How To Buy Bitcoin On Etoro?
eToro is a social trading tool and multi-asset exchange based in the UK. On its long list of cryptocurrencies, you can buy and sell Bitcoin (BTC), Ethereum, Bitcoin Cash, XRP, and more. When you buy Bitcoin, you can store it safely in your eToro bank until you sell it, spend it, or give it to a friend. Trade all Bitcoin long positions that don’t use leverage as if they were real assets. When you buy Bitcoin without using leverage (1X), you buy real Bitcoin and not Bitcoin CFDs. All other trades with Bitcoin use long and short CFDs. Here, we’ll show you how to buy Bitcoin on eToro.
How to buy Bitcoin on eToro?
Buying and selling Bitcoin on eToro is analogous to stock trading.
How to proceed:
- You can sign in to eToro or create an account.
- On the site for cryptocurrencies, choose Bitcoin or look for it. At first, there is a ‘trade’ sign next to it.
- When you click on the thing in the complete list, a page with information about the Bitcoin asset loads (see image below). When you click the “Trade” button (see the next step), the Bitcoin order screen will show up. The ‘Invest’ button on the Bitcoin asset page takes you to the same order screen, which can be confusing.
- In the top right part of the Bitcoin order panels, you can choose between trade and order.
- Buy Bitcoin at the current market price.
- Set a price goal for Bitcoin and how many tokens you want to buy. When the price hits your goal, your order is carried out.
- For this help, we chose business.
- Choose an amount to invest. You can switch between ‘Amount’ and ‘Units’ by clicking the button on the right.
- Set the amount of US dollars to buy bitcoin. You can either type in the exact amount or use the plus and minus buttons. The least amount is $10. If you buy less than the minimum, you’ll be told about it. If you don’t have money in your account, you will be asked to pay.
- Choose the number of bitcoins you want to buy. At eToro, you can buy Bitcoin in small amounts. You can buy either 0.04 or 0.1 bitcoin. The required deposit will also be asked for here.
- After you choose how much you want to buy, click the big blue button below. Depending on your order, it may say “Open Trade” or “Deposit Now.” Your order will only be accepted if you have an approved profile and have shown proof of who you are and where you live on eToro.
- If you don’t have enough money in your account, the Deposit Panel will ask you to add money. Choose your deposit method and finish the deal to add money.
Congratulations on buying Bitcoin on eToro!
Trading bitcoin at eToro costs
eToro claims transparency and minimal fees. The 1% broker fee for purchasing or selling bitcoin on eToro is the most crucial expense.
- The cost is included in the broker’s opening and closing prices. Orders on the eToro X Limited crypto market determine crypto asset pricing.
- When you create a new position, you will notice a “loss”—the charge, 1% Bitcoin purchase cost, and 1% projected selling cost. The selling charge is adjusted to match the crypto asset’s market price when you close the position.
- The market price, or bid-ask spread, includes the 1% charge. At press time, the Bitcoin spread was 0.75%.
- Finally, eToro charges $10 every month for inactivity after one year. Entering your account is enough to prevent this cost.
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How do I send eToro Bitcoin to my wallet?
After buying Bitcoin on eToro, you may withdraw or send it to eToro Money, an external crypto wallet, to safely hold it until you sell, spend, or gift it to a friend. The procedure is called crypto transfer. Read our detailed, step-by-step tutorial on transferring crypto assets like Bitcoin to eToro Money, including prerequisites and costs.
- eToro Money is an iOS and Android app. Your eToro Money app username and password match your trading account login information.
- Crypto transfers from the trading site to the wallet are one-way. Any crypto moved from eToro to your wallet cannot be transferred back.
- After adding Bitcoin to your eToro Money wallet, you may convert it or send it elsewhere.
Bitcoin transfer restrictions and requirements
- The eToro Money crypto wallet can only accept long Bitcoin (BTC) positions backed by real crypto, not CFDs.
- Location may limit eToro Money wallet use. See which countries provide the service.
- For new eToro users, your residual equity (total equity minus the transfer amount) must be equal to or greater than the total deposits made using specific payment methods. Visit eToro for information.
- At press time, eToro Money supported Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar, Tron, Cardano, and XRP. You may send, receive, purchase, and convert these currencies using your wallet.
Bitcoin transfer fees
Bitcoin transfer costs depend on position size. At the time of writing, Bitcoin coin transfer fees were 2% of the transaction size, with a minimum position of 0.007195 units. The cost ranges from $1 to $100. Coin transfer costs are updated on eToro.
FAQs
Can I buy Bitcoin on eToro?
EToro’s investing platform allows Bitcoin purchases. You will buy the underlying asset if you initiate a non-leveraged buy position, but a leveraged buy or sell (short) position is a CFD transaction.
How much does eToro charge for Bitcoin?
eToro charges 1% for Bitcoin and all cryptocurrencies. The cost is included in the broker’s opening and closing prices. Market pricing (bid-ask spread) includes a 1% charge. At press time, the Bitcoin spread was 0.75%.
