After reaching an all-time high price ($73,835.57 per token) on 14th March 2024, Bitcoin’s price is moving at a steady pace…again.
The price gap spans between $5000 to $10000 within a week’s difference. This creates a great opportunity for traders to start buying Bitcoin again. But how to purchase Bitcoin on the eToro app? Since many buyers start their cryptocurrency trading journey through eToro, it is really important to have a Bitcoin buying guide for cryptocurrency users.
Don’t worry. We have got you covered. Here is a comprehensive guide on how you can buy Bitcoin using the eToro application.
How To Buy Bitcoin On The eToro App?
Buying Bitcoin should not be difficult since platforms like eToro are there to make your life easier. The platform allows different payment methods for purchasing Bitcoin and other cryptocurrencies. Here is a step-by-step guide to help you buy Bitcoin.
Step 1: Download eToro, Get Verified, & Sign UP
If you want to buy bitcoin on the eToro app, you have to start by signing up on the application itself. The application should be available for download on both Android and Apple OS. For Android, go to the Google Play Store and download the application on your device. Go to the App Store on iOS devices if you are using an Apple device. Once you download and launch the app, you will be required to sign up and create your own account. Provide the necessary personal details to create your account.
Step 2: Fund Your Account
Once you have created and verified your account, you will be ready to trade cryptocurrencies on eToro. You are just another step away from buying Bitcoin and other cryptocurrencies. First, you have to select the “Deposit funds” option. Now, choose the payment method that best suits how you want to pay, and follow the next prompts to complete your transaction. This step completes the account setup process. Now, you are ready to buy and sell Bitcoin and multiple other cryptocurrencies.
Step 3: Look For Bitcoin
Use the eToro app and look for Bitcoin. If you want to buy other cryptocurrencies, then you can also do so. There is a “Trade Markets” section on the eToro app where they have a search option for cryptocurrencies you want to buy. Use the search bar there to look for the cryptocurrencies you want to buy.
Step 4: Place Your Order
You should be able to locate the Bitcoin using the search bar discussed earlier. Click on the Bitcoin option and then click on the option reading “Trade.” This should allow you to purchase the amount of Bitcoin you want. Decide the amount of Bitcoin you want to purchase and choose your purchase method.
On eToro, there are two methods for buying Cryptocurrency. You can buy using the market order method, where they sell the coins for a current market price. Or, you can also go for the limit order. The limit order is all about the buyer setting a price for the Cryptocurrency they want to purchase. With that, you have your answer on how to buy Bitcoin on the eToro app.
Step 5: Review Before Hitting Purchase
Now that you have selected the amount and the method for purchasing Bitcoin, you are ready to finalize the deal. But, before you finalize any purchase, you must review a few metrics. Are you getting the exact amount of Bitcoin you wanted to purchase? Does the price align with what you prefer? Once all the boxes are checked, hit the purchase button. Congratulations, you have successfully purchased Bitcoin on eToro.
Step 6: Download eToro Crypto Wallet
Now that you have purchased your Bitcoin, it is crucial to keep the coin safe. You can use the eToro wallet to keep the Bitcoin safe and secure. It will be best to download the wallet onto your device and store it there. You can click on a position of the portfolio and transfer your Bitcoin there.
Step 7: Monitor Your Bitcoin
The best way to make money from Bitcoin or any other cryptocurrencies is through constant monitoring of their trends. You can buy and hold Bitcoin for as long as you want. But to make a profit from it, you have to keep monitoring the price movements and market trends on cryptocurrency and access market analysis.
Where To Store My Bitcoin?
Once you have bought your Bitcoin, the next thing you do is store them or sell them. If you are one of the keepers, then here is a guide on how and where to store your Bitcoin after you purchase one from eToro.
Store Your Bitcoin In The eToro wallet.
The eToro wallet is a simple, free, and secure store for your Cryptocurrency. If you are worried about how to use the eToro wallet, then rest assured. The application is pretty simple and easy to use. It is just a digital wallet you can use, and beginner investors don’t have to worry about how to handle it.
The wallet has the capability to store Bitcoin, including different altcoins. They claim to support more than 120 types of Cryptocurrency for storage in the wallet. Also, eToro allows the exchange of more than 500 cryptocurrency pairs from the wallet itself.
The private key of the eToro wallet is not easy to lose. The on-chain address on the wallet is quite beneficial. On top of that, the wallet has a high level of security features. So, there is no need to worry about the security of your cryptocurrencies.
Store Bitcoin In The eToro Platform
It’s fine if you don’t want to download the eToro platform. In fact, if you want, you can keep the Bitcoin in the eToro platform itself. However, it is important to note that it is impossible to transfer your cryptocurrencies back to the eToro platform once you have transferred them to a wallet. But, if you want your Bitcoin to be on the eToro platform, you have to make new purchases.
Other Options
Although there is an option to keep your Bitcoin stored in the wallet itself, many investors and sellers prefer storing their Bitcoin and other cryptocurrencies in different wallets. These storages come with end-to-end encryption and allow easy access to the coins. Most importantly, you can send and receive cryptocurrencies through the wallet whenever you want.
Here are some wallets for storing Bitcoin after you buy them on the eToro application –
Mobile Wallets
There are many mobile wallets in which cryptocurrency users can store their private keys. You can use these wallets on your phone to hold Bitcoin or any other cryptocurrency.
Web Wallets
Web wallets are online servers controlled by third parties. If you are comfortable using a third-party platform, then web wallets are a great option.
Desktop Wallets
Desktop wallets are computer programs that allow users to store private keys in the hard drive.
Hardware Wallets
Hardware wallets are physical devices that allow you to store private keys offline.
But do remember that cryptocurrency wallets do not store tokens or assets. Instead, you get to store the private key to the asset in the wallet. Using that private key, you can access your cryptocurrency asset, which is located in the blockchain.
Best Payment Method For Buying Bitcoin On eToro
The card payment method is by far the best method for buying Bitcoin on eToro. You can use debit cards to make payments on the eToro platform and make cash deposits to purchase Bitcoin.
Here is a guide on how you can buy Bitcoin using eToro –
- First, sign up on the eToro platform and create an account. They will ask you for several personal information, which you have to provide to create an account. Once the information is verified, you will be ready to create your account.
- Next, you have to link your debit card account to the Etoro platform for easy transfer of funds. After that, you have to follow a mandatory verification process.
- Now, when your account is verified, you are ready to make a purchase on the eToro platform. You can locate and purchase Bitcoin as per your desired amount.
Buy Bitcoin Using An ACH Transfer
If not eToro, you can buy Bitcoin using ACH transfer as well. This transaction involves moving money electronically. The process is called an ACH transfer because the transactions get processed via the Automated Clearing House Network. It is a processing system that bank industries use.
ACH transfers are basically online banking processes. Usually, we use ACH to shop online or send and receive money online. This same online method for online purchases also applies to purchasing Bitcoin. So, if you want to buy Bitcoin on eToro, ACH transfers may help.
Benefits Of Buying Bitcoin On eToro
Especially if you are buying Bitcoin using debit cards on eToro, you will enjoy several benefits. Here are some of the advantages of using eToro to buy Bitcoin through debit cards.
- Debit cards are the most convenient way of buying Bitcoin. Debit cards are extremely straightforward and easy to use. Also, the entire transaction is smooth and fast. Especially if you want to trade Bitcoins, every second of your time counts. That’s where debit cards come in handy.
- There is no need to worry about cash transactions when buying Bitcoin with debit cards. It becomes easier to make your transactions when you are selling or buying cryptocurrencies through your phone or PC.
- Also, eToro and debit card transactions go hand in hand when it comes to providing you with the safety of the transactions. Both the platforms and the debit cards provide safety regarding your transactions.
- If you fund your eToro account using debit cards, you don’t have to pay any clearance fees.
Why Buy Bitcoin With eToro?
The number of cryptocurrency brokerages is growing. But why eToro? What’s special about this platform? The website is easy and convenient to use. eToro, as a crypto trading brokerage, makes it easier for new investors and buyers of cryptocurrencies.
You can create an account, deposit your funds, and start investing in a matter of moments. On top of that, the site’s UI is smooth and straightforward to use. So, even new users will easily understand how to use the platform.
eToro is also known for its reputation for providing effective customer service, security, and support. Also, the cash funds are up to $250000, and they are FDIC-insured.
Top 5 eToro Alternatives
Now that you know how to buy Bitcoin on the eToro app, you might want to move beyond. Well, eToro is not the only app for buying cryptocurrencies. Here are some alternatives to eToro that you may try out –
Trading View
Trading View is the first alternative to eToro on our list. It is an advanced financial visualization platform with modern UI and navigation. It works as a great brokerage or trading platform, allowing users to buy bitcoin or other altcoins.
They provide –
- Great Support
- Meeting requirements
- Easy to use
Metatrader
This is another trading platform for Bitcoin and cryptocurrency buyers and sellers. MetaTrader is great at buying CFDs, Forex, Futures CFDs, etc.
- Diverse trading platform for different financial markets.
- Excellent price analysis tool.
- It is a web-based platform that is great for different OS users.
Robinhood
Robinhood is great for both stock market and cryptocurrency trading. The platform provides freemium plans and runs on several different types of digital devices, including Apple watches.
- Great for cryptocurrency trading on smartphones
- Zero commission trading is available.
- The portfolio management tool on this app works really well.
Zarnu
Zarnu is an institutional-grade cryptocurrency futures exchange. Users can buy and sell cryptocurrencies as per their requirements.
- Zarnu has a free use access.
- It comes with a futures trading option.
- This app is available on Android.
Good Crypto
Good Crypto is available for use through iOS, Android, and web platforms as well. It packs different features, such as intelligent alerts, automatic portfolio tracking, and trade automation.
- Good Crypto has a great UI.
- Portfolio tracking is indeed a great feature to look at.
- Bitcoin-trading.
Final Words
eToro is no doubt one of the most trusted platforms for buying and selling Bitcoin and other cryptocurrencies. We have shared the steps for ‘How to buy bitcoin on eToro app’ in this article. However, when trading on this platform, remember to create an account with your correct and complete information. Follow the steps provided in this article thoroughly to complete your Bitcoin purchase.
Hopefully, this article was of value to you. Please let us know if you have any queries. Thank you for reading.
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