Here’s How to Buy Bitcoin on eToro – 2024 Step-by-Step Guide
Updated February 29, 2024
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76% of eToro retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
How to buy bitcoin on eToro:
Step 1 – Set up and verify your eToro account
Step 2 – Deposit funds into your account
Step 3 – Find and buy bitcoin on eToro
Step 4 – Store your bitcoin
Step 5 – Selling your bitcoin on eToro
To buy bitcoin (BTC) on eToro, you’ll need to set up an account and complete its stringent verification process. Once this is done, you’re free to deposit funds and execute trades.
In this article, we cover each step in detail to help you initiate your first eToro BTC purchase.
What Is eToro Bitcoin?
Before we explore how to buy bitcoin on eToro, here’s a brief overview of the cryptocurrency itself and of eToro as a trading platform.
Created in 2009, bitcoin is a decentralized digital currency that operates on a peer-to-peer network using blockchain technology.
It can be used for various purposes, such as online purchases, international money transfers and as a store of value.
Some people also invest in bitcoin as a speculative asset.
While there are now thousands of alternatives, bitcoin remains one of the most popular cryptocurrencies to buy because of its status as the original altcoin and its widespread recognition.
eToro is an online trading platform that allows you to buy, hold and sell bitcoin as well as other popular cryptocurrencies like Cardano, ethereum and Solana.
What sets eToro apart from other cryptocurrency platforms is its range of social copy trading tools.
These allow users to follow and copy the trading strategies of experienced investors, making eToro a particularly popular choice for those new to the trading environment.
For a detailed breakdown of its features and functionality, read our full eToro review.
76% of eToro retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
How to Buy Bitcoin on eToro
The process for buying bitcoin on eToro is relatively straightforward.
Here’s a step-by-step guide for making your first purchase.
Step 1. Set Up and Verify Your eToro Account
To buy bitcoin on eToro you first need to open an account. Visit the eToro website or mobile app and click on the 'Sign Up' or 'Join Now' button.
You’ll be prompted to provide some personal information, such as your name, email address and a secure password.
As a regulated platform, eToro has a KYC (Know Your Customer) verification process in place.
This involves uploading a copy of your identification, such as a passport or driver’s license, and providing additional information as needed.
KYC verification helps eToro ensure the legitimacy of its users, protect your account from unauthorized access and maintain a secure trading environment.
Step 2. Deposit Funds into Your Account
Once you’ve set up your eToro bitcoin account, you’ll need to deposit funds to start trading.
The platform provides a variety of deposit methods, including credit and debit cards, bank transfers, and e-wallets like PayPal and Skrill.
For traders in the UK, there is a minimum first-time deposit of $50 USD unless funding is via bank transfer, in which case you’ll need to deposit $500 USD.
eToro does not charge fees for depositing funds, but you should be aware that your payment provider may have its own associated fees.
The time it takes for your funds to appear in your eToro account can vary depending on the deposit method used, but it’s usually a matter of hours to a few days.
Step 3. Find and Buy Bitcoin on eToro
With your account funded, head to the search bar, type in 'Bitcoin' or its abbreviation 'BTC', and select the Bitcoin asset.
You’ll then have the option to 'Trade' or 'Buy' – click on 'Buy'.
Specify the amount you want to purchase, and eToro will provide you with an estimated cost based on the current market price.
Based on your trading style, you can choose between market orders (executed immediately at the current market price) and limit orders (a type of stop-loss order that allows you to set a specific price at which you’d like to buy)
Note that eToro crypto fees include a 1% charge per transaction when you buy or sell any cryptocurrency.
This is already included in the spread, so there will be no additional charges when you complete your purchase.
Step 4. Store Your Bitcoin
When you buy bitcoin on eToro, you have a couple of options for keeping it safe.
The first is to hold it directly in your eToro crypto wallet, a secure digital storage solution provided by the platform itself.
Using your eToro crypto wallet means you don’t have to worry about things like private keys, which can be an added complexity, especially for beginner traders.
Alternatively, you can transfer your eToro bitcoin to an external wallet.
These wallets offer advanced security features and are often recommended for those who want more control over their bitcoin holdings.
Some of the best bitcoin wallets available include Coinbase and Ledger.
Step 5. Selling Your Bitcoin on eToro
If you decide to cash out your bitcoin, it’s a fairly straightforward process.
Navigate to the bitcoin market on the platform, and select 'Sell'. And follow the on-screen instructions to complete the sale.
Once your bitcoin is sold, you can link your eToro account to your bank account, and the platform will facilitate the transfer of your funds.
Be aware that eToro charges a $5 fee for every withdrawal as well as currency conversion fees where applicable.
Make sure you understand these costs before initiating a withdrawal.
76% of eToro retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
When to Buy Bitcoin on eToro
The cryptocurrency market doesn’t have traditional opening and closing hours like stock markets. It operates continuously, with trading occurring across different time zones around the world. As a result, Bitcoin’s price can change at any time.
However, it’s worth noting that the market can be particularly active during specific periods, like when European and North American trading sessions overlap, typically between 9:00 AM and 1:00 PM (GMT).
During this overlap, there’s usually increased trading volume with potentially higher prices. With that in mind, the best time of day to buy Bitcoin on eToro can often be outside of the stated hours.
However, as with all cryptocurrencies, the bitcoin price in the UK can be extremely volatile, and it essential to adopt a robust trading strategy to mitigate any potential losses:
- Study historical data – Historical data can provide insights into potential price movements, so analyze past bitcoin price trends and patterns to make informed decisions about when to buy.
- Consider time zones – Be aware of different time zones and when you can actively monitor the market. The best time to buy may vary depending on your local time and the global trading environment.
- Follow market news – Stay updated on the latest news, as major events can influence market sentiment and create buying opportunities.
- Use technical analysis – Technical analysis tools and indicators help you assess market trends and identify potential entry points based on chart patterns and price movements.
- Consider bitcoin robots – Explore the use of automated trading tools like bitcoin robots, which can execute trades based on predefined algorithms and strategies. These tools can help you make consistent and data-driven decisions on when to buy bitcoin on eToro.
76% of eToro retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
Should I Buy Bitcoin on eToro: Advantages and Disadvantages
Now you know how to buy bitcoin on eToro, here’s an overview of the major pros and cons associated with this platform.
Pros
- Easy to use
- Diverse investment options
- Social trading
- Regulation and security
Cons
- Fees
- Limited access in some regions
- Learning curve
Advantages
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Easy to use – eToro is known for its user-friendly interface with an intuitive design that simplifies the trading process, making it suitable for both beginners and experienced traders.
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Diverse investment options – As well as bitcoin, eToro offers a wide range of other cryptocurrencies, commodities and assets. This allows you to build a diversified portfolio within a single platform.
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Social trading – eToro’s focus on social copy trading enables you to follow and copy the strategies of successful traders. This can be a valuable learning experience and may improve your trading results.
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Regulation and security – eToro is a regulated platform that adheres to industry standards for security and fund segregation. This provides a level of protection for your investments.
Disadvantages
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Fees – There are eToro crypto fees for certain actions, such as a 1% fee on crypto purchases and $5 for withdrawals. Additionally, there are currency conversion fees for withdrawals in different currencies.
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Limited access in some regions – eToro’s availability varies by country, and it may not be accessible in certain regions. Check if eToro is available in your location before creating an account.
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Learning curve – While eToro is user-friendly, trading and investing in cryptocurrencies requires a certain level of knowledge, and it’s essential to educate yourself to make well-informed decisions.
If you are new to trading, you might want to read our article on how to learn cryptocurrency trading before you buy bitcoin on eToro or any other platform.
76% of eToro retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
Frequently Asked Questions
eToro is a good platform for buying bitcoin for both novice and experienced traders. It’s easy to navigate, offers competitive spreads and has a range of investment options available.
To be sure it works for you, try out the free demo account before you buy bitcoin on eToro.
eToro crypto fees include a 1% charge for each transaction, whether buying or selling bitcoin.
This fee is rolled into the price you see on the platform, i.e., the spread. Additionally, there’s a $5 fee for withdrawals, and if your withdrawal involves currency conversion, additional charges will apply.
You can buy and sell a range of cryptocurrencies on eToro, including popular altcoins like bitcoin. Ethereum, Dogecoin and Solana.
In addition to cryptocurrency, you can invest in various other assets on eToro, including stocks, commodities, indices and exchange-traded funds (ETFs).
Crypto prices on eToro are not necessarily more expensive compared to other exchanges.
The platform uses a fee structure that incorporates a 1% fee into the price. While this fee may not be included on other platforms, other charges may apply, which can impact the cost of trading in cryptocurrency.
The eToro crypto wallet is a digital storage solution where you can keep all of your crypto assets in one place. It does not actually facilitate trading.
To buy bitcoin on eToro, you need to do so through the investment platform itself or through the eToro Money app.
Yes, eToro allows you to withdraw bitcoin.
You’ll need to move your available bitcoin from your investment account to your eToro Money account. Then, specify how much you want to withdraw in fiat currency, and eToro will facilitate the transfer to a linked bank account.
Once your account is verified and funded, you can initiate a bitcoin purchase on eToro relatively quickly.
Market orders can execute instantly, while limit orders may take longer, depending on the specified price conditions.
Bitcoin’s price on eToro may appear slightly higher due to the platform’s fee structure, which adds a 1% fee to the advertised spreads.
When comparing the price of bitcoin across platforms, make sure to consider not only the spread but all associated fees and charges.
Final Thoughts
As a well-established, well-regulated platform, eToro is a popular choice for buying bitcoin currency.
It’s straightforward to open an account, and once you’ve done so, you can start your investment journey in a matter of clicks.
There are, of course, other options available, and it’s essential to research each one thoroughly to find the best place to buy bitcoin for you.
Whichever platform you choose, remember that the cryptocurrency market is highly volatile, and you should never invest more than you’re prepared to lose.
76% of eToro retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.
76% of eToro retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
