How To Buy Bitcoin on eToro
Bitcoin is the first of its kind, as well as the most popular, most well-known and largest cryptocurrency based on market capitalization. It is also the crypto that is most commonly accepted by businesses as a form of payment.
Read: 5 Things You Must Do When Your Savings Reach $50,000
If you are thinking of investing in cryptocurrency while prices are down, bitcoin could very well be your best — and safest — choice.
Many investors choose to use a crypto exchange like eToro to buy bitcoin and other cryptocurrencies. It’s easy to buy bitcoin on eToro in just a few steps.
How To Buy Bitcoin on eToro
If you’re wondering how to buy bitcoin on eToro, you’ll first need to create an account online. Here are the steps to start your account, fund it and purchase bitcoin.
Upload a photo ID and proof of your address and wait for verification via email.
Fund your account through PayPal, an online bank, a traditional bank account or a credit or debit card. You’ll need at least $10 deposited to begin trading.
Search for bitcoin through the eToro dashboard.
Enter how much bitcoin you want to buy in U.S. dollars or in BTC value.
When everything looks okay, click “Trade” to make your purchase.
What Is eToro?
Before we go any further, let’s answer the question, “What is eToro?” eToro is a popular crypto trading platform that also allows users to buy and sell stocks and ETFs.
Hailed as a top platform for beginners, eToro even offers a “demo account” that allows new investors to practice with a virtual eToro account representing $100,000. You can buy stocks, ETFs and cryptocurrencies and see how they perform over time without risking any money.
You can also copy the portfolios of top traders around the world to learn from the best. And once you’ve got a handle on how trading works, you can copy the actions of top investors using your own money using eToro’s CopyTrader feature.
When you reach certain investment tiers of $5,000 in realized equity and more, you gain access to the eToro Club. You will receive enhanced educational materials, access to live webinars, subscriptions to top online trading publications and more. If you have more than $25,000 in realized equity, you will receive a dedicated account manager to assist in your eToro investments.
How Do I Buy on eToro?
The process to buying bitcoin and other cryptocurrencies on eToro varies slightly depending on how you are funding the purchase.
How To Buy on eToro With a Debit or Credit Card
When you’re buying bitcoin on eToro with your credit card or debit card, you’ll want to click “Deposit Funds” on the website or mobile app. Choose “debit/credit card” and enter the information, including the CVV code found on the back of the card.
You won’t pay any additional fees when you use a debit or credit card for your purchase. Also, funds are available instantly, which is a great benefit to using a credit or debit card to fund your eToro account.
If you use a debit card, however, you won’t be able to buy bitcoin worth more than the cash you have in your bank account linked to your debit card. If you are using a pre-paid card, you won’t be able to spend more than the funds available on the card.
If you are using a credit card to fund your eToro account and crypto purchases, remember that you could be subject to interest charges if you don’t pay off your balance in full when it comes due. When crypto begins to rise in price, high finance charges on your credit card could easily diminish the earnings on your investment.
How To Buy on eToro Using PayPal
With more than 192 million active users, PayPal is the most widely used digital payment platform in the world. If you don’t already have a PayPal account, it is easy to set one up and link it to a bank account, credit card or debit card to begin funding your eToro account.
To use PayPal to purchase bitcoin on eToro, simply click “Deposit Funds” and choose PayPal as your method of payment. You will be prompted to link your PayPal account to your eToro account.
As long as you have PayPal selected as your preferred payment method, you can buy bitcoin and other cryptocurrencies on eToro using PayPal.
Keep in mind, you’ll want to log in to your PayPal account and choose your preferred way to pay. You can use your PayPal account funds, PayPal credit, or a linked bank account or credit or debit card. If you choose your PayPal account as your primary means of payment, you can choose a back-up method, such as a debit or credit card. If you don’t have money in your PayPal account, the service will default to using your back-up method.
If you don’t have funds available through your back-up method, your purchase may be declined.
How To Buy on eToro With a Bank Account
If you prefer not to use a debit card, credit card or PayPal, you can fund your eToro account through a brick-and-mortar bank account. But the process can take four to seven business days, which may be less than ideal if you are trying to buy while bitcoin has hit a low price.
To fund your eToro account through your bank, click “Deposit Funds.” Choose the currency and amount, and then select “Bank Transfer” as the payment method. Bank transfer details will be shared on the screen and also emailed to you. Log in to your online banking service, use your bank’s app or visit a branch to transfer the funds. Include the transaction ID and your eToro username as the payment reference.
Then, open a ticket in eToro’s Customer Service Center to share a screenshot of the payment confirmation. Alternatively, you can have your bank provide a copy of the SWIFT document, which you can scan and upload.
Once the funds have cleared, you can purchase bitcoin or any other cryptocurrency on eToro by finding the crypto you want to buy and entering your purchase price.
Is eToro Good for Bitcoin?
You can purchase bitcoin on popular peer-to-peer digital payment platforms like Venmo and PayPal. But when you purchase through these platforms and store your bitcoin within your account, you are relying on the platform’s security systems to protect your investment.
On the other hand, if you use an online crypto exchange like eToro to purchase bitcoin, you can transfer your investment to a cold wallet for offline storage and greater security. If you are investing large amounts of money, this could be your best choice. Plus, it’s easy to fund your purchase through a bank account, PayPal, or credit or debit card.
Alternatives to eToro
If you choose not to use eToro for buying bitcoin, you have many other options. Some popular eToro alternatives for investments include:
Stockpile
These apps all allow trading in crypto, stocks and ETFs. Stockpile and Webull both excel in research tools and education.
If you are looking only to buy and sell bitcoin and other cryptocurrencies, without trading stocks or ETFs, then you may want to consider one of GOBankingRates’ best crypto exchanges:
Should You Invest in Bitcoin Right Now?
Investing in a bear market, while prices are low, can give you a better chance of higher returns when you’re considering the stock market. The same may hold true for cryptocurrencies like bitcoin, which means now could be the best time to invest.
In early November 2022, bitcoin dropped 77% from its record high in November 2021. In 2018, bitcoin lost 80% of its value but eventually recovered to reach all-time highs.
Some experts believe the current crypto winter will, likewise, end and crypto prices will rise again. Ric Edelman, founder of the Digital Assets Council of Financial Professionals and former independent financial advisor, previously told GOBankingRates, “For long-term investors, price declines represent a buying opportunity.”
He pointed out that blockchain technology, which makes crypto trading and NFTs possible, will not go away just because of today’s price fluctuations. “Just as the Dot-Com Bubble bursting did not cause the end of the internet, today’s crypto winter won’t translate into the end of Internet 3.0.”
With this in mind, you may be considering purchasing bitcoin now, when it is at the lowest price we’ve seen in a while. If you do, you’ll likely want to use a crypto exchange like eToro for security and convenience.
Final Take
If you are ready to buy bitcoin and other cryptocurrencies, eToro is one of the best cryptocurrency apps for investors. You can create an account and purchase bitcoin in just five easy steps.
Remember that cryptocurrency is a highly volatile investment, and you should never invest more than you are prepared to lose.
Information is accurate as of Nov. 21, 2022.
This article originally appeared on GOBankingRates.com: How To Buy Bitcoin on eToro
