Buy Bitcoin with eToro - Instructions for the first Bitcoin investment

More and more crypto newcomers want to buy Bitcoin. In view of the new highs in cryptocurrencies, this is no wonder. The only question that remains is: where is the safest, easiest and cheapest way to buy Bitcoin?

Buying Bitcoin is popular at eToro, a globally leading and regulated online trading platform that convinces with its user-friendliness and high security standards. Here, even beginners can find an easy-to-understand introduction to the crypto world.

To ensure that nothing goes wrong with your first Bitcoin purchase, we will show you step by step in this article how you can buy Bitcoin at eToro.

Buy eToro Bitcoin in 3 steps - quick guide

Basically, the process is quite simple: as a user, you need to open an account with the broker and fund your trading account before you can buy the desired amount of Bitcoin from eToro.

Step 1: Registration

Registering with eToro is a prerequisite for buying and trading cryptocurrencies such as Bitcoin.

On the right hand side you will find the compact registration form where you have to enter essential account information such as your desired username, associated email address, a secure password and your mobile phone number.

In addition, activate the two checkmarks to express your consent to the terms of use and the risk declaration as well as to the DSGVO-compliant data protection policy.

Click on the "Trade now" button to submit your user data and open your trading account with eToro.


Step 2: Deposit

After registering, it would be advisable to go through the entire verification process. However, you can still do this at a later stage.

To deposit money into your trading account, click on the blue "Deposit Money" button below the left navigation bar. This will open the deposit menu where you will select the desired amount and deposit method.

Several eToro deposit methods are supported, so you can choose your preferred payment method. No matter which method you choose, no deposit fees are charged by eToro. Supported methods include credit card, PayPal or bank transfer (SEPA).

Click on the desired payment method in the drop-down menu and then click on "Send" to complete the payment. We recommend that you use credit card or PayPal as a deposit method because the money will then be credited to your account immediately.

Step 3: Buy Bitcoin

After making a deposit, users can buy Bitcoin by selecting Bitcoin from the horizontal search bar. Bitcoin can also be selected via the left navigation bar via "Markets", "Cryptocurrencies". Clicking on the blue "Trade" button opens the buy menu, with just 2 clicks users can buy Bitcoin on eToro.

You will get this screen if you have opened Bitcoin as an investment. Click on the "Trade" button and the buy menu will open as a pop-up. Simply enter the amount of Bitcoin you will buy. Then click on "X1 Leverage" and then on the "Open Trade" button.

Congratulations, you have just bought your first Bitcoin! You can view and adjust your trading position at any time via the navigation menu under "Portfolio".

Buying real bitcoin on eToro

Buying real bitcoin on eToro: instructions in detail

In this section we will take you step-by-step through the buying process at eToro, but first we will discuss opening an account and making a deposit into your trading account:

Step 1: Register a trading account

eToro is a regulated online trading platform where you need to register a trading account. This starts by filling out the form on the registration page.

Here you will enter your desired username, email address, a secure password and your mobile phone number. You can then agree to the terms of use and privacy policy by ticking the two boxes.

By clicking on the "Trade now" button you will open your eToro account.

Step 2: Verify your identity

Your trading account is now open, but you still need to verify your identity and residential address. This is required by the strict guidelines on the prevention of money laundering and terrorist financing as adopted by the EU.

However, the process is very simple and quick. Click on "Settings" in the left navigation bar and then the menu item "Account".

Now click on the clickable link "Edit" under your username.

The profile wizard will now open, allowing you to complete your authentication. Here you should first complete your personal details, data such as full name, date of birth and home address are required.

An official photo ID - either passport or ID card - must be uploaded as a colour scan so that the eToro support team can verify your identity.

Proof of address, on the other hand, is done by uploading a recent utility bill or other household bill, whereby the most recent electricity bill is the best choice (this should of course include your home address!).

Step 3: Deposit Euros

The next step is to deposit money at eToro. Here you can choose from numerous payment methods, all of which can be used without any deposit fees.

The most popular are usually credit card, PayPal or Sofortüberweisung, because the money arrives in your account immediately.

In the left navigation bar you will find the "Deposit Money" button at the bottom. Click on it and the deposit menu will open as a pop-up.

Minimum deposit: How much money you want to deposit is of course up to you, you can start with the minimum deposit of 200 EUR (higher for some deposit methods). A larger amount is of course advisable if you want to profit from the sometimes considerable price jumps in Bitcoin. However, you can always deposit more funds.

Step 4: Buy real Bitcoin

Note that you can buy real Bitcoin or trade Bitcoin-based derivatives called Bitcoin CFDs. In this section we will show you how to buy real Bitcoin (or buy parts of real Bitcoin).

Once your deposited money is in your eToro account, you can use it to buy real Bitcoin. Because eToro uses USD as the default currency, your transferred EUR amount will be converted to USD and you can see it at the bottom of the screen.

Enter "Bitcoin" in the upper search field and click on the search result that appears, you will be taken to the Bitcoin investment.

You will get the feed overview on the left, but focus on the blue "Trade" button at the top right of the screen.

The buy menu appears as a pop-up. Now enter the USD amount for which you want to buy Bitcoin in the "Amount" field.

Click on "Open trade" to buy real Bitcoin at the current market price for the selected amount. Your trade position will be opened immediately, you can view the position via the navigation menu under "Portfolio".

Terms

Explanation

Buy | Sell   

Make sure that the "Buy" tab is activated to be able to buy Bitcoin. If you select "Sell", then you would enter into a trade with a short position, whereby it would be the sale of a Bitcoin CFD.

Trade | Order   


Make sure that the "Trade" option is set if you want to buy at the current market price. Alternatively, you can use "Order" to define a limit order with which you will buy Bitcoin at a fixed market price. This order will only be triggered automatically if the market price actually reaches this value. If the value is not reached, no order will be executed!

No SL | StopLoss   

Here you can set up a stop loss order with a maximum loss at which your trading position will automatically close. You can enter the loss either as an absolute amount or as a percentage of your investment. This is a risk management tool to help you limit potential losses.

Leverage | Leverage   

Click on the "x1 Leverage" button to buy real Bitcoin. If you set x2 leverage, you would buy a bitcoin CFD - more on this in the next section.

No TP | Take

Profit Here you can place a take profit order. Here you set a maximum profit at which your trading position will be closed with all profits made. You can set the limit by amount or percentage growth. This is also referred to as "profit taking".

Congratulations, you have just bought your first real Bitcoin or Bitcoin shares!

Send Bitcoin from eToro to Wallet

Buy Bitcoin
The eToro wallet for Android/iOS smartphones is just one of the reasons to buy Bitcoin with eToro. In total, the multi-currency wallet can store more than 100 different cryptocurrencies and tokens.If you have bought real Bitcoin on eToro, you can send them from your portfolio to your eToro wallet, but it is no longer possible to return them to your portfolio. Therefore, if you want to withdraw and sell Bitcoin on eToro, you are not allowed to transfer them to your wallet.Once you have sent Bitcoin to your eToro wallet, you can of course send the BTC from here to any other Bitcoin wallet, including to friends or acquaintances. 

The process is as follows:

  • First you need to request a transfer from the eToro Portfolio to your eToro Wallet. To do this, go to the portfolio via the navigation menu and open the trading position with Bitcoin.
  • A pop-up will open, under the "invested" menu you will see the clickable link "Transfer to your wallet". Click on this to request the transfer.
  • eToro will process the request within a few hours. You will receive an email confirmation as soon as the BTC have been received in your eToro Wallet. Now install the eToro Wallet on your smartphone if you haven't already done so.
  • Open the eToro Wallet on your smartphone to view the transferred BTC. From here you can transfer the BTC to all other BTC wallets of friends, acquaintances or even to buy services or products.

eToro Bitcoin Withdrawal

eToro Bitcoin Withdrawal

Want to request a Bitcoin withdrawal from eToro? Maybe you've made a solid profit and decided you want to sell your Bitcoin. You can do this by going to your portfolio via the navigation bar and opening the Bitcoin trading position.

Click on the button with the red "X" and a pop-up will open. Here you can either close a part of the trade or the entire trade.

If you only want to partially close the trade, click on the "Partially close the trade" checkbox and enter the amount you want to sell.

If, on the other hand, you want to close the entire trade, i.e. sell and have eToro pay out Bitcoin, then leave the checkmark unchecked and simply click on the "Close trade" button. The BTC will be sold at the market price and the proceeds will be credited to your trading account.

Click on "Withdraw Money" in the left navigation bar to have part or all of the money transferred from your eToro account to your bank account, credit card or PayPal (depending on the deposit method you chose).

Specify the amount you wish to withdraw and then click "Submit" to request the withdrawal.

eToro will process the withdrawal within a few hours, and once approved, will remit the funds via the deposit method you used. A withdrawal fee of 5 USD will be charged.

eToro

Buy Bitcoin CFDs at eToro

At eToro you can buy real Bitcoin or Bitcoin CFDs. In this section we will show you the latter option step-by-step, but first we will present the advantages and reasons for trading Bitcoin CFDs. This way, you can decide for yourself whether you prefer to buy Bitcoin CFDs or real Bitcoin.

What is a Bitcoin CFD?

A CFD is a so-called contract for difference. It is a financial contract between two parties - a buyer and a seller - who agree to exchange the difference in value over time between the opening and closing of the CFD.

Because the bitcoin price with a 1:1 linkage serves as the underlying, a CFD can also be understood as a derivative.

How does CFD trading with leverage work?

Example: If a bitcoin CFD in the amount of 1 BTC (e.g. 34,000 USD bitcoin price) results in a difference in value of 2,000 USD between CFD opening time on 1.1.2021 and closing time on 10.1.2021 at e.g. a bitcoin price of 36,000 USD, this means a difference in value of 2,000 USD.

In this case, the buyer of the Bitcoin CFD would earn 2,000 USD, but the seller of the Bitcoin CFD must pay the 2,000 USD value difference.

Why buy Bitcoin CFD at eToro?

Specifically, there are three good reasons why buying Bitcoin CFD can be better than real Bitcoin:

    No bitcoin wallet required to store the BTC.
    Bitcoin CFDs can be traded with leverage, which can provide an increased return on equity.
    Betting on a falling Bitcoin price by taking a short position.

When trading with leverage, the user can secure a short-term capital injection from the CFD broker. You can buy Bitcoin CFD at eToro with a 1:2 leverage. With e.g. 1,000 USD equity you can open a trading position of 2,000 USD, the additional 1,000 USD you borrow from the broker in the short term.

Important: CFDs are highly speculative financial instruments that involve considerable risk. The leverage effect multiplies the price difference - profits or losses are amplified in the leverage ratio, which can quickly mean high losses in the event of a negative price development.

If you believe that the Bitcoin price will fall, you can sell a Bitcoin CFD or take a short position. Have you decided to buy Bitcoin CFDs from eToro? All right, then you have to proceed as follows:

Buy eToro Bitcoin CFD

Buy eToro Bitcoin CFD

After making a deposit into your account, you can purchase a Bitcoin CFD within the limits of your account balance. You can either access Bitcoin via the navigation bar by clicking on "Markets" and "Cryptos", or simply enter "Bitcoin" in the horizontal search bar and select the corresponding search result.

Click on the blue "Trade" button on the right-hand side of the screen and enter the USD amount for which you want to open the Bitcoin CFD.

Once you have selected all the desired settings - you can of course place both a stop-loss and a take-profit order - you can buy your Bitcoin CFD by clicking on the blue "Open trade" button. You will receive a confirmation and the order will be executed immediately.

Terms   

Explanation

Buy | Sell   

You can enter a Bitcoin CFD in both the buy position and the sell position. You will choose the "buy" option if you expect the Bitcoin price to rise. If, on the other hand, you expect the price of Bitcoin to fall, it may make more sense to "sell" a Bitcoin CFD.

Trade | Order   

If you want to trade immediately at the given market price, select the "Trade" option. If, on the other hand, you want to wait for the bitcoin price to reach a certain level at which you open the trade, select "Order". You can then set the price at which the order should be executed. Note, however, that if this price is never reached, you have created an open order that will never be executed! Of course, you can cancel the order at any time via the menu item "Portfolio".

No SL | StopLoss   

If you want to place a stop loss order that defines a maximum loss at which your trading position will be automatically closed, you can do so here. Click on the button and enter an absolute amount or a percentage that may be lost before the position is closed. If you activate the "Stop Loss Tracking" checkbox, the position will be kept open as long as the price moves in the right direction again.

Leverage | Leverage   

Click on the "x2 Leverage" button to open a Bitcoin CFD with a leverage of x2. This means you can trade with twice the amount of your equity share, the so-called margin. With an equity of 1,000 USD, you can buy a Bitcoin CFD worth 2,000 USD. Note again that both your profits and losses are amplified. In case of negative price development, the x2 leverage can quickly lead to increased losses!

No TP | Take

Profit If, on the other hand, you would like to take a profit from a certain price gain, you can choose the Take Profit order. Click on the button and enter an absolute amount or a percentage of your position value at which the trading position is to be automatically closed with profit taking.

Congratulations, it's that easy to buy Bitcoin CFD with eToro! The navigation menu takes you to the "Portfolio", where you can view and adjust the trading position at any time and also close it again. With eToro you can cash out Bitcoin after closing the trading position.

Deposit methods eToro

Buy Bitcoin with Paypal

Buy Bitcoin with Paypal at eToroPayPal is the most popular online payment service of all, the company has already won more than 100 million customers, over 12 million.

Buying Bitcoin with Paypal at eToro is particularly popular, all you have to do is select "PayPal" under the menu item "Payment method".

Enter your desired purchase amount and click on "Send" to complete the deposit via PayPal.

Buy Bitcoin with credit card

Buying Bitcoin with a credit card only makes sense if you have sufficient funds. The convenient thing about it is that the money is immediately credited to your trading account.

In the drop-down menu under "Payment method" click on "Credit card". Then you have to enter your credit card number and expiry date as well as the CVV code. Your data is secure because the connection is encrypted with 256-bit SSL.

Enter your name exactly as it appears on your credit card. Click on "Send" to deposit the money, so you can buy Bitcoin immediately.

Buy Bitcoin with instant bank transfer

Buying Bitcoin with instant bank transfer is also a good option if you want to invest in Bitcoin immediately after transferring the money. Under the payment menu item you can select the "IMMEDIATE" option after you have entered your transfer amount.

Then enter your IBAN and BIC of the account you will be transferring from. Click on the "Send" button to be redirected to the payment provider Klarna and complete the transfer process there.

You will then be redirected back to eToro and your trading position will be opened and visible in the portfolio.

Buy Bitcoin with SEPA

Buying Bitcoin with a classic SEPA transfer is also a popular option, but note that you have to wait 1-2 business days for the payment to reach your eToro account.

You still want to deposit via SEPA? Enter the desired transfer amount and click on "Bank transfer".

Then click on "Continue" and follow the instructions to transfer from your bank account to your eToro account. You will deposit via online banking using the reference number displayed by eToro.

Regardless of the selected deposit method: After a successful deposit, you will receive a deposit confirmation, as well as an e-mail confirmation.

Fees and Costs - Buying Bitcoin with eToro

Buying Bitcoin with eToro

Buying Bitcoin at eToro is possible completely without commission or deposit fees, only the difference between the buying and selling price, known as the spread, must be paid. This amounts to a low 0.75% for Bitcoin at eToro.

If you want to withdraw your profits from the Bitcoin sale, you have to calculate with a withdrawal fee of 5 USD per withdrawal. If you open a Bitcoin CFD with leverage and leave it open for a longer period of time, you have to pay the overnight fee of 0.046% per day.

Fee type   

Fee amount

Deposit fee

0,-

Commission

0,-

Spread

0,75 %

Withdrawal fee

5 USD

Overnight fee (rollover)

0.046 % per day

Why should you buy Bitcoin from eToro?

Financial Apps - eToro AppSo why should you buy Bitcoin with eToro instead of another provider? There are a number of good reasons:

  •    Popular online trading platform: with over 10 million users from over 140 countries, eToro is one of the most popular online trading platforms in the world.
  •     CySEC regulation: With a branch in Cyprus, the provider is regulated and licensed by the Cyprus Securities and Exchange Commission (CySEC) throughout the EU.
  •     High user-friendliness: eToro is popular mainly because of the high user-friendliness of its trading platform. Whether on a smartphone or in a desktop browser, you can easily access the portfolio, the settings or the different markets via the vertical navigation bar.
  •     Buy real Bitcoin or Bitcoin CFDs: If you want to buy Bitcoin, you can either invest in real Bitcoin or buy Bitcoin CFDs at eToro. The latter can be traded with a 1:2 leverage, alternatively it is also possible to enter a sell position in case of expected price losses.
  •     Low fees & no commission: eToro charges no commission and a low 0.75% spread when buying Bitcoin.
  •     eToro Wallet: If you prefer to buy real Bitcoin, you can store them afterwards in the secure multi-currency wallet, the eToro Wallet, on your smartphone. However, selling, i.e. withdrawing Bitcoin from eToro, is no longer possible.
  •     Mobile trading at any time: The successful eToro app offers the possibility to monitor your trading positions at any time, even while on the move, and to open or close positions.

Buy Bitcoin at eToro - Quick and easy to Bitcoin

Buying Bitcoin at eToro is easy, fast and convenient - most users pay by credit card or PayPal to be able to buy Bitcoin immediately. What is special about eToro, apart from the user-friendly interface, is the possibility to buy and trade real Bitcoin and Bitcoin CFD.

If you want to buy bitcoin CFD, you must, however, as with every provider, pay attention to the increased risk due to trading with leverage. If you expect the price to fall, you can take a short position.

Buying Bitcoin with eToro can also serve as a convenient entry into the crypto world. You have the option to transfer real Bitcoin to the eToro Wallet for iOS/Android, from where you can send or transfer BTC to any BTC wallet.

eToro is one of the most popular online trading platforms in the world, is regulated and licensed by CySEC and offers an intuitive user interface and the highest security standards. Buying Bitcoin is possible for a small 0.75% spread with no commission or trading fees.

  • Extensive trading platform: choice between real coins and CFDs
  • Deposit protection: No risk of loss in case of hacks or bankruptcy
  • Variety of deposit options: Bank transfer, credit card, PayPal, Skrill and many more.
  • High user-friendliness: Free demo account, social trading & intuitive platform

FAQ

Why buy Bitcoin with eToro?

The low fees and the popularity of the world's leading online broker with more than 12 million users in over 140 countries speak for buying Bitcoin at eToro. Regulated and licensed by the Cyprus Securities and Exchange Commission (CySEC), the highest security standards and a legal deposit guarantee of up to EUR 20,000 are guaranteed.

Can I buy Bitcoin CFDs at eToro?


Yes, at eToro Bitcoin CFDs can be bought and traded with a 1:2 leverage. It is also possible to bet on a falling price with a short position in a Bitcoin CFD. The risks of leverage must be taken into account.

Can you buy real Bitcoin at eToro?

Yes, at eToro users can buy real Bitcoin, their transfer to the eToro Wallet must be requested manually via the portfolio. From the eToro Wallet, BTC can be sent and transferred to any BTC wallet.

What are the fees for buying Bitcoin on eToro?

For buying Bitcoin at eToro, only a small spread of 0.75% is payable as the difference between the buying and selling price. With Bitcoin CFD, a rollover fee is payable per day. There is no commission, trading fee or deposit fee.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.