Step-by-Step Tutorial: How to Buy Bitcoin on eToro
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Bitcoin has exploded in popularity over the past few years. As the first and most well-known cryptocurrency, Bitcoin offers an exciting new form of digital money that exists outside the traditional banking system. If you're new to Bitcoin and looking for an easy way to get started, buying it on eToro can be a great option. In this beginner's guide, we'll walk you through step-by-step how to buy Bitcoin on eToro.
Introduction to eToro
eToro is a trading and investment platform that allows anyone to invest in various assets including stocks, ETFs, currencies, cryptocurrencies, and more. The company was founded in 2007 and has grown to serve over 20 million users worldwide.
One of the key benefits of using eToro is that it's very user-friendly and aimed at beginner investors. They offer a simple interface, educational resources for new users, and helpful features like copy trading that enables you to mimic successful traders. This makes eToro a great choice for those just getting started with buying Bitcoin or other cryptocurrencies.
Another major perk is that eToro allows you to buy fractions of Bitcoin rather than requiring full coin purchases. This means you can invest smaller amounts and don't need thousands of dollars upfront to get exposure to Bitcoin.
Step 1: Sign Up for an eToro Account
First things first, you'll need to sign up for an eToro account which you can do directly on their website. The process only takes a few minutes. You'll be asked to provide some personal details like your name, email, and phone number to get started.
Once your account is created, you'll need to verify your identity. eToro will ask you to submit official ID documentation and a selfie photo to comply with know-your-customer (KYC) regulations. Verifying your account now will make future purchases faster.
Step 2: Deposit Funds
Next, you'll need to connect a payment method and deposit funds. eToro supports a variety of options including credit/debit cards, bank transfer, and e-wallet services like PayPal.
Navigate to the "Portfolio" page and click "Deposit Funds" to get started. Enter your deposit amount in USD and choose your preferred payment method. Follow the on-screen instructions to complete your transfer.
It's recommended to deposit more than just the minimum you plan to invest, as you'll need some remaining balance in your account to cover fees. We suggest depositing at least $25 to start.
Step 3: Search for Bitcoin
Once your deposit processes successfully, you're ready to buy some Bitcoin! To find Bitcoin (BTC) on eToro, go to the search bar at the top and type in "bitcoin". Select the option for "BTC - Bitcoin".
This will take you to the BTC trading screen. Here you'll see handy info like a price chart, market news updates, and other key data.
Step 4: Open Your Bitcoin Trade
To invest in Bitcoin, you'll need to open a trade. On the BTC trading screen, click "Trade" in the top right.
A trade ticket will appear where you can customize your trade details:
1. Set the investment amount in USD. Remember, you can buy fractional Bitcoin if you don't want to spend thousands.
2. Pick whether to buy (go long) or sell (go short) Bitcoin. As a beginner looking to invest in Bitcoin, you'll want to buy or "go long".
3. Adjust the stop loss and take profit thresholds if desired. This will automatically close your position at predefined rates.
When ready, complete your order to finalize the investment. It's really that simple to gain exposure to Bitcoin on eToro!
Step 5: Manage Your Investment
Once you've bought Bitcoin, you can sit back and manage your investment easily within your eToro account. Here are some tips for managing your portfolio:
1. Review the current value of your trade under "Portfolio" which will fluctuate based on Bitcoin's market price.
2. Review the current value of your trade under "Portfolio" which will fluctuate based on Bitcoin's market price.
3. Read latest crypto news and analysis provided by eToro.
4. Use their graphing tools to analyze Bitcoin price charts and performance.
5. Use their graphing tools to analyze Bitcoin price charts and performance.
6. Close your position by selling your Bitcoin when ready. This will convert it back to USD in your account.
Additionally, eToro has great social trading features that let you connect with other investors, follow influencers, and even automatically copy their trades.
Conclusion
That wraps up our beginner's guide to buying Bitcoin on eToro! The platform makes it simple to invest in crypto safely. You can easily open an account, deposit funds, and buy fractional Bitcoin. With low fees and a user-friendly experience, eToro is ideal for beginners getting started with Bitcoin. Just sign up for an account, verify your identity, deposit some funds, and open your first trade.