Are you new to the world of cryptocurrency and interested in buying Bitcoin? Then eToro might be the exchange you have been looking for. In this article, we will guide you through the process of buying Bitcoin (BTC) on eToro, one of the best Bitcoin exchanges in the market. We will discuss the things to consider when choosing a Bitcoin exchange, the types of Bitcoin platforms offered, the fees and features of eToro, and step-by-step guidelines for buying Bitcoin on eToro.
Things to Consider When Choosing a Bitcoin Exchange
Choosing the right Bitcoin exchange is crucial to your success as an investor in the cryptocurrency world. Here are some of the things you need to consider when choosing a Bitcoin exchange:
- Location of Bitcoin Exchange: The first and foremost important step in selecting an exchange is its location. Different countries have different rules and regulations in place that govern the affairs of digital currencies. Examining the exchange’s host country and its relevant regulations should be your priority number one while choosing a Bitcoin exchange.
- List of Available Payment Methods: Bitcoins can be exchanged against all major cryptocurrencies in most of the major crypto exchanges, still, you have to examine various costs when you buy bitcoin. Additionally, you can buy bitcoin using traditional payment methods such as credit cards, wire transfers, PayPal, and cash, etc. So you have to see which exchange offers the preferred payment methods.
- How to Check the Cost & Fee: Finding the cheapest way to buy bitcoin is always the point of interest for buyers. Therefore costs associated with Bitcoin buying play a vital role when selecting a bitcoin exchange. It is good to compare the costs of reputed Bitcoin exchanges, However, never be the prey to scams or shady exchanges with unusually low fees. It is pertinent to mention here that charges are subject to change on and off, therefore always go through the price section of the exchange before making your final decision.
- Volume Listing: Usually, a renowned exchange will have a volume listing interface through which a series of orders is displayed containing the buying and selling requests. This feature is known to be one of the best methods in deciding whether the exchange is legit or not to buy bitcoin. High buying and selling orders mean more customers referring to this exchange. Those who do not list their order books openly may be suspicious and must be avoided.
Types of Bitcoin Platforms Offered
Once you have chosen a Bitcoin exchange, the next step is to select a platform to buy and trade Bitcoin. Normally, three types of platforms are offered by popular exchanges, including web trader, desktop platform, and mobile platform.
Web Trader: With web traders, Bitcoins can be purchased online without downloading anything on PC or mobile. All you need is to log into your account on the exchange’s website and buy bitcoin.
Desktop Platform: Clients who prefer trading assets from the ease of their desktop may download the custom-built desktop trading platform at eToro.
Mobile Platform: On-the-go traders and investors prefer mobile trading platforms for buying and monitoring Bitcoins. So make sure that your shortlisted exchange offers the preferred trading platform.
Fees and Features of eToro
eToro is a popular Bitcoin exchange that offers several unique features to its users. Here are some of the features of eToro:
- eToro is one of the safest and most regulated exchanges in the cryptocurrency market. It is regulated by the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
- eToro offers a social trading feature that allows users to follow and copy the trades of successful investors.
- eToro provides a user-friendly interface for beginners to easily buy and sell Bitcoin. The platform is designed to cater to both experienced and novice investors.
How to buy bitcoin on etoro
Step 1: Open an Account on eToro
The first step towards buying Bitcoin on eToro is to create an account on their website. You can do so by visiting eToro.com and clicking on the ‘Join Now’ button.
Step 2: Verify Your Account
Once you have created your account on eToro, you will need to verify your identity by providing your personal information such as your name, address, and date of birth. This is a requirement of eToro to comply with regulations.
Step 3: Add Funds to Your Account
To buy Bitcoin on eToro, you need to have funds in your account. You can add funds by clicking on the ‘Deposit Funds’ button and selecting your preferred payment method. eToro offers various payment methods such as credit/debit cards, PayPal, and bank transfers.
Step 4: Search for Bitcoin (BTC)
Once you have funds in your eToro account, you can search for Bitcoin by typing BTC in the search bar. This will show you the Bitcoin trading page where you can see the current price of Bitcoin.
Step 5: Place an Order to Buy Bitcoin
To buy Bitcoin, you need to place an order. You can do so by clicking on the ‘Trade’ button next to the Bitcoin trading pair. This will take you to the trading page where you can enter the amount of Bitcoin you want to buy and the price at which you want to buy it.
Step 6: Monitor Your Bitcoin Investment
After you have placed an order to buy Bitcoin, you can monitor your investment by checking your portfolio on eToro. eToro also offers real-time market data and charting tools that you can use to analyze the market trends.
Conclusion
Buying Bitcoin on eToro is a simple and straightforward process. However, it is important to remember that investing in Bitcoin carries risks and it is important to do your own research before making any investment decisions. As a leading Bitcoin exchange, eToro offers a safe and secure platform for buying and selling Bitcoin. By following the above-mentioned steps, you can buy Bitcoin on eToro in a matter of minutes.
