In our current world, where bank crises are becoming the norm and inflation is no longer just a scary word from economics class, Bitcoin is steadily gaining traction. Why? Well, it’s because Bitcoin has what most traditional currencies don’t – it’s scarce, it’s not subject to censorship, and, it is resistant to inflation. So, if you’re thinking, “Hey, maybe I should buy Bitcoin with eToro”, we’ve got you covered. Whether you’re looking to buy Bitcoin with a credit card, debit card, a PayPal account, or you prefer the good old bank wire, eToro makes the process of owning your first Bitcoin simple, safe, and dare we say, kind of exciting.
What is eToro?
Picture a platform where investing, trading, and social media all come together for one big financial party. That’s eToro, the premier social trading platform! It’s this cool place where you can play with a whole bunch of financial instruments – stocks, commodities, and our personal favorite, cryptocurrencies. But here’s the kicker: eToro has this special feature that lets you peek at what the big guns are doing and mimic their moves.
3 Steps to Buy Bitcoin with eToro
Here is a simple, step-by-step guide to buying Bitcoin on eToro:
- Sign In To Etoro
- Deposit Funds using Credit Card, Debit Card, Paypal or Bank Wire
- Buy Bitcoin
Let’s delve into these steps in more detail.
How To Sign In To Etoro
Firstly, you need to sign in to eToro. If you don’t have an account already, the process to get started is relatively straightforward:
- Visit the eToro website or download the eToro app.
- Click on the “Start Investing” or “Sign Up” button.
- You’ll then start your account creation process by choosing a username and password, and entering in your email.
- Then, you’ll move on to your application. The application starts off by asking you for personal details.
- After you’ve entered your personal details, you’ll be asked to provide some information about your trading experience. As you can see, Ligma Johnson is a pro and has been making money for decades.
- Upon successful sign-up, eToro will require you to verify your account. You’ll need to upload copies of your identification document (passport or driver’s license) and proof of address (utility bill or bank statement).
Once your account has been verified, you can deposit funds into your eToro account. Follow these steps:
- Log into your account.
- Click on the “Deposit Funds” button.
- Choose your preferred payment method: card, PayPal, or bank wire. Please note your first deposit cannot be Paypal.
- Enter the amount you wish to deposit and complete the necessary details based on your chosen payment method.
Buy Bitcoin on Etoro
Now that your account is funded, you can buy Bitcoin:
- Search for ‘Bitcoin’ in the search bar on the top.
- Click on the “Trade” button.
- Enter the amount of Bitcoin you wish to purchase or the amount of money you want to spend.
- Review your order and click “Open Trade.”
That’s it, you have Bitcoin, congratulations. You’re done. Or are you?
What is the minimum deposit on eToro?
The minimum first deposit on eToro varies based on your location. In the US, the minimum deposit is $10. Countries like Finland, Thailand, Austria, and Belgium have a minimum first deposit of $50. In France, the minimum deposit is $100, and in New Zealand, the minimum first deposit is $1,000.
After the first deposit, the minimum is $50 worldwide. If you want to use bank wire, the minimum is $500.
Jeez do I hate banks.
Can I Withdraw Bitcoin From Etoro into A Crypto Wallet?
One of the beauties of cryptocurrencies like Bitcoin is the ability to hold them yourself in a crypto wallet, keeping full control of your digital assets. This concept, known as self-custody, is a fundamental aspect of the decentralized ethos of crypto. This way, the bank or broker can’t freeze or seize your asset, no matter what.
Self-custody is what separates crypto exchanges from stock exchanges. While crypto exchanges allow you to withdraw your assets into your own digital wallet, stock exchanges don’t. eToro takes the middle path. It does allow you to withdraw your crypto into a digital wallet, but it doesn’t make the process easy.
Here’s how you can transfer your Bitcoin from eToro to the eToro Money crypto wallet:
- Download and set up your eToro Money crypto wallet: Before you can move your Bitcoin to a different wallet, you first need to move it onto eToro’s special Money wallet. It’s available for both Android and iOS devices. After downloading, create your wallet account using your eToro login details.
- Link your eToro trading account to your wallet: You’ll be asked to sign in with your eToro credentials. This is a crucial step that enables the transfer of cryptocurrencies between your trading account and your wallet.
- Transfer your Bitcoin: To do this, you have to go back to the main eToro website or app. Since we’re on our phones, we’ll use the app this time. Click on ‘Portfolio’ to open up all your positions, and then click on ‘Bitcoin.’ In the ‘Edit Trade’ view, you’ll see an option to Withdraw to Wallet. Click on that to initiate the withdrawal.
Once the withdrawal is initiated it should take between 1-5 days to show up in your eToro money wallet. Until then, it will remain in your main eToro account and you can still sell the Bitcoin. It’s important to remember that moving your Bitcoin to a wallet removes it from the eToro platform, meaning you won’t be able to trade it there anymore. Plus, while self-custody gives you greater control, it also comes with the responsibility of securing and backing up your wallet.