How To Buy Bitcoin (BTC) On eToro: Fees, Features & Step-by-Step Guide

This article will guide you on how to choose your Bitcoin exchange first. It will also list the options available on eToro, and explain how to buy Bitcoin on eToro with credit card, debit card cash, and Paypal in detail.

Author: Edith Reads Last updated: 14/02/2022
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Buying bitcoins with different payment methods, and selecting the best exchange, can be intimidating. If you want to buy bitcoins with credit card, debit card, PayPal, etc, you are not sure how, then this step by step guide will help you. You will also go through detailed steps of the process with an exchange.

Things to Consider While Choosing a Bitcoin Exchange

Given below is a step by step guide on how to choose a Bitcoin exchange

Location of Bitcoin Exchange

The far most 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 prey of scam 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

Popular exchanges tend to keep things simple for their customers. Normally three types of platforms are offered;

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.

eToro – A Great Exchange to Buy Bitcoin

Considering the above-mentioned guidelines on choosing a good Bitcoin exchange, we can safely conclude that eToro is one of the best Bitcoin exchanges. It satisfies all points in the aforementioned checklist. If you are a newbie Bitcoin investor and wondering how to buy Bitcoin on eToro then given below is a complete guide for you.

A Step By Step Guide on How to Buy Bitcoin at eToro

Once you’ve selected eToro as your desired exchange to buy bitcoin, things should be going pretty smooth and fast thanks to the world-class trading experience, support, and user interface offered by eToro. Whether or not you have used eToro before, let us go through a quick and brief explanation as to how things work when you plan to buy bitcoin from eToro.

Unlike other exchanges, eToro doesn’t make setting up a trading account mandatory before you can buy bitcoin. Even if you don’t have an account with eToro, you can still buy bitcoin directly from the exchange using the available payment methods including but not limited to credit card, debit card, wire transfer, Skrill, Neteller and web money, etc and without having to pay for any added commission.

eToro also offers its clients some commendable features like market orders and immediate execution to buy or sell bitcoins. On top of that, it doesn’t require clients to use any digital wallet in doing so.

Since most of the crypto exchanges don’t accept fiat currencies, therefore, you are likely to find eToro more convenient as it allows you to deposit in fiat currency in at least nine other currencies such as EUR, AUD, GBP, THB, RMB, MYR, IDR, PHP, and VND including the USD.

How to Open a Bitcoin Trading Account with eToro?

Opening a bitcoin trading account is as simple as following a few steps. It works the same way as any traditional account is opened. All you have to do is to select your desired crypto when making a purchase. To make the process easy to understand, let us guide you through a step by step illustration below.

 

  1. Click the sign-up button available on the top right corner of the website.
  2. Provide your email address, alternatively, a pre-existing Google or Facebook account can also be used to complete the registration process.
  3. As soon as you are done signing up, your account is funded with virtual money of $100,000 that you can use to place virtual trades. This is to help you get yourself familiarized with the platform.
  4. To buy bitcoin, you need to have your account funded with real money.
  5. Click the method you wish to fund your account with, there is no deposit fee at all.
  6. After you are done with the payment module, you will receive an equal amount of bitcoin in your wallet right away.

How to Buy Bitcoin with Credit Card at eToro?

  1. Visit the exchange from where you wish to buy bitcoin
  2. Indicate your desired amount
  3. Provide you ID for verification purposes
  4. If the purchase is below $2250, then it can be done with no ID. However, it is recommended to get your account verified to be able to deposit more.
  5. Fill in your wallet address
  6. Provide your credit card details
  7. Authorize payment to receive bitcoin directly into your wallet.

* Fee and charges apply
** Account holders with no Id verification can buy bitcoins of worth $2250 at max. To buy more bitcoins, your account needs to be verified first.

How to Buy Bitcoin with Debit Card at eToro?

Should you wish to buy bitcoin using your debit card, please follow the given below guidelines;

  1. Visit the official website of the world’s most trusted Bitcoin exchange by clicking this link www.etoro.com
  2. Access the Sign-Up page to register for a new account
  3. Should you wish to deposit funds without ID, you are allowed to deposit up to $2250 with no ID. However, it is strongly recommended that you must verify your account to unblock deposit limitations.
  4. Enter your email address followed by your other details such as your billing address and proof of identification.
  5. Fund your account by selecting a debit card as a mode of payment, it should be no less than $200 as your first deposit. However, you can deposit as low as $ 50 afterwards.
  6. Click of “Buy BTC” and put an amount you wish to buy bitcoin for
  7. Click Finish to complete the purchasing, the purchased bitcoins will be transferred to your bitcoin right away.

Remember, you must keep four things in your mind before you start trading bitcoins. It includes units, SLs, TPs, and Leverages.

*Non-verified account holders can buy bitcoins for a maximum worth of $2250.

How to Buy Bitcoin with PayPal

Buying Bitcoin at Etoro using PayPal account has always been a point of concern since it is always a relatively difficult process to buy bitcoin with PayPal. In past, there were not many options available to buy bitcoins with PayPal, same is the case today. However, let us guide you with a convenient method to buy bitcoin with PayPal. For that, you’ll need to understand that eToro being a social trading platform allows you to use PayPal and buy Bitcoins. However, in actual you don’t get bitcoins but the price exposure.

The buying price for BTC with your PayPal can be fairly high as compared to other payment methods such as debit and credit cards. Therefore, it is always recommended to use debit or credit cards to buy Bitcoins.

  1. Visit www.etoro.com
  2. Click Sign In/Sign Up (for the new customers)
  3. Select the amount of bitcoin you wish to purchase
  4. Select the payment method “Paypal” in this case.
  5. Click next to proceed with the payment.

*Non-verified account holders can buy bitcoins for a maximum worth of $2250.

Can you buy Bitcoin with Cash at eToro?

No, you can’t buy bitcoins with cash at eToro. Although
buying bitcoins with cash can be a quick method to buy bitcoins but it is equally unsafe as it contains a risk factor of becoming victim to a scam. Also, it has higher transaction charges as compared to other payment options.

There are other cheap methods available to buy bitcoins, so buying Bitcoins with cash must be avoided. Also, when the world is progressing towards digital globalization, purchasing bitcoins with cash instead of digital payment methods makes no sense.

How to Buy Bitcoin with Bank Wire at eToro?

Another way to buy bitcoin at eToro is to use bank wire. It is one of the most convenient methods which is also fast and secure. The fee related to buying bitcoin via bank wire at eToro is relatively low. Listed below are the steps that must be completed before your bitcoin purchase using a bank wire.

  1. Visit the official website of the exchange from which you are looking to buy bitcoin
  2. Click register to sign up for a new account
  3. Enter your details and wallet address where digital currency is to be transferred
  4. Select the amount of BTC you wish to buy
  5. Select bank transfer as a payment method and add a bank account.
  6. Click proceed to finish the transaction and receive bitcoins in your wallet

Non-verified account holders can buy bitcoins for the maximum worth of $2250.

How to Buy Bitcoin (All eToro Methods)

eToro is the world’s most popular social trading platform, it provides multiple methods to its customers to buy bitcoin. It offers the world’s cheapest ways to buy bitcoin and supports almost all payment methods which any other exchange may barely be offering. Customers can use their debit cards, credit cards, bank wires, web money, visa, master card, Netteller, skrill, rapid transfer, and China Union Pay, etc.

All details related to minimum and maximum amount of deposits through variant methods may be found on this link https://www.etoro.com/customer-service/deposit-faq/

Non-verified account holders can buy bitcoins for the maximum worth of $2250.

Frequently Asked Questions (FAQs)

Yes, although the fee associated with buying without an ID can be extremely high, there are a few exchanges that allow you to buy bitcoins even without proving your identity. However, there is only a limited amount of purchases you can make without going through the KYC screening process.

Following are the two exchanges that you may consider to by Bitcoin with No ID

1.eToro
2.Coinmama

Yes, bitcoin has gained much reputation worldwide and almost all major merchants accept it as a substitute to cash. It can even be traded against the gold for an equal amount instantly. On top of that, the transaction cost is fairly low which makes it even more attractive. It offers high liquidity which may bring you quick profits over a short interval of time. Digital currencies are well in demand due to their long-lasting investment vessel.

It doesn’t only allow you to make cross border payments but help you get away with the failed policies in place by the local governments. Sooner or later, digital currencies like bitcoins are going to replace traditional currencies and will see a great impact on the global economy.

Yes, you can trade Bitcoins with leverage. All you need is to open an online trading account at eToro using the aforementioned process and get started.

Yes, you can buy Bitcoins using your PayPal account at eToro.

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