The steps above cover the basics of how to purchase Bitcoin on eToro, which has become the hub for traders looking for the best social trading cryptocurrency platform. But we’ve broken the process down in more detail so anyone who has never purchased cryptocurrency before can follow along.

Step 1: Sign Up for eToro

The first step to investing in Bitcoin with eToro is to create a new trading account. Head to eToro’s website and click Join Now.

Enter your email, then choose a username and password. On the next page, you’ll need to fill in personal information like your name, zip code, birthdate, and phone number. Finally, to comply with Know Your Customer regulations, eToro requires you to verify your identity. You must take a picture of your driver’s license or passport and upload it to the platform.

Step 2: Verification

The account verification via the eToro crypto app is straightforward. Simply upload proof of identity (a passport or government-issued document) and proof of address (a recent utility bill or bank statement). The eToro verification team will then process your documents which usually happens within 24 hours.

Step 3: Deposit

eToro requires a minimum deposit of $10 when you open a new account. You can pay by credit or debit card (Visa or Mastercard), PayPal, Neteller, or Skrill. You can also pay by bank transfer if you deposit at least $500.

Step 4: Set Up a Crypto Wallet

When you buy Bitcoin with eToro, you have the option to store your coins in your eToro account. Unlike at other exchanges, you aren’t required to have a crypto wallet.

However, crypto wallets are highly secure and allow you to use your Bitcoin for a wide variety of applications. eToro offers its own cryptocurrency wallet, called eToro Money, that you can download for free on iOS or Android devices. Just install the app on your device and log in with your eToro username and password to connect your eToro Bitcoin wallet to your account.

Step 5: Search for Bitcoin

Head back to eToro and find the search bar at the top of the dashboard. Enter Bitcoin or BTC, then click Trade when it appears to open a new order form.

Step 6: Buy Bitcoin

Did you know that with an eToro trading account you can buy Bitcoin with a bank account? Enter the amount of Bitcoin you want to purchase in US dollars. You can also enter a take profit or stop loss level, although these are typically used for eToro Bitcoin trading rather than to invest in Bitcoin for the long-term. When you’re ready, click Open Trade to buy Bitcoin with eToro.

With a wide range of payment methods, eToro lets you buy Bitcoin with a credit card with zero deposit fees. So, if you’re interested in buying Bitcoin, you might want to check out our article on the best Bitcoin ETFs for 2022.

How to Sell Bitcoin on eToro

The process to sell Bitcoin on eToro is nearly identical to the process to buy Bitcoin. The only difference is that once the order form appears, you will need to click Sell at the top of the form. Then enter the amount of Bitcoin you want to sell in US dollars and click Open Trade to complete your sale. With so many payment options supported by eToro you can effectively buy Bitcoin with PayPal directly from your mobile device.

How Much Does it Cost to Buy Bitcoin on eToro?

eToro has some of the lowest fees of any major crypto exchange when it comes to buying Bitcoin. At eToro, you’ll pay a fee of 1% of your total transaction when you buy Bitcoin or any other cryptocurrency. You’ll also pay a fee of 1% when you sell Bitcoin.

eToro doesn’t charge extra fees for using a credit card or debit card, like many other cryptocurrency exchanges do. In fact, there are no deposit fees on this platform. eToro does charge a $5 withdrawal fee, and you’ll pay a 0.5% transaction fee when you send Bitcoin from your eToro account to your eToro Bitcoin wallet (the fee is capped at $50).

eToro Bitcoin Review

Is eToro really the best place to buy Bitcoin? There are several reasons why this exchange stands out in a crowded field.

First, eToro has much more than just Bitcoin. You can buy and sell over 50 of the most popular cryptocurrencies, including Ethereum, Bitcoin Cash, Ripple, Litecoin, and more. eToro makes it easy to swap between Bitcoin and any of these other coins, giving you access to the wider world of crypto.

Another benefit to eToro is that it’s inexpensive. eToro doesn’t charge deposit fees and there are no extra fees when you buy Bitcoin with a credit card or debit card. You’ll pay a fixed fee of 1% of your total transaction every time you buy and sell Bitcoin.

While eToro is beginner-friendly, it also has some powerful trading tools. You’ll find customizable technical charts and in-depth analysis of the crypto market from experts. In addition, eToro has a built-in social network so that you can connect with other Bitcoin investors and see what they think about where this cryptocurrency is headed next.

Perhaps the most unique feature of eToro is its copy trading tools. With copy trading, you can set aside a portion of your portfolio to mimic the moves of another trader, including Bitcoin traders. If you want to dive into eToro Bitcoin trading but don’t know how to start, copy trading makes it simple.

Another important question that many traders have about this social trading platform is if eToro is safe or not? Considering that it is regulated by several top-tier financial authorities and also supports other security measures such as 2FA and DDoS protection, eToro is one of the safest options out there.

Thanks to all these features, eToro is a strong contender for the title of best place to buy Bitcoin. If you enjoyed this eToro review, why not read our eToro vs Robinhood review to see how this leading copy trading platform fares when pinned against another popular broker.

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