As of 2024, more than 460 million Bitcoin wallets have been created.
Every day more people gain an interest in Bitcoin and other cryptocurrencies. Those who are new to the world of crypto may not know where to get started. There are plenty of platforms that allow users to invest in crypto, and one of the most popular is eToro.
So, you may be wondering how to buy Bitcoin on eToro.
Keep reading to find out.
What Is eToro?
eToro is an investing and trading platform founded back in 2007. It provides a simple solution for those who want to invest in a selection of assets with ease.
In 2017, eToro added the option to invest in crypto, and this was opened up to the US in 2019. Now, it provides one of the most convenient ways for people to invest in cryptocurrencies.
How to Buy Bitcoin on eToro
You can use the eToro platform to invest in a range of popular cryptocurrencies, with Bitcoin being the most popular. While it’s made simple, it can still be a bit complicated for beginners. You can begin investing in Bitcoin by following these steps:
Create an Account
You can create an eToro account as you do with many other platforms. Make a username, then add your email and a password. To use eToro, you need to verify your identity upon creating a new account.
Deposit Funds
On the left, you’ll see the navigation bar with an option that says “Deposit Funds”. Click this, then you can select the fiat currency you want to use. Finally, add your payment details and hit “Deposit”.
Buy Bitcoin
There will be different pages, so look for the one under “Bitcoin”. Click “Invest”, then you can select either “Trade” or “Order”.
If you choose “Trade”, you can buy Bitcoin at its current price. “Order” lets you place an order which involves selecting a price and amount, and then the purchase will automatically take place when Bitcoin hits that value.
Download the eToro Crypto Wallet
The eToro crypto wallet is a simple place to store your Bitcoin. It’s easy to transfer your funds there and it will help keep everything more secure. With that in mind, there are other ways you can store your crypto if you prefer.
Where to Store Your Bitcoin
Outside of exchanges themselves, you can store your Bitcoin in any compatible wallet. There are two main types, and each has benefits and drawbacks.
Soft Wallets
Soft wallets (also known as hot wallets) are fully digital. They operate as browser extensions or smartphone apps and are considered highly secure. You can set one up for free, and there are various options available, including:
- Coinbase Wallet
- ZenGo
- Guarda
- Crypto.com DeFi Wallet
- Trust Wallet
Different wallets support different cryptocurrencies, so it’s important to make sure you’re using a compatible wallet before making any transfers. If you try to send crypto to a wallet that doesn’t support your chosen crypto, you could end up losing it for good,
Hard Wallets
Hard wallets (also known as cold wallets) are physical devices that you can use to protect your crypto. They hold your private keys and need to be connected to a computer for a transfer to take place. These are the most secure type, so if you hold large amounts of Bitcoin, a hard wallet is highly recommended.
There are several popular hard wallet manufacturers that are worth looking at, such as:
- Ledger
- Trezor
- SafePal
- KeepKey
- ELLIPAL
It’s worth noting that hard wallets have the downside of being less convenient than soft wallets. Many investors keep most of their holdings in a hard wallet to keep it as safe as possible, and a small amount in a soft wallet so they can quickly trade it if needed.
Getting Started With Bitcoin
Now that you know how to buy Bitcoin on eToro, you’re ready to get going. With that in mind, you still need to be careful. Always do your own research before investing in any cryptocurrency to make sure they’re right for you.
The key to being successful with digital assets is knowledge and understanding. We work to help people learn more about the crypto space so they can make the best-informed decisions. Take a look at our article on the benefits of crypto to figure out if it’s right for you.