The popularity of Bitcoin continues to grow as a viable and expensive, even as it recently had a new all-time high price of $73,833 on March 14, 2024. This not only retains the coin as the world’s most expensive cryptocurrency but also gives a positive outlook for people to buy the asset. But as there are different places to acquire the coin, you may need to know how to buy Bitcoin on the eToro app.
Understanding eToro
eToro has been one of the leading online trading platforms, as it is often referred to as a social trading platform that enables you to trade almost any asset. This includes cryptocurrencies, commodities, stocks, exchange-traded funds (ETFs), and indexes, which you can trade via its web-based and mobile platform.
When it comes to cryptocurrency, there are two (2) ways to invest on this social trading platform.
First, you can buy crypto assets with no leverage, such that eToro provides a wallet for you to store the asset. Second, you can invest in cryptos along with shorting the asset through CFD (Contract for Difference). This means that you will not own the asset but can predict the rise and fall of a crypto price.
It should be noted that eToro is one of the alternative crypto exchanges to buy Bitcoin in Nigeria – which is due to a feature like Copy Trading that enables beginner traders to imitate the trades of experienced traders without much risks.
While you can purchase your BTC on the eToro website, you can also use its mobile apps to acquire the coin.
How To Buy Bitcoin On eToro App
Step 1: Download eToro App To Create An Account
Download the eToro app on your Google Play Store or Apple Store. Create an eToro account by providing your email address and choosing a username. You must also provide your name, address, and contact number, with a password to safeguard your account.
Step 2: Complete KYC (Know Your Customer)
eToro requires you to complete the KYC procedure, which is by providing a copy of government-issued ID documents like your driver’s license, international passport, etc.
You may also need to provide a utility bill in your name to confirm your address.
Step 3: Deposit Funds Into Your Account
Upon the successful verification of your eToro account, you must proceed to fund your account on the platform before trading. The minimum deposit amount is $10 on eToro but does not apply to bank transfer deposits as it requires a minimum of $500 on the platform.
Other methods of funding your account are wire transfers, credit/debit cards, PayPal, Neteller, etc.
Step 4: Search For Bitcoin And Place a BTC Order
Use the search bar to find Bitcoin. Click “Trade” to open the trading box. You will be directed to a page that prompts you to choose your preferred trade type and trading amount.
For better understanding, eToro supports both market orders (a quick trade at market prices) and limit orders (your preferred price). While market orders (Trade) are selected by default, limit orders give you more control over pricing.
You will see your balance in the Portfolio section of your eToro account after the successful execution of the trade.
Frequently Asked Questions (FAQs) About Buying Bitcoin On eToro App
Can I Buy Actual Bitcoin On eToro?
Yes, you can buy your Bitcoin on eToro, and you can also withdraw your BTC into an external wallet from which you can sell Bitcoin or send it to another wallet.
Is It Safe To Buy Bitcoin On eToro App?
It is safe to purchase Bitcoin on eToro as it is a registered broker operating under the regulations of the Financial Conduct Authority (FCA) in the United Kingdom and the Financial Crimes Enforcement Network (FinCEN) in the United States.
In addition, eToro employs security measures like two-factor authentication (2FA) to restrict unauthorized access to your account.
What Is The Minimum Deposit Fee On eToro App?
Minimum deposit fees vary with country of residence and payment method. But you must deposit between $10 and $10,000 to purchase Bitcoin on the platform.
What Is The Trading Fee For Buying Bitcoin On eToro App?
There is a 1% trading fee for every BTC purchase you make on eToro. This 1% transaction value is payable to the platform as a spread.
Conclusion
We can not overemphasize the buzz around trading or investing in Bitcoin as it holds a real-time value that is bullish at the time of writing this article. But since you can buy Bitcoin on the eToro app, we have highlighted the steps to acquire this coin in this article.
However, it is important to study the eToro app to know how its features work to enable you to have profitable trading.
