In this article, we will learn how to buy Bitcoin on eToro. By utilizing eToro’s CopyTrading functionality, novices can engage in BTC transactions by mirroring the moves of seasoned traders, mitigating excessive risks – this applies to Bitcoin as well!
For those looking to hone their Bitcoin trading skills on eToro without financial exposure, a paper trading demo account awaits, offering $100,000 in virtual funds for practicing within genuine market conditions. This feature caters to both neophyte and veteran crypto enthusiasts.
Securing Bitcoin and various cryptocurrencies on eToro entails just a few clicks. Should you require a comprehensive walkthrough of the eToro platform, delve into our detailed review available here.
Let’s dive into the step-by-step guide:
Step 1. Sign up for an account with eToro
To start trading on eToro, you first need to sign up for an account. It’s easy and quick to do. Here’s how:
- Click on the sign-up link.
- Enter your name, email address, and phone number.
- Create a password.
Once you’re registered, you’ll need to provide some personal information and upload certain documents for verification. Make sure you have your passport or driver’s license and a utility bill handy, as you might need to scan and upload copies of these documents.
Step 2. Verify your account With eToro’s KYC
The subsequent procedure involves verifying your account, commonly referred to as “KYC,” which stands for Know Your Customer.
This verification process is employed by eToro to confirm your identity, a practice also common among most exchanges.
To initiate the verification process, navigate to the “Verify Account” tab within the eToro dashboard. You’ll be required to upload scanned copies of either your passport or driver’s license, along with a utility bill. Typically, verification is completed within 24 hours.
Step 3. Deposit funds into your account
Once your account verification is complete, starting your trading journey requires an initial deposit. eToro requires one to deposit a minimum of$10. The platform facilitates deposits through various channels, such as credit and debit cards, wire transfers, PayPal, and Neteller. However, bank transfers necessitate a minimum deposit of $500.
Step 4. Choose Bitcoin from the list of assets
Once you’ve successfully deposited funds into your account, you’re all set to begin trading. Navigate to the “Markets” section, then choose the “Crypto” markets option. From there, select “BTC” from the list of available assets.
To access the BTC markets page directly, you can click here.
It’s important to mention that eToro offers a wide selection of over 100 other cryptocurrencies, including popular coins such as Dogecoin, XRP, Shiba Inu, and Ethereum, among others.
Step 5. Decide how much Bitcoin you want to buy
The subsequent stage in acquiring Bitcoin through eToro involves determining the desired purchase amount.
This can be achieved by indicating either the sum of money you intend to invest or the quantity of Bitcoin you wish to procure. eToro will seamlessly convert your deposited funds into the corresponding amount of Bitcoin.
Selling, Withdrawing, and Depositing BTC on eToro.com
Now that you’ve purchased some BTC on eToro… you might be wondering how to sell it, withdraw it, or deposit it…
How To Sell Bitcoin on eToro
If you want to cash out your Bitcoin when the price is high, you can sell your BTC on eToro with just a few clicks.
eToro allows you to sell Bitcoin the same way you would buy it.
To sell, enter the amount of Bitcoin you want to sell in US dollars on the order form. Click ‘Sell’ at the top of the form and ‘Open Trade’ to complete your sale. For more info, check out our detailed guide to selling on eToro.
How to Withdraw Bitcoin on eToro
To withdraw your Bitcoin from eToro, you must first convert your BTC to cash and then withdraw the cash to your bank account. Here’s how to do it:
- Go to your portfolio page on eToro and click ‘Convert to cash’ on your BTC position.
- Enter the amount of BTC you want to convert
- Choose whether you want to convert your BTC to USD or EUR.
- Click ‘Convert.’
- Your cash will now be converted and appear in your eToro account balance, ready to withdraw.
How To Deposit Bitcoin To eToro
When you’re ready to transfer cryptocurrencies from another wallet into your eToro Money crypto wallet, follow these straightforward instructions:
- Open the eToro Money app on your mobile device and log in.
- Locate eToro BTC by navigating to the ‘Crypto’ tab.
- Choose the cryptocurrency you wish to receive.
- Tap on ‘Receive’, which will direct you to a page displaying your public address. This address is what you’ll share with the sender. You can either copy and paste it into a message or have the sender scan the QR code to input your public address.
- Remember, you can always verify the validity of public keys by using the relevant blockchain explorer for the specific coin.
Trading Bitcoin On Etoro
Trading Bitcoin on eToro is straightforward, but it carries significant risks like any digital token trading. It’s essential to manage risk effectively when engaging in trades.
Here’s how to trade BTC on eToro:
- Log in to the eToro web app.
- Navigate to the eToro BTC page within the “Markets” section.
- Click on “Trade” located in the top right corner (if you’re not already signed up, you’ll be prompted to create an account).
- Follow the provided steps to execute your BTC trade on eToro.
We hope this article helped you on how to buy Bitcoin On eToro. You may also want to check out our guide on how to buy Tesla stock on eToro.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.
