Bitcoin is a digital currency that has been gaining popularity in recent years. If you’re interested in buying Bitcoin, eToro is a great platform to do it on. eToro is a social trading platform that allows you to buy and sell Bitcoin easily.
In todays’s blog post, I will walk you through the steps on how to buy Bitcoin on eToro. I will also show you some of the pros and cons of using eToro to buy and sell Bitcoin.
Can I Buy And Send Bitcoin on eToro?
Yes, you can buy and send Bitcoin on eToro. Once you have bought Bitcoin on eToro, you can then withdraw or send these assets on eToro, or an external crypto wallet, to securely store your coins until you are ready to sell it.
Does eToro Have a Bitcoin Wallet?
Yes, eToro offers a Bitcoin wallet called eToro Money. eToro Money is a digital wallet that allows you to store, send, and receive Bitcoin. You can also use eToro Money to buy and sell Bitcoin.
Is it Safe to Buy Bitcoin on eToro?
eToro is a regulated exchange, so it is generally considered to be safe.
However, there is always some risk involved when investing in cryptocurrencies.
How to Buy Bitcoin on eToro
Here are the steps on how to easily buy bitcoin on eToro:
Step 1: Create an eToro Account
The first step is to create an eToro account. You can do this by going to the eToro website and clicking on the “Join Now” button.
You’ll need to provide some basic information, such as your name, email address, and password.
Step 2: Verify Your Account
Once you’ve created an account, you’ll need to verify your identity. This is a standard security measure that most cryptocurrency exchanges require. You can verify your identity by uploading a copy of your ID and a recent utility bill.
Step 3: Deposit Funds
Once your account is verified, you’ll need to deposit funds. Follow the steps below:
- Tap portfolio.
- Tap the Deposit button.
- Enter amount.
- Select your preferred payment method and proceed with the payment.
Step 4: Buy Bitcoin
Once you’ve deposited funds, you’re ready to buy Bitcoin. To do this, simply search for “Bitcoin” in the eToro search bar. Once you’ve found Bitcoin, click on the “Invest” button.
Step 5: Enter Your Order
In the order window, you’ll need to enter the amount of Bitcoin you want to buy. You can also choose to buy Bitcoin at its current price or place a limit order.
Step 6: Confirm Your Order
Once you’ve entered your order, click on the “Confirm” button. Your order will then be placed and you’ll be the proud owner of some Bitcoin.
What Happens When You Buy Bitcoin on eToro?
When you buy Bitcoin on eToro, you will see it appear in your portfolio. You can then sell your Bitcoin at any time, and you will receive the current market price for your Bitcoin.
What Are The Fees For Buying Bitcoin on eToro?
eToro charges a 1% fee for buying or selling crypto assets. This fee is included in the price that you see when you open or close a position.
Pros And Cons of Using eToro to Buy and Sell Bitcoin
Pros:
- Easy to use: eToro’s platform is easy to use, even for beginners.
- Wide range of assets: eToro offers a wide range of assets to trade, including Bitcoin, Ethereum, Litecoin, and Ripple.
- Social trading: eToro allows users to copy the trades of other successful traders.
Cons:
- CFDs: eToro only allows users to trade Bitcoin CFDs, which means that you do not actually own the Bitcoin.
- High leverage: eToro allows users to trade with high leverage, which can magnify your profits and losses.
- Not available in all countries: eToro is not available in all countries.
Which is Better eToro or Coinbase?
eToro and Coinbase are both popular cryptocurrency exchanges, but they have different strengths and weaknesses.
eToro is a social trading platform that allows users to copy the trades of other traders. It also offers a wider range of assets than Coinbase, including stocks, commodities, and ETFs. However, eToro’s fees are generally higher than Coinbase’s.
Coinbase is a more traditional cryptocurrency exchange that focuses on cryptocurrencies. It offers a wider selection of cryptocurrencies than eToro, and its fees are generally lower. However, Coinbase does not offer social trading or other features that eToro does.
Here is a table summarizing the pros and cons of eToro and Coinbase:
| Feature | eToro | Coinbase |
|---|---|---|
| Social trading | Yes | No |
| Wide range of assets | Yes | Yes |
| Lower fees | No | Yes |
| Wider selection of cryptocurrencies | Yes | Yes |
READ MORE: How to Buy Bitcoin on Cash AppÂ
READ MORE: How to Buy Dogecoin on eToro
Conclusion
Buying Bitcoin on eToro is a simple and easy process. By following the steps I shared above, you can buy bitcoin with no hassle.
If you don’t k know much about Crypt or Bitcoin and you want to invest, I encourage you to learn more as there are risks involved.
I hope this blog post has helped you learn how to buy Bitcoin on eToro. If you have any questions, please feel free to drop them in the comment section below.
FAQS
Do I own Bitcoin on eToro?
When you buy Bitcoin on eToro, you do not actually own the underlying Bitcoin. Instead, you are buying a CFD (contract for difference), which is a financial instrument that tracks the price of Bitcoin. This means that you will profit or lose money based on the change in the price of Bitcoin, but you will not actually own any Bitcoin.
Mike Sandro is a seasoned finance professional with years of experience in the banking and payments industry. He has a keen interest in mobile payment platforms, including Cash App, Venmo, Zelle, and more, and has closely followed their growth and evolution over the years.
Mike’s expertise in the field of mobile payments has earned him a reputation as a thought leader in the industry, and he has contributed to numerous blogs and publications on the subject. He is passionate about helping people make the most of these platforms, whether it’s through sharing tips and tricks or providing in-depth analysis of the latest trends and developments.