)
In the next step, you must comply with the platform’s regulations by undergoing an eToro identity verification process. You may upload a copy of your government-issued photo ID to ensure verification.
Make a Deposit
In the next stage, you can make deposit to buy crypto assets. eToro supports bank transfers so that you can seamlessly make deposits for purchasing assets.
Search for Bitcoin
When in the app, you can use the search bar to find Bitcoin or BTC. Once you find it, you can tap the Trade button to open the trading box.
Place the Order
eToro facilitates market and limit orders. However, the default trade setting is for market orders. Keep in mind that limit orders give you more control over pricing. You can choose a trade type and set the amount to open the trade.
How to Set Up eToro Bitcoin Wallet?
Here are the simple steps to set up your eToro Bitcoin wallet.
- Tap on the Portfolio link
- Select BTC in your portfolio
- Choose the trade you wish to move to your Bitcoin wallet
- Select Transfer to Wallet on the Edit Trade screen
- Review and complete the transfer
eToro’s Fee Structure
| Crypto Trading Fees | 1% plus spread |
| Stock and ETF Trading Fees | 0% plus spread |
| Deposit Fees | None; conversion fees apply for non-USD deposits |
| Withdrawal Fees | $5 |
| Crypto Withdrawal Fees | Varies by network demand |
Bitcoin Withdrawal Fees
| BTC Minimum Withdrawal | 0.007195 BTC (currently about $310) |
| Placeholder Fee | 2% |
| Minimum BTC Withdrawal Fee | $1 |
| Maximum BTC Withdrawal Fee | $100 |
How Risky is eToro?
eToro was established in 2007 and is effectively regulated in three Tier-1 jurisdictions and one Tier-4 jurisdiction. The platform has a Trust Score rating of Highly Trusted, making it a great option for crypto trading.
How Much Money Do You Need to Start on eToro?
You can start investing with a minimum deposit of US $50. However, you may check the deposit requirements based on the country you are in.
Verdict
The above information can help you understand how to buy Bitcoin with eToro. We have covered all the details you need to take a quick start. Download your app today to experience seamless and efficient trading.