How To Buy Bitcoin On eToro App: Step By Step Guide

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Having digital currency in this digital era is a huge step to success. According to the reports, there are more than 300 million cryptocurrency users worldwide. Among these, 65% of people are Bitcoin (BTC) owners, making it the most popular cryptocurrency. While the number of crypto enthusiasts is growing rapidly, investing in Bitcoin seems necessary.

Hence, the best way to buy a Bitcoin is through a cryptocurrency exchange or a trading platform, such as the eToro app. If you are looking to buy Bitcoin through this app, have a look at the detailed guide discussed below. To dive deeper into the world of crypto assets, let us understand Bitcoin and the eToro app.

An Introduction to Bitcoin

As per reports, Bitcoin has a market capitalization of over 650 million U.S. dollars as of 2023. It was created in 2009 as a decentralized form of money to help people with quicker and cheaper transfers. It continues to rule the industry and is considered the finest investment in the cryptocurrency market.

To become a Bitcoin owner, pay attention to the eToro app now.

An Introduction To The eToro App

The eToro App is considered one of the most popular stockbroker apps across the web. Currently, it has more than 30 million registered users all over the world. Two brothers Ronnen Assia and Yoni created this app in 2007 but launched it in 2010. As of now, the majority of its users are from Europe. However, it is gradually expanding in the USA utilizing cryptocurrency exchange and zero commission stock trading.

Let us look forward to a detailed guide that may help users buy a Bitcoin from this app.

How To Buy Bitcoin From The eToro App?

To buy Bitcoin from the eToro app in 2023, pay attention to the following steps.

Open Your eToro Account

Registering for an eToro account is the initial step to buying Bitcoin. Below are the steps to open your account,

1.    Visit the official website of eToro and click on sign up.
2.    On the appeared registration form, enter an e-mail address and choose your username.
3.    Set your password for future logins.
4.    Read and agree to the terms and conditions of the agreement.

As soon as you click on Create account, the app will require a few additional details from the user. These may include your full name, contact address, country of residence, and most importantly your tax identification number. For US residents, it will be considered as your Social Security number.

However, if you are a resident of the UK, please enter your National Insurance number. It is to help an eToro make sure of your identity and verify you. Finally, the app will send you an OTP on your registered phone number. 

By typing this code number, your account registration process will be completed.

Follow the KYC Process

Because the eToro app is registered by FINRA, it requires users to completely Know-Your-Customer (KYC) process. This process helps the user to identify his or her identity. For this reason, you are required to upload a government-issued ID card like your driving license, a valid passport, or your state ID card.

Further, you are required to share a document that may prove your contact details. It needs to have an issue date from the prior three months and must include your full name and residential address. You are free to upload your credit card or bank statements, housing agreements, utility bills, or phone bills.

Deposit Funds

Unlike other currency trading apps, it also demands its users to deposit before buying Bitcoin. The app accepts a variety of payment methods that may help you to deposit funds instantly. Because eToro does not accept American Express, you can use debit or credit cards issued by,

  •     Visa
  •     Maestro
  •     MasterCard

Furthermore, the app accepts these particular payment wallets.

  •     PayPal
  •     Netteller
  •     Skrill

Local banking methods accepted by this app include,

  •     Faster payments (UK)
  •     ACH (USA)

Now, select your preferred currency and payment method. The minimum deposit accepted by the eToro app is $50. Fortunately, for the residents of the USA and UK, the minimum deposit amount is reduced to $10 only.

Search for Bitcoin

In this step, you are required to look at the Bitcoin you want. While the app supports, plenty of markets, users are suggested to use the search bar. All you have to do is type Bitcoin and wait for the drop-down menu to appear. Now, click on the topmost result. It will help you come across the complete details about the cryptocurrency.

It includes social trend indications, pricing charts, seller analysis, and ratings, along with a lot more. Many users directly visit the app's trading page by clicking on the ‘Trade' button.

Buy Bitcoin

Now, the app brings to you different order boxes through which you can buy Bitcoin with the eToro app. These boxes come with customizable options that help to particularize your investment. Most people find it difficult to choose between the ‘Limit' order and the ‘Market’ order.

Here, the Limit order enables any user to customize their purchase price. For instance, if the market price of Bitcoin is $25K, you find it expensive and wish to enter at a better price. In this case, you can easily specify your limit to $22K. It means you will only purchase Bitcoin when its price reduces to $22K.

On the other hand, the market order is the decision for instant buying from eToro. It means you will purchase Bitcoin at the current market price no matter what. This type of order may become expensive at times yet it can be justified for users who wish to hold their crypto assets for a long time.

Soon after finalizing your order type, set your password for the purchase. The minimum limit to buy on eToro is $10. However, you can also specify your BTC Units directly on the app. Remember to check minor details before finalizing your order. Now, select,

  •     Open Trade – if you are going for a Market order.
  •     Set Order – if you are going to select a Limit order.

The eToro Web Wallet

Once you have purchased Bitcoin, make sure you know how to exchange or transfer it further. Unfortunately, the eToro app does not allow to transfer of cryptocurrencies. However, it offers custodial web storage in the form of an eToro web wallet. It is a convenient and safe place to keep your currencies. Also, it keeps you from purchasing a wallet separately.

Now, users looking to sell Bitcoins can pay attention to the eToro Wallet App. It is a great solution for incoming and outgoing transfers of crypto assets. You can download this app through the App Store or the Play Store for iOS and Android respectively.

What’s more to the eToro Wallet App is its flexibility to enable automatic token swaps. It means users can easily swap the most popular altcoins for Bitcoins.

How To Sell Bitcoins On The  eToro App?

eToro is one of the most promising apps for the sale and purchase of Bitcoins. Users can sell they are cryptocurrency assets on this app 24/7 a day. To do so give attention to the following steps,

1.    Click on the Portfolio button to initiate the process.
2.    Locate the Bitcoin position that you would like to sell.
3.    Click on the Close button.
4.    Now, review your order and click on the option Close Trade.

In response, eToro will sell all your Bitcoin assets instantly. To make sure about the sale, check the increment in your balance. Users can feel free to withdraw these funds or reinvest them for further trading.

The Bottom Line

eToro has always been an outstanding platform for Bitcoin owners and beginners. Using it cannot be easier in terms of features and performance. It is greatly compatible with Android and Apple devices. If you have been using the eToro app to buy Bitcoin, please make sure to review it in the comments below.

Feel free to discuss its pros and cons oh as a crypto enthusiast. While more people are investing in this type of currency, get started with Bitcoin today!