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With the price of Bitcoin rising and a bull market in the forecast, now could be the perfect time to buy the world’s largest cryptocurrency. However, if you’re new to crypto, figuring out exactly how to buy Bitcoin can be challenging.
eToro, a global brokerage firm and crypto exchange with more than 33 million users, makes buying Bitcoin easy. You can get started in just 2 minutes and make your first crypto purchase with a debit card, bank transfer, and more.
In this guide, we’ll walk you through the steps to buy Bitcoin on eToro and explain why eToro is one of the best places to buy $BTC in 2024.
How to Buy Bitcoin on eToro: 5 Easy Steps
Let’s dive straight into the steps for how to buy Bitcoin on the eToro app. We’ll focus on the eToro mobile app—available for iOS and Android—since most investors want the ability to buy $BTC on the go.
Step 1: Sign Up for eToro
To get started, head to the Apple App Store or Google Play and download the eToro app for your device. Open the app and tap ‘Get Started.’
To create a new eToro account, enter a username (your public display name in eToro’s social trading community) along with your email and a secure password. Then tap the boxes to accept eToro’s terms and conditions.
When you’re done, tap ‘Create Account.’
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Step 2: Complete KYC Checks
Before you can deposit funds or make a purchase with eToro, you need to complete Know Your Customer (KYC) checks. These checks are required by financial regulators to prevent money laundering and fraudulent activity.
Tap on eToro’s main menu at the top left of the screen, then tap the ‘Complete Profile’ button at the top of the menu. Tap ‘Continue,’ then enter the required information. This includes your name, address, date of birth, gender, and Social Security number. You’ll also need to take a photo of your driver’s license or passport to complete this step.
Step 3: Make a Deposit
Once your profile is verified, you’re ready to make a deposit on eToro. Tap on the main menu again, then tap ‘Deposit Funds’ at the bottom of the menu.
Enter the amount you want to deposit and choose a payment method. US users can choose from 4 payment methods:
- Debit cards (Visa and Mastercard)
- Bank transfer
- PayPal
- Wire transfer
Debit card, bank transfer, and PayPal deposits have a minimum of $10 and funds are available in your account instantly. Wire transfers have a minimum of $500 and can take up to 7 days to reach your account.
Step 4: Search for Bitcoin
From eToro’s home screen, tap the magnifying glass at the top of the screen to open the search bar. Enter ‘Bitcoin’ or ‘BTC,’ then tap on Bitcoin when it appears at the top of the drop-down results. This will take you to the asset page for Bitcoin, which includes information about the token’s current price, price analysis, and more.
Step 5: Buy Bitcoin
To purchase Bitcoin, tap ‘Trade’ at the top of the Bitcoin asset page. This will bring up an order form where you can enter the amount of Bitcoin you want to buy (in dollars). Be sure to tap ‘Buy’ rather than ‘Sell.’
If you just want to buy and hold Bitcoin, that’s all you need to do before tapping ‘Open Trade’ to complete your purchase. Your purchased Bitcoin will instantly appear in your eToro account.
However, eToro offers more advanced order tools for traders, including limit orders, stop-losses, and take-profit orders. You can access these advanced options by tapping ‘Trade’ and selecting ‘Order’ from the drop-down menu. Once your order is ready, tap ‘Open Trade’ to submit it. Depending on your order parameters, it may not execute until certain Bitcoin market conditions are met (such as reaching a certain price), at which time you’ll get a notification from eToro.
Fees for Buying Bitcoin on eToro
One of the most important things to consider when deciding where to buy Bitcoin is how much each platform costs. So, let’s look at the fees to buy $BTC on eToro and how they stack up.
Deposit Fees
eToro doesn’t charge US users deposit fees. This is great news, but keep in mind that most US crypto exchanges don’t have deposit fees, either.
Transaction Fees
eToro charges a flat 1% transaction fee to buy all cryptocurrencies, including Bitcoin. That’s in addition to a spread, the difference between the buy and sell prices for $BTC and other tokens. The spread for Bitcoin is usually very small, around 0.0005%.
This fee is either very low or very high, depending on how you compare it to what other exchanges charge. At Coinbase, you’ll only pay 0.60% per Bitcoin transaction if you make a deposit with a bank transfer and then place your order using Coinbase’s trading platform. However, Coinbase charges up to 4.5% to buy Bitcoin if you use the instant buy tool, which lets you buy Bitcoin using a credit or debit card.
It’s also noteworthy that Binance.US offers no trading fees on Bitcoin if you use the exchange’s trading platform. However, if you use Binance’s instant buy feature, you’ll pay around 3.5% per transaction.
So, eToro’s pricing is a great deal if you plan to buy Bitcoin with PayPal or a debit card, or don’t want to take the time to learn how to use other exchanges’ dedicated trading platforms. However, if you’re buying Bitcoin with a bank transfer, you could find lower fees at Coinbase, Binance.US, and other exchanges.
However, it’s important to note that, for numerous reasons, eToro was ranked #1 on our Coinbase alternatives list. For more information on how eToro fares against Coinbase, check out our eToro vs. Coinbase review.
Withdrawal Fees
eToro doesn’t charge to withdraw your Bitcoin to a third-party crypto wallet, such as a self-custody wallet. You’ll need to pay Bitcoin blockchain fees, but eToro doesn’t charge a markup on these.
For reference, Coinbase, Binance, and other major US exchanges don’t charge withdrawal fees, either.
Should You Buy Bitcoin on eToro?
There are a number of advantages to buying Bitcoin on the eToro app. Here are some of the main reasons to consider eToro:
- Low fees for debit card and PayPal purchases: eToro charges a simple 1% transaction fee to buy Bitcoin no matter what payment method you use. Other exchanges charge less for bank transfers, but far more for card purchases.
- Advanced order options: eToro supports limit orders, stop-losses, take-profit orders, and more so you can manage your risk when trading Bitcoin. You can also set up recurring orders to buy Bitcoin, which makes it easy to take advantage of dollar-cost averaging.
- In-depth crypto research: eToro provides detailed research on Bitcoin and other cryptocurrencies, including price targets, data from the Bitcoin blockchain, and data about other eToro users’ sentiment on Bitcoin.
- Supports copy trading: eToro supports copy trading, enabling you to automatically mimic the moves of other crypto traders and Bitcoin investors. The minimum to start copy trading is only $200 and there are no extra fees.
- Offers a dedicated crypto wallet: You can store Bitcoin in your eToro account, but eToro also has its own crypto wallet app called eToro Money crypto wallet. It’s available for iOS and Android, is highly secure, and supports a wide range of crypto tokens.
What to Consider Before You Buy Bitcoin on eToro
While there’s a lot to like about eToro, there are some things to keep in mind before you use this platform to buy Bitcoin:
- Limited selection of cryptocurrencies: Following a recent settlement with the US Securities and Exchange Commission, eToro is only able to offer Bitcoin, Ethereum, and Bitcoin Cash for trading on its platform. If you’re interested in building a diverse crypto portfolio instead of just owning Bitcoin, then eToro may not be the best choice.
- Not available in all states: eToro is not available in Hawaii, Nevada, or New York at this time.
- Limited charting and analysis tools: eToro’s charting platform is beginner-friendly, but offers limited support for advanced traders who need a variety of technical indicators and drawing tools.
Is eToro Safe for Buying Bitcoin?
eToro is a licensed and regulated broker with a long track record of keeping customers’ funds safe. In the US, eToro is regulated by the Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA). It’s also a member of the Securities and Investment Protection Commission (SIPC), which guarantees up to $500,000 in users’ fiat funds in the event that eToro goes out of business.
All that said, it’s important to remember the old crypto adage, ‘not your keys, not your coins.’ While you can store your Bitcoin investments in your eToro wallet account, it is widely considered safer to store your tokens in a self-custody crypto wallet. If you do this, make sure to keep your wallet keys highly secure and consider using a cold storage wallet that provides extra security measures against potential attackers.
Note that we placed eToro as the overall best place to invest crypto in the UK.
How to Sell Bitcoin on eToro
The process of selling Bitcoin on eToro is even easier than purchasing Bitcoin. All you have to do is open the eToro app, navigate to your portfolio, and tap on your Bitcoin position. Then tap ‘Close Trade’ and confirm the sale.
Cash from your sale will be available in your eToro account immediately.
Conclusion
eToro is one of the most popular exchanges to buy Bitcoin in the US. It’s a very easy process that involves opening an account, completing KYC checks, making a deposit, and then buying Bitcoin. You can use a debit card, bank transfer, PayPal, or wire transfer, and you’ll pay a flat 1% fee for every Bitcoin purchase.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
