How to Buy Bitcoin on eToro: A Step-by-Step Guide for Beginners

The price of $BTC has risen by over 120% in the last year, following the SEC's approval of the Bitcoin ETF. As a result, both new and experienced investors have looked to buy the cryptocurrency on different platforms, eToro being one of them.

The price of Bitcoin has risen by over 120% in the last year, following the SEC’s approval of the first Bitcoin ETF. As a result, both new and experienced investors are looking to buy the cryptocurrency on different platforms, one of which is eToro.

Known for its social trading functionality, eToro is a popular crypto exchange with low trading fees, making it an attractive choice for beginners. In this guide, we will look at the different ways to buy Bitcoin on eToro and break down the various things to consider when making this transaction. Additionally, we will look at how to sell BTC and break down what to do to ensure your crypto is safe while using the platform.

So, let’s find out how you can buy Bitcoin on eToro.

How to Buy Bitcoin on eToro: 5 Easy Steps

In this day and age, buying Bitcoin is a simple process, with multiple ways to acquire the cryptocurrency. We hope to make this process even easier, by showing you the five steps needed to buy BTC on eToro.

1) Create an eToro Account

The first step is to select the right cryptocurrency exchange to use when buying Bitcoin. Opening an eToro account is easy to do, and is a popular choice for beginners due to its user-friendly social trading platform and its wide range of digital assets.

Once on the eToro homepage, simply start by clicking “Join eToro”.

2) Verify Your Account

After you’ve signed up using your email address you’ll need to then your account through what is called Know Your Customer (KYC). This involves providing personal details and verifying your identity to comply with eToro’s regulatory requirements.

You will be asked to submit a proof of address document and either a passport or driver’s license as a form of ID. Once reviewed, which could take a few days, your account will be opened and ready to use.

3) Deposit Funds

The next thing to do so you can purchase Bitcoin on the eToro app is deposit funds into your eToro account. You can fund your account using various payment methods, including bank transfer, credit/debit card, or PayPal.

Just select “Deposit funds” on the bottom right of the screen.

4) Search for Bitcoin

Now that your account is verified and funded, navigate to the trading section of the eToro platform and search for Bitcoin (BTC). Choose whether you want to place a “Trade” or make an “order”. A trade enables to you trade your existing crypto for BTC.

In terms of orders, you can buy BTC via a market order or place a limit position. With a market order, you can buy at the current price. A limit order allows you to choose a future price. When Bitcoin reaches that price, your order will be carried out.

5) Place Trade

Finally, with funds deposited and the method selected, you’re ready to place a Bitcoin trade or order. Simply enter the amount of BTC you wish to buy and execute your trade. Your Bitcoin purchase will arrive in your account shortly after the trade is complete.

Now you know how to buy Bitcoin on eToro, let’s look at the associated fees.

Fees for Buying Bitcoin on the eToro App

eToro has a very competitive fee structure across all major areas of its platform. These include trading fees, withdrawal fees, and a lesser-known charge for inactivity.

The main fee is of course the trading fee, which eToro is highly competitive in, charging 1% for opening and closing trades. This is significantly cheaper than Coinbase for example, who charge up to 4.50% per transaction. On top of this, there will also be a market spread, which is the difference in the buy and sell price at the time.

The table below highlights the main fees on eToro.

Is eToro the Best Place to Buy Bitcoin?

As a global brand in the cryptocurrency market, eToro is a safe and secure platform to buy Bitcoin. The company has been operating since 2007 and has provided trading services to over 30 million traders during that time.

Although it offers a range of markets from stock to forex, it has become a popular destination for crypto traders, offering as many as 70 tradable cryptocurrencies like SOL, XRP, Bitcoin, Ethereum, and Dogecoin.

This success has led the company to consider an initial public offering (IPO), and list on a major stock exchange.

Here are some advantages to consider to help you make your decision on if eToro is for you.

Things to Consider Before Buying Bitcoin on eToro

The main area most investors first look at is the amount they will need to pay in fees. This should be a key part of your decision-making process, as the cheaper the fees, the lower the overall barrier to profitability.

Next is regulation, traders want to use a platform that gives them peace of mind knowing that their