Bitcoin, the largest crypto asset by market cap, recently reached $100,000 as investor interest grew following Donald Trump’s victory. It is now the world’s 9th largest asset by market valuation.
Are you looking to add Bitcoin to your portfolio but don’t know where to purchase it from? Do not worry! We will show you how to buy the asset from one of the most trusted trading platforms, eToro. Read on to learn more.
Exploring eToro
Headquartered in Tel Aviv, Israel, eToro is a leading brokerage firm offering a wide range of financial instruments, including stocks, cryptocurrencies, and exchange-traded funds, among others.
The broker’s trading platform is well-designed to allow easy navigation, making it ideal for both novice and experienced users. Furthermore, eToro customers get access to advanced charting tools that simplify their trading activities.
While Bitcoin is the most traded crypto asset on eToro, other supported digital currencies include Ethereum, XRP, Cardano, and Litecoin. The broker has promised to add more tokens in the coming months.
Buying Bitcoin on Etoro: A Step-by-Step Guide
Follow these simple steps to acquire your first Bitcoin on eToro:
1. Open a Trading Account
To open an account with eToro, visit the broker’s official website, etoro.com, and click the ‘Get Started’ button. You will be required to provide the following information: your name, a working email address, and a strong password.
After reading and understanding the terms and conditions, mark the checkbox and press ‘Create Account’ to proceed. Enter the verification code sent to your email to access your eToro account.
2. Complete KYC Checks
As a regulated brokerage firm, eToro adheres to Know Your Customer (KYC) policies in an effort to prevent illegal transactions. That said, you are expected to verify your identity by submitting proof of residence and a photo of your government-issued ID, driver’s license, or passport.
eToro will check the submitted details and respond within 24 hours. If approved, you can then buy Bitcoin.
3. Fund Your eToro Account
To purchase any crypto asset on eToro, you need to fund your account first. Luckily, the broker supports multiple depositing methods, including credit/debit cards, Skrill, Neteller, PayPal, and bank transfers. Note that you can fund your account with over ten fiat currencies.
To add money, go to the ‘Deposit Funds’ section and select the fiat you wish to deposit and the payment method. After that, specify the amount of fiat to be deposited and click ‘Deposit.’ The time it takes for funds to reach your eToro account depends on the deposit method used.
4. Buy Bitcoin
After funds arrive in your eToro wallet, click ‘Trading’ and then select ‘Crypto on eToro.’ Now, look for Bitcoin in the displayed list of crypto assets and press the ‘Trade’ option. eToro will display Bitcoin’s price chart and detailed information about the asset to help you better understand it.
To buy Bitcoin, press ‘Buy’ and select your ideal order type. It could be a limit order or a market order. If you opt for the limit order, eToro will allow you to specify the price at which you wish to purchase Bitcoin. Market order, on the other hand, means buying the asset at the current price.
After placing a buy order, wait for the broker to execute it. If the transaction is successful, the acquired Bitcoin will be deposited in your eToro account.
5. Transfer Your Bitcoin to a Noncustodial Wallet
While eToro offers an easy way to buy Bitcoin, it’s not ideal for storing cryptocurrencies since it maintains the keys for your Bitcoin wallet. Therefore, to have complete control over your Bitcoin, we recommend transferring it to a noncustodial wallet, such as Ledger, Atom Wallet, and Phantom.
eToro Trading Fees
When buying Bitcoin on eToro, you will incur a 1% fee. To transfer Bitcoin and other cryptocurrencies to an external address, you’ll pay a 0.5% fee. Note that US Customers do not pay this fee.
