Bitcoin is currently still the most reputable cryptocurrency and will no doubt continue to hold this position in the future. Today, traders can buy and sell Bitcoin from anywhere. But the first thing to do is that traders need to find the right broker for them. Then you need to perform a trade effortlessly, and the time to buy or sell is in a matter of minutes. So, how to buy Bitcoin on eToro in 10 minutes? And how much should we invest in Bitcoin?
Table of Contents:
Five Steps to Buy Bitcoin on eToro
If you want to buy Bitcoin on eToro, you should follow these steps:
Step 1: Open your account
You need to set up a trading account to buy and sell Bitcoin. Go to the eToro website and start clicking Sign Up. You will need to provide some personal information to complete the registration.
The user will have to choose a login name and password. You must provide your phone number to confirm your personal information. In addition, eToro will also refer to the user’s trading experience and trading orientation.
Step 2: Verify
eToro is regulated by many licensing bodies, such as the SEC. All users will need to upload a copy of their government-issued ID to the eToro website. You can use a passport or driver’s license. Typically, eToro will automatically verify documents uploaded by users in less than two minutes. But if the personal documents you provide have problems or are not accepted, you will have to reload the required documents or wait a longer time.
Step 3: Deposit money
Once your account is verified, you can fund your account. The minimum amount to deposit is $50. If you deposit in US dollars, there are no conversion fees. If you use other currencies, you will be charged a conversion fee depending on your currency.
Your debit or credit card deposit will be processed faster. PayPal, Neteller and other supported e-wallets are processed quickly. Funding your eToro account from your local bank will take longer.
Step 4: Search for Bitcoin
Once the deposit is complete, you will purchase Bitcoin on the eToro platform. It’s simple. You have to click on the search bar and type in “Bitcoin”.
After that, the Bitcoin transaction table will appear and you will have to click on the “Trade” box that has just appeared on your screen.
Step 5: Buy Bitcoin
This is a significant step. Before entering the amount you want to invest in Bitcoin, you need to consider it carefully. The minimum amount that can be used to buy Bitcoin is $10. Finally, click on the “Open Trade” box to complete your trade.
Best Payment Methods for Buying Bitcoin on eToro
Buy Bitcoin with a credit card.
The easiest and most convenient way to buy Bitcoin on eToro is to use a debit/credit card issued by Visa or MasterCard. There will be brokers who will charge a 3-5% fee when depositing funds into an account with a credit/debit card. But with eToro, there are no fees for using this deposit method.
Use PayPal to top up your account.
A PayPal account is also an excellent option to fund your eToro account. eToro is one of the brokers that allows you to buy Bitcoin with PayPal quickly.
At the deposit stage, users choose to deposit with their PayPal account. Then select the amount you want to deposit to your account and confirm. After confirming the transaction, the money will be immediately deposited into your account.
Buy Bitcoin with Neteller, Skrill
Another way to buy Bitcoin online is to use an alternative e-wallet such as Neteller or Skrill. The eToro platform also supports these e-wallets.
Why should we invest in Bitcoin?
Bitcoin can bring great returns to investors. In 2009, Bitcoin debuted at $0.00076/bit. The current price of Bitcoin at the time of writing this document is at $42,160/bit. The price of bitcoin has increased more than 55 million times in just 13 years. Today, many people still expect Bitcoin to generate substantial financial returns.
Users can make Bitcoin transactions quickly, securely and with low fees. There are many opinions about whether digital currency is more suitable as a store of value. Since the number of Bitcoin tokens is limited and the supply cannot be manipulated. In addition, there are some opinions that Bitcoin is acting as a contrast to the financial markets. For example, while many stocks have fallen sharply in 2020 due to the covid-19 pandemic, Bitcoin has risen.
How much should we invest in Bitcoin?
The amount of Bitcoin you should buy will depend on your finances and investment goals. Perhaps you should use a long-term strategy when investing in Bitcoin. This strategy will prevent your finances from being affected by short-term fluctuations in the cryptocurrency market.