The cryptocurrency markets have been one of the most interesting asset classes in the past decade, simply due to how heavily volatile cryptocurrencies are.
One day your up 20%, and the next day you could just as easily be at a loss. The price swings are just wild! Hence why more and more people have been trading and investing in cryptocurrencies.
With that said, if you’re planning on buying cryptocurrencies on eToro, may it be for an investment or just for trading, we got you covered.
Currently, eToro allows trading bitcoin(BTC), ethereum(ETH), bitcoin cash(BCH), “ripple”(XRP), dash(DASH), and some others.
If you want to see the full list, check it out here.
How to buy crypto on eToro
For this example, we’re going to buy the king of cryptocurrencies, bitcoin (BTC).
1. Create an eToro account.
Disclaimer: 75% of retail CFD accounts lose money. Trade with caution.
2. Complete your account information.
Since eToro is a legitimate and regulated cryptocurrency exchange and stockbroker, you’d need to submit personal identification.
What you’re going to need:
- You phone
- A personal ID(passport, driver’s license, government ID, etc.)
- A proof of address document(bank statement, credit card statement, utility bills, etc.)
- A few minutes to answer a few questions
On the left sidebar, click on Settings, click on the Account tab at the top bar, and scroll down a bit until you reach the profile verification section.
With all that said and done, wait a few days till eToro’s team verifies your account, and before you know it, you’re going to be ready to buy some bitcoin.
3. Make a deposit
Currently, eToro’s deposit methods are:
- Local Online Banking
- Credit/Debit Card
- Wire Transfer
Some countries will have more deposit methods compared to other countries.
NOTE: All your deposits will be converted into US Dollars(USD).
How to Make a Deposit
Since PayPal is the simplest and fastest method, we’re going to use PayPal for this demonstration.
- Click on the blue Deposit Funds button on the left sidebar.
- Change the payment method to PayPal, enter the amount, then click on Submit.
- You will then be redirected to PayPal’s page. Choose your method of payment, click on Continue, then click on Pay Now.
Your deposit should then immediately be reflected onto your eToro account.
4. Buying bitcoin (BTC)
The part we’ve all been waiting for: buying some bitcoin.
- On eToro’s search bar, type in “bitcoin” or “btc“, and click on the first result.
- Click on the blue “Trade” button.
- Set the amount you’re planning on buying. For this example, we won’t be using any stop loss, take profit percentages, and we won’t be using any leverage.
Click on the blue “Open Trade” button.
- We’ve now bought $50 worth of bitcoin.
Frequently Asked Questions (FAQ)
Is bitcoin dead?
No. No it’s not.
Which crypto should I buy?
We heavily recommend that you do your own research, and make the decisions yourself.
Are cryptocurrencies a scam?
While there sure are a lot of cryptocurrency scams, not all of them are. There are legitimate cryptocurrency projects that are actually government regulated.
Will bitcoin’s price go up?
Maybe, maybe not. While historically bitcoin (BTC) has been on a long-term price uptrend, price increases are never 100% guaranteed with bitcoin or any other cryptocurrency, or any other stock, or any other asset in general. All investments have a certain amount of risk.
How many coins should I buy?
The cryptocurrency market as a whole is a high risk, high reward speculative investment. It’s best to only buy an amount you’re comfortable with and not put all your money in one basket.
Is bitcoin a good investment?
While we personally think that bitcoin (BTC) is a good speculative investment, and that everyone’s portfolio should at least have a very small amount on bitcoin, it’s still best to do your own research and make your own conclusions; not only with bitcoin, but with all your investments.