How to buy bitcoin on etoro app

Here is a detailed guide on how to buy Bitcoin on the eToro app, covering each step in depth:

Introduction

The eToro app to buy bitcoin is one of the most popular online trading platforms, offering a wide range of financial instruments, including cryptocurrencies like Bitcoin (BTC). eToro’s user-friendly interface makes it accessible to both novice and experienced traders. If you’re looking to invest in Bitcoin using the eToro app, this guide will walk you through the entire process, from account creation to making your first Bitcoin purchase.

https://trendingcurrent.org

https://www.etoro.com/crypto/how-to-buy-bitcoin

Step 1: Downloading and Installing the eToro App to buy bitcoin

The first step in buying Bitcoin on eToro is to download and install the eToro app. The app is available on both the App Store (for iOS users) and Google Play Store (for Android users). Simply search for “eToro” in your app store and click the download button.

Step 2: Creating an eToro Account

If you are new to eToro, you will need to create an account. Here’s how:

Sign Up: When you open the app, you will see an option to create an account. Click on the “Sign Up” button.
Provide Your Details: You will be asked to enter your personal details, including your name, email address, and phone number. You’ll also need to create a username and password.
Accept Terms and Conditions: Review eToro’s terms and conditions, privacy policy, and risk disclosure, and then accept them.
Verify Your Email: The eToro app to buy bitcoin will send a confirmation email to the address you provided. Click on the link in the email to verify your account.

Step 3: Verifying Your Identity

Before you can start trading, you must complete the Know Your Customer (KYC) process. This is a standard procedure required by financial institutions to verify the identity of their customers. Here’s what you need to do:

Provide Identification: Upload a clear image of your government-issued ID (e.g., passport, driver’s license).
Proof of Address: You will also need to upload a document that shows your current address, such as a utility bill or bank statement.
Additional Information: eToro may ask you a few questions about your trading experience, financial status, and investment goals. This information helps them tailor the platform to your needs.
Wait for Approval: The verification process can take a few minutes to a few days, depending on the volume of applications.
Upon verification of your account, you will receive an email notification

Step 4: Depositing Funds Into Your eToro Account

To purchase Bitcoin, you need to deposit funds into your eToro account. Follow these steps:

Access the Deposit Page: Click on the “Deposit Funds” button, which is usually located at the bottom of the app’s main screen or in the account menu.
Select Payment Method: eToro provides multiple payment methods, such as credit and debit cards, bank transfers, PayPal, and Skrill. Users can select the most convenient method for them and specify the deposit amount they wish to transfer.
Enter Deposit Amount: Specify the amount of money you wish to deposit. Note that there may be a minimum deposit requirement, depending on your region and the payment method you choose.
Complete the Transaction: The text prompts the reader to complete a transaction by following the provided prompts for payment.

Step 5: Finding Bitcoin on eToro

Now that your account is funded, you can search for Bitcoin on the eToro platform:

Use the Search Bar: At the top of the app’s interface, you will find a search bar. The text instructs the reader to type “Bitcoin” or “BTC” into a search bar and press enter.
Select Bitcoin: Bitcoin will appear in the search results. Click on it to be taken to the Bitcoin trading page.

Step 6: Understanding the Bitcoin Trading Page

Before making a purchase, it’s important to understand the information presented on the Bitcoin trading page:

Price Chart: The page features a price chart showing Bitcoin’s price movements over different time frames. You can adjust the time frame to see hourly, daily, weekly, or even yearly price trends.
Market Sentiment: eToro provides a sentiment indicator showing the percentage of users who are buying vs. selling Bitcoin at the current moment.
Recent News: The page also includes the latest news articles related to Bitcoin, which can help you make informed decisions.
Trading Options: You can choose to buy Bitcoin outright or use advanced options like setting stop losses, taking profits, or placing limit orders.

Step 7: Buying Bitcoin

Once you’re ready to buy Bitcoin, follow these steps:

Before you can start trading, you must complete the Know Your Customer (KYC) process.

Click on Trade. On the Bitcoin page, you will see a “Trade” button. The text refers to clicking on something to open a trading interface
Specify Purchase Amount: You can buy Bitcoin in two ways:
- By Amount of Money: Enter the amount of money you want to invest in Bitcoin (e.g., $100).
- By Amount of Bitcoin: Alternatively, you can specify the amount of Bitcoin you want to purchase.
Set Stop Loss/Take Profit: If you want to automatically sell your Bitcoin at a certain price, you can set a stop loss or take profit level. This is optional but recommended for risk management.
Leverage: eToro allows you to trade Bitcoin with or without leverage. Leverage increases your potential profit (and risk) by allowing you to trade with borrowed funds. However, for beginners, it’s advisable to stick with 1x leverage (no leverage).
Review and Confirm: Double-check all the details of your trade. Once you are satisfied, click the “Open Trade” button to execute the purchase.

Step 8: Viewing and Managing Your Bitcoin Investment

After your purchase is complete, you can view your Bitcoin investment in the Portfolio section of the app:

Access Your Portfolio: Tap on the “Portfolio” tab at the bottom of the app to see all your active trades and investments.
Monitor Performance: Here, you can monitor the performance of your Bitcoin investment in real time. The portfolio shows you the current value, profit/loss, and other relevant metrics.
Managing Your Investment: You can choose to hold onto your Bitcoin, sell it, or set additional stop-loss or take-profit levels as needed. If you want to sell your Bitcoin, simply click on the “Close” button next to the Bitcoin investment in your portfolio.

Step 9: Withdrawing Funds (Optional)

If you decide to cash out your Bitcoin investment, you can withdraw funds from your eToro account:

Go to Withdraw Funds: Navigate to the “Withdraw Funds” section in the app.
Select Withdrawal Method: Choose the method by which you want to receive your funds (e.g., bank transfer, PayPal).
Confirm Withdrawal: Review the details and confirm the withdrawal.

Step 10: Using the eToro Wallet

For those who wish to hold their bitcoin outside of the eToro platform, the eToro app to buy bitcoin offers a cryptocurrency wallet. The eToro Wallet allows you to transfer your Bitcoin from the eToro trading platform to a secure digital wallet. Before you can start trading, you must complete the Know Your Customer (KYC) process. Here’s how:

Download the eToro Wallet: The eToro Wallet is a separate app available for download on iOS and Android.
Transfer Bitcoin: In the eToro trading app, go to your portfolio and select Bitcoin. Choose the “Transfer to Wallet” option, and follow the prompts to complete the transfer.
Access Your Bitcoin: Once the transfer is complete, you can access your Bitcoin in the eToro Wallet, where it will be securely stored. The wallet also allows you to send Bitcoin to other wallets or use it for transactions.

Conclusion

Buying Bitcoin on the eToro app is a straightforward process, even for beginners. By following the steps outlined in this guide, you can safely and confidently invest in Bitcoin. Always remember to conduct your research, consider your risk tolerance, and only invest what you can afford to lose. Whether you’re looking to buy and hold Bitcoin for the long term or trade it actively, eToro provides a comprehensive platform to meet your needs.