Crypto currencies have made a huge fan on the market. Along with other crypto, Bitcoin is being traded in many exchange platforms. Etoro is such a platform to exchange Bitcoin.
So, how to buy Bitcoin on eToro? This marketplace is a great platform to get it for profit. You need to create an account on the growing coin brand as a trading platform that will give you the permission to buy and sell Bitcoin alongside other crypto coins like Ethereum, Link, TRX, etc.
In this post, you will find the steps to follow to buy the desired blockchain currency.
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| Image: Karolina Grabowska |
How to buy Bitcoin on Etoro?
Buying Bitcoin (BTC) is not too hard to start. If you're interested in buying Bitcoin, follow the steps.
Create an eToro account
The first step is joining. Go to the eToro website and click on the "Join Now" button. You'll need to put some basic information, such as your name, email address, and password.
Verify your identity
Once you've created your account, you'll need to verify your identity. This is a standard security measure that all cryptocurrency exchanges have in place. This step may include phone, email, image, Identity card verification etc.
Fund your account
This step might be exciting for you. Fund your eToro account with a variety of methods. It accepts credit card, debit card, bank transfer, and PayPal.
Find the Bitcoin
After you have funded, you can search for Bitcoin on this platform. Simply type "Bitcoin" into the search bar and click on the "Invest" hook.
Put your whole number or fraction
The good news is that you can buy Bitcoin in whole units or in fractions. It depends on your budget or affordability. To buy a whole unit of Bitcoin, simply place the amount you want to buy in the "Amount" field. To buy a fraction of a Bitcoin, enter the amount you want to buy and the fraction you want to buy (e.g., 0.1 BTC).
Place your 1st order
Once you've chosen your purchase amount, click on the "Open Trade" button to place your 1st crypto currency order.
Well done! You've made it. You have successfully bought Bitcoin on eToro.
What is Bitcoin?
We mentioned above that this coin is a digital currency that has been gaining the highest popularity in recent years.
This currency was created in 2009 by an anonymous person or group of people under the name Satoshi Nakamoto. It is the first decentralized cryptocurrency, meaning it is not subject to government or financial institution control. Bitcoin is secured by cryptography and uses a peer-to-peer network to operate.
These unique features make Bitcoin a potentially attractive alternative to traditional currencies. However, Bitcoin is still in an early stage and unstable asset, and it is important to do your research before trying to make money in this wealth. Many central bank and large organizations do not agree to support this currency.
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| BTC Price on eToro, August 08, 2023. Image: eToro |
The eToro for Multi-asset Investment
You may heared about social trading system. The eToro is a kind of social trading and multi-asset investment platform that allows users to buy, sell, and trade stocks, commodities, currencies, cryptocurrencies, and ETFs. The platform was founded in 2007 by Yoni Assia, Ronen Assia, and David Ring, and it is based on London city.
The company is one of the most popular social trading system in the world, with over 30 million registered users. The eToro's unique social features allow users to follow and copy the trades of other successful investors, as well as share their own trading strategies with the group.
It offered in August 2023 Zero Commission which means that no broker fee will be charged when you trade here.
How to Buy Bitcoin Safely
Bitcoin is a high demand commodity or currency. It has gained a huge price. Nonetheless, it is important to buy Bitcoin safely in order to protect your money. Here are some suggestions on how to buy Bitcoin safely:
In the market, you will see so many different exchanges where you can buy BTC. It is important to choose an exchange that is secure and has a good reputation. You can do some research online to find top rated exchanges.
Almost every exchanges will require you to verify your identity before you can buy Bitcoin. This is a necessary step to prevent fraud. You will typically need to provide your name, address, and date of birth. You will see that some apps require setting 12 words as a secret keys. You may need to verify your face with phone camera.
Make sure to use a strong password while you open the account. Your password should be at least 12 characters long and include a mix of uppercase and lowercase letters, numbers, and symbols.
Enabling two-factor authentication (2FA) is an extra layer of security that can help protect your account. You can do it as well. When you enable 2FA, you will need to enter a code from your phone in addition to your password when you enter.
Once you have bought Bitcoin, you will need to store it in a secure wallet. There are many different types of wallets available, both hot wallets and cold wallets. Hot wallets are connected to the internet, while cold wallets are not. Cold wallets are generally considered to be more secure than hot wallets.
Your private keys are the keys to your Bitcoin wallet. We mentioned that as the secret keys above. Do not share them with anyone. If someone gets your private keys, they can steal your Bitcoin.
Scaming is a finance sector's curse. There are many scams associated with Bitcoin. Be careful of anyone who offers to sell you BTC at a discount or asks you to send them Bitcoin in order to receive more of them. These are supposed to be scams.
Tips for Buying Bitcoin on eToro
You need to care about your investment in this new financial system that's real name is binancial system as it is decentralized item. Here are some tips for buying Bitcoin on eToro:
- Gather information: Before you buy Bitcoin, it's important to do your studies and understand the risks involved. Bitcoin is a volatile asset, and its price can fluctuate wildly. You should see price predictions but you should not believe that 100 percent.
- Start with a fraction. If you're new to Bitcoin, it's a good idea to start little amount. This will help you manage risks if the price of Bitcoin falls.
- Use a stop-loss order. This is a type of order that will sell your Bitcoin automatically if the price falls below a certain level. This can help you protect your profits if the price of Bitcoin falls.
We have given you the details of the buying BTC on Etoro with steps, information and tips. These may help you learn how to buy Bitcoin on eToro. If you have any questions, please leave a comment below.