Since the last decade, despite its huge ups and downs, bitcoin(BTC) has been one of the best-performing assets, and definitely one of the hottest speculative investments in the retail investing world.
Yes, it sure is exceptionally volatile in price. But it’s quite evident that it definitely performed really really well in the past years.
And not only that— due to the huge economic uncertainties that have been happening in the whole world, but bitcoin has also been deemed the best hedge asset against economic uncertainty by some people due to its disinflationary nature.
With that said, if you’re planning on buying some bitcoin(BTC) on eToro, this is the guide for you.
How to buy bitcoin(BTC) on eToro
1. Create an eToro account.
If you haven’t created an eToro account yet, signing up is just like creating an account on your favorite social media site. You can sign up here.
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.)
- 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
- PayPal
- Skrill
- Wire Transfer
- Neteller
- UnionPay
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.
Is bitcoin a scam?
No. While there are a lot of scam cryptocurrencies, bitcoin (BTC) isn’t one of them.
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 has a certain amount of risk.
How much bitcoin should I buy?
Bitcoin 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.
