BTC continues to become popular among traditional investors, thanks to the introduction of Bitcoin spot ETFs in the American market. Are you looking to buy this digital currency? Well, you need a reliable trading platform to do so. This step-by-step explains how you can purchase Bitcoin on eToro, one of the most trusted brokers in the world.
How to Buy BTC on eToro
Here are the steps to follow to buy Bitcoin on the eToro trading platform:
1. Download the eToro mobile app from Apple’s App Store or Google’s Play Store. After the app is successfully installed, click “Join Now” and fill out the registration form. Note that you must verify your identity before buying any crypto asset. To do this, submit your valid driver’s license, passport, or Identification document. The eToro team will review your documents within 24 hours.
2. If your documents are approved, you will have access to your verified eToro account. To fund it, press the “Deposit Funds” button. eToro supports several payment methods, including e-wallets, debit/credit cards, and bank transfers. Each method has a minimum deposit requirement, so choose any depending on the amount you want to deposit.
3. After funding your account, press “Crypto” on the dashboard to access the digital currencies available for purchase. Select “BTC,” then click “Trade.”
4. Specify the amount of fiat you want to spend on Bitcoin and press “Buy” to purchase the coin. Your newly acquired BTC will arrive in your eToro account within a few minutes.
Exploring eToro
eToro is a trusted brokerage firm established in 2007. It is popular for its social trading platform, which allows novice traders to replicate the trades of experienced traders.
You can trade various markets on eToro, including ETFs, Forex, commodities, and stocks.
The trading platform began supporting crypto trading in 2013. At the time, it only listed Bitcoin but has since added 82 more cryptocurrencies. Besides crypto trading, eToro supports staking for several proof-of-stake cryptocurrencies.
Is eToro Regulated?
Yes! eToro holds licenses from numerous financial regulators. In Europe, the broker is regulated by the FCA (Financial Conduct Authority) and the CySec (Cyprus Securities and Exchange Commission). In the US, eToro holds a Money Service Business permit from FinCen.
Pros and Cons of Using eToro to Buy Bitcoin
Pros
- etoro has a user-friendly interface, making it ideal for newbies.
- The broker provides important details about Bitcoin to help users make informed investment decisions.
- Offers a crypto wallet that allows novice users to store their Bitcoin.
Cons
- eToro imposes an inactivity fee on accounts that remain inactive for a year.
- Like any other broker, eToro does not compensate users for losses suffered while trading Bitcoin.
- eToro only supports USD, meaning it is impossible to buy Bitcoin using your local currency.
eToro’s Fees
When buying Bitcoin on eToro, prepare to pay a 1% processing fee. Moreover, you will be charged 1% when selling your BTC to USD. If you wish to transfer your Bitcoin to the eToro cryptocurrency wallet, you will incur a 2% fee. Meanwhile, if you do not use your trading account for 12 months, eToro will charge you a $10 inactivity fee.
A Guide on How to Transfer BTC from an eToro Account to the Broker’s Crypto Wallet
As mentioned earlier, eToro offers a crypto wallet, allowing users to store their Bitcoin securely. Follow these steps to transfer your BTC to the wallet after buying it:
1. Download the “eToro Money” mobile app and use your eToro login details to access the app.
2. Go to your eToro account and press the “Portfolio” button.
3. Select Bitcoin as the cryptocurrency you wish to transfer.
4. Next, press “Transfer to Wallet.” Review the details of the transfer and hit “Transfer.”
eToro will complete the transfer within five working days. It is worth mentioning that the transfer is usually one-way. That means once your BTC reaches your eToro crypto wallet, you cannot transfer it to your trading account. However, you can send it to other crypto trading platforms and wallets.
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