How to Buy Bitcoin on eToro App?

• Blockchain Council
• September 01, 2024

If you’re just starting with cryptocurrency and wish to purchase Bitcoin on the eToro app, you’re in the right spot.

What is eToro?

eToro is an international online broker that allows trading of various assets, including digital currencies. It is known for its simple interface, several payment options, and a variety of trading choices. It also provides social trading. With this feature, you can follow and copy the methods used by skilled traders.

How to Buy Bitcoin on eToro App?

Step 1: Make Your eToro Account

To purchase Bitcoin on eToro, you’ll need an account. The process is quite easy:

• Download the eToro App: Go to your device’s app store and find the eToro app. Alternatively, visit the eToro website.
• Sign Up: Open the app and tap “Join Now.” Fill in your name, give your email, and set a password. Do nod yes to the terms and conditions.
• Verify Your Email: eToro will send an email with a verification link. Tap on it to confirm and activate your account.
• Finish the KYC Process: To meet legal requirements, you must fulfill the Know Your Customer (KYC) prorcess. This involves providing a government-issued ID (like a passport or driver’s license) and proof of residence (such as a utility bill). This usually only takes a few minutes.

Step 2: Deposit Money into Your Account

After your account is created and verified, it’s time to deposit funds:

• Select a Payment Method: eToro supports a range of options. You can use credit cards, debit cards, bank transfers, and digital wallets like PayPal and Neteller. Choose the option that suits you best.
• Make a Deposit: Tap “Deposit Funds” in the app, select your payment option, and enter the amount. The minimum deposit for users in the US and UK is $10, while it is $50 for other countries. Remember, there might be conversion fees if you deposit using a currency that isn’t USD.
• Confirm the Deposit: Review the details and tap “Deposit” to finish. Your funds will likely show up in your account shortly.

Step 3: Search for Bitcoin

Now that you got funds in your account, search for Bitcoin:

• Use the Search Function: Open the app and use the search bar at the top. Type in “Bitcoin” or “BTC” to find it quickly.
• Go to the Bitcoin Trading Page: Tap on Bitcoin when you see it in the search results. This will take you to the Bitcoin trading section, where you can view essential information like price charts, trading volume, and more.

Step 4: Purchase Bitcoin on eToro

With your funds ready and Bitcoin chosen, you can now buy:

• Tap on “Trade”: On the Bitcoin trading page, tap the “Trade” button.
• Choose the order type: You can select a market order to buy at the current price or a limit order to buy at a specific price you set. Market orders happen right away, while limit orders occur when the market hits your set price.
• Enter Amount: Enter how much Bitcoin you want to purchase. The minimum investment for Bitcoin on eToro is $10.
• Review and Confirm: Check your order details thoroughly, then click “Open Trade” to finalize the purchase.Your Bitcoin will immediately show up in your portfolio.

Step 5: After Buying Bitcoin

After your purchase, here are some things to consider:

• Storing Your Bitcoin: You can store your Bitcoin on eToro or move it to an external wallet for more control. eToro has a built-in wallet, the eToro Money app, for safe storage. However, for better security, a personal hardware wallet is often suggested.
• Keep an eye on your investment: Regularly check the performance of your Bitcoin. Use eToro’s tools to check price changes, set alerts, and manage your investments.
• Safeguard Your Account: Make sure to switch on two-factor authentication and create strong, unique passwords for better protection.

Advantages and Disadvantages of eToro for Bitcoin

Advantages: 

• Simple and user-friendly interface, great for beginners.
• Easy-to-use interface for beginners.
• Several payment options, including credit cards and online wallets.
• Access to different cryptocurrencies and traditional assets like stocks.
• Social trading lets you follow and copy successful traders.

Disadvantages:

• Trading fees include spreads and possible withdrawal charges.
• Limited control over your private keys if your Bitcoin stays on eToro.
• Some features aren’t available in all countries.

Final Thoughts 

Purchasing Bitcoin using the eToro app is simple and takes only a few steps. The platform offers features that appeal to both beginners and seasoned traders. However, be aware of the fees, security steps, and the control level you desire for your Bitcoin. Always make well-informed decisions and only invest what you are willing to lose. Happy trading!