In this guide, we will show you how to buy Bitcoin with eToro – one of the most popular crypto exchanges in the world today. We will detail the step-by-step crypto buying process, teach you to sell Bitcoin on eToro, and provide you with a brief eToro review before looking at the cost of buying BTC on the platform.
Read on to learn how to buy your first Bitcoin or any of the best altcoins on eToro.
How to Buy Bitcoin with eToro – Quick Steps
If you are looking to buy Bitcoin with eToro right away, you can get started in just few minutes with the simple steps:
- Step 1: Create a crypto trader account on eToro: Open the official eToro website and proceed to create a crypto investor account with the exchange. The process is straightforward and only takes a few minutes.
- Step 2: Fund the account: You will also need to deposit cash into this account. And the minimum you can fund this account with is $10.
- Step 3: Buy Bitcoin: After the cash reflects in your account, buy Bitcoin with eToro. The crypto buying process is equally straightforward and eToro is transparent with the cost of trading.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection.
eToro is famed for its user-friendliness and this may be attributed to its oversimplification of the crypto buying process. It only takes minutes to register an account and start buying Bitcoin on eToro Platfrom.
Below, we will be explaining this crypto investing process in detail and even touch on the wallets as we try to understand how to store the just purchased cryptocurrency.
How to Buy Bitcoin on eToro – Full Guide
eToro’s solid reputation for reliability, decent liquidity, security, and competitive transaction fees has turned it into one of the best places to buy Bitcoin today. And in this section, we walk you through the process of investing in the pioneer cryptocurrency and some of the next cryptos to explode on the platform.
Here is the Bitcoin Buying process on eToro:
Step 1: Create a crypto investor account on eToro
There are two primary ways of creating a crypto investor account on eToro. First, open the official eToro website on your browser and tap on the “Join Now” icon on the landing page. Secondly, download the official eToro mobile trading app (available for both iOS and Android devices) and hit the “Join Now” button.
On either platform, proceed to complete the user registration form that pops up. It will only seek to capture your basic personal information like your name and email address, country of residence and phone number, zip code and birth date, trading experience and source of trading capital. You will also need to choose a unique username for your account and create a strong password.
Step 2: Verify your identity
eToro is a multi-regulated crypto exchange – licensed by arguably all the top-tier financial regulatory agencies. These include SEC in the USA, ASIC in Australia, FCA in the UK, and CySEC in Europe. All these, and other regulators, demand that eToro subjects its clients to Know Your Customer (KYC) checks – as part of the registration process.
The account creation process at eToro will, therefore, only be complete after you have verified your identity. Simply take a photo of your government-issued identification documents, such as your national ID, driver’s license, or passport.
The team at eToro will proceed to review this application and send you an approval notification within 24 hours. Note that for the crypto trading account to be approved, the names used to create the account must match the ones on your identity verification document.
Step 3: Deposit funds
To buy Bitcoin with eToro, you will first need to deposit fiat currency into your account. So, after receiving the approval notification, log in to your account and on the user dashboard, hit the “Deposit Funds” icon. A funding tab will pop up indicating all the cash deposit methods available to you, depending on your country of residence.
Some of the most popular payment options supported on the platform include credit cards, debit cards, e-wallets like PayPal, Skrill, and Neteller, and direct bank deposits. The minimum deposit amount on eToro also varies depending on your country of residence and preferred payment option. The US, UK, and Australian residents can deposit a minimum of $10, while the minimum in most other countries is $50. The minimum deposit amount for bank transfers is also set at $500.
We must also add that eToro has one base currency – USD. Therefore, deposits into your trading account using any other fiat currency will be automatically converted to USD and charged a 2% conversion fee.
From the list of payment options available to you, choose one, and follow the prompts to make a deposit. Note the majority of these payment methods process deposits near-instantaneously, but bank deposits may take up to 7 days before reflecting in your account.
Step 4: Find Bitcoin
After the deposit reflects in your account balance, hit the ‘Discover’ icon on your user dashboard. This reveals all the investment options available to eToro platform users. Choose ‘Cryptos’ and proceed to find Bitcoin from the list of the best future cryptos supported on the platform.
Step 5: Buy Bitcoin with eToro
Upon finding Bitcoin, hit the ‘BUY’ option. The trading tab used to buy Bitcoin instantly on eToro will pop up. Use it to customize this investment by indicating how many Bitcoin you intend to buy or how much (of your fiat deposit) you wish to spend on this trade. Note that the minimum trading amount for crypto on eToro is $10. Proceed to hit the “Open Trade” button to execute the transaction.
Step 6: Set up a crypto wallet
eToro is famous for its commitment to the security of client data and private keys. And it provides all its platform users with two types of highly secure Bitcoin wallets. The first is the custodial, exchange-based wallet. eToro claims that this account stores more than 90% of your cryptos in an offline vault. When you buy Bitcoin or other new cryptos on the platform, their private keys will be automatically deposited in this vault.
But if you wish to have more access and control over your private keys, you need to download and install the eToro Money Wallet. This is a non-custodial, stand-alone, and mobile app-based crypto wallet and it is available both as an Android wallet and iOS wallet.
To set it up, simply search for ‘eToro Money’ on the play store or App Store, download the secure eToro wallet, and install it. Use the login credentials used to create your eToro trading account to log in. Link the wallet with your trader account and choose to move funds from the trader account to the eToro mobile crypto wallet app.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection.
How to Sell Bitcoin on eToro
Selling Bitcoin on eToro is easy and straightforward. The selling process is similar to the by process as you have to follow similar steps. Start by logging back into your eToro trader account. And if you had moved your crypto to a self-custody vault – either the eToro Money or any of the best crypto wallets around, transfer the amount of Bitcoin you wish to sell back to the trader account.
Find Bitcoin from the list of supported crypto assets. This time, choose the ‘SELL’ option and proceed to customize the trading tab that pops up. Indicate the number of Bitcoin you intend to sell and hit the “Open Trade” button to execute this transaction. The fiat equivalent of your BTC will reflect in your account balance, ready for withdrawal.
How Much Does it Cost to Buy Bitcoin on eToro?
eToro maintains one of the most transparent fee structures. When buying Bitcoin here, the broker doesn’t charge you a commission. You will only pay a fee of 1% of the transaction volume. This fixed fee applies to both your Bitcoin buy and sell orders.
eToro doesn’t charge an extra fee when you buy Bitcoin with PayPal, cards, or bank transfers. However, different card and eWallet service providers charge a small transaction processing fee. The only other fee you will have to deal with when interacting with eToro is a $5 withdrawal fee. Bitcoin transfers to the eToro money wallet or third-party crypto wallet also attract a 0.5% transaction fee (in addition to the network fee) but is capped at $50.
eToro Bitcoin Exchange Review
We have already mentioned that eToro’s solid reputation has made it one of the best places to buy Bitcoin and some of the top altcoins. Today, the exchange has onboarded more than 30 million users, drawn from 140+ countries around the world. And there is a host of reasons why these decided to settle on the eToro exchange.
What we Like about eToro?
First, eToro’s user-friendliness. This begins with a quick and straightforward client onboarding process. Users are then ushered into a highly navigable and user-friendly trading interface that appeals to both beginner and expert traders. Novice traders are treated to a comprehensive educational resource with such informational content as how to invest in cryptos as well as a demo account. Expert traders, on the other hand, get to interact with a wide range of advanced analysis, trading, and risk management tools.
A large number of users could also have been drawn into the platform by its commitment to the security of client funds. eToro has placed multiple effective strategies around client funds, which have ensured that the exchange has never been hacked.
These include holding 90%+ of client assets in ultra-secure offline vaults. Self-custody wallets and even the crypto trading account are also secured with a strong password and two-factor authentication. Not forgetting that eToro also insures all client deposits – up to 1 Million (EUR/GBP/AUD).
Most users also appreciate eToro’s decent selection of digital assets. Here you get to interact with all the best cryptos to buy right now – more than 75 popular altcoins and tokens. Crypto investors can buy coins instantaneously or swapped at competitive rates and highly transparent fees.
But much of eToro’s popularity can be attributed to its support for copy and social trading tools. Copy trading lets anyone on the platform earn passively when they replicate the trade settings of highly successful traders on their account.
Social trading, on the other hand, is a platform where all eToro platform users can interact with one another, share ideas, and brainstorm ABOUT effective trading strategies. The exchange also has the CopyPortfolio feature that lets you copy entire investment portfolios. Note, however, that to start copy trading on eToro, you will need a minimum account balance of $200.
Pros & Cons of eToro Bitcoin Exchange
- Buy Bitcoin with eToro alongside 75+ other altcoins and tokens
- Transparent fee structure with a fixed 1% transaction fee
- Earn passively when you copy trading strategies or entire portfolios
- A highly secure exchange that has never been hacked
- eToro is a beginner-friendly crypto exchange
- There are non-trading fees, such as a 0.5% crypto transfer fee and a $5 withdrawal charge
- Doesn’t support DeFi, dApp, and Web 3 apps yet
Conclusion – How to Buy Bitcoin with eToro
There goes the ultimate beginner’s guide on how to buy Bitcoin with eToro. We have walked you through the entire crypto buying process on eToro, from creating a user account to verifying your identity, funding this account, finding the crypto you intend to buy, and actually placing a buy order.
We also provided a brief eToro review, outlining the many reasons why the crypto exchange is constantly hailing as one of the best places to buy cryptocurrencies in the world today.
Want to begin your Bitcoin investing journey right now? Follow this guide and it will show you how to buy Bitcoin on eToro Platform.
Reviewed and Fact Checked by Kamal Masri, Crypto Writer and Investment Analyst.
- Free Copy Trading of Professional Traders
- Best Place to Buy Bitcoin
- Minimum Deposit only $10
- Best Beginner exchange
- Open to US & Worldwide – Accepts Paypal
Cryptoassets are a highly volatile unregulated investment product.
FAQs on How to Buy Bitcoin on eToro
Can I buy Bitcoin with eToro US?
Yes, you can buy Bitcoin and 30+ of the best altcoins that are currently supported on the eToro US trading platform. And you only need $10 to start investing in Bitcoin.
How do I buy Bitcoin on eToro?
The crypto Bitcoin buying process on eToro is quick and straightforward. Create a trader account with the exchange, verify your identity, deposit funds, search for Bitcoin, hit the 'BUY' icon, and customize this investment.
How much do I need to start buying Bitcoin on eToro?
The minimum trading amount on eToro is $10, but the minimum deposit is dependent on your country of residence. UK and US residents only need $10, residents of most other countries need $50, and as much as $10,000 for residents of Israel.
Which other cryptos can I buy on eToro today?
At the time of writing, you can buy Bitcoin and more than 70 of the most popular altcoins and tokens on the eToro global trading platform.
What is the cost of buying Bitcoin on eToro?
eToro maintains a fixed 1% transaction fee for all crypto trades, charged on buy and sell orders. It, however, maintains such other non-trading fees as a 0.5% crypto transfer fee, a $5 withdrawal fee, and a 2% currency conversion fee for non-USD deposits.