There is no shortage of news (both sensational and factual) about Bitcoin (CRYPTO:BTC). Ever since it achieved mainstream attention, Bitcoin has been at the center of the discourse surrounding blockchain technology, cryptocurrency, crypto technology, online scams, and much more. If you’re looking to invest in Bitcoin, or maybe make use of it, it is unlikely you haven’t at least considered doing so for quite some time.

With the many ways to purchase or otherwise acquire Bitcoin, it is expected to be confused about where to buy it, what platforms to use, how to store it, and so on. With so much new technology continuously evolving at a rapid pace, where should you begin? Buying cryptocurrency on a digital-first platform was unimaginable just a handful of years ago, and today it is easier than brushing your teeth. Here is how to buy Bitcoin on eToro, step by step.

What is Bitcoin?

The technology and details of Bitcoin are far too complicated to explore in-depth in this article, but it is helpful to at least understand the foundation of this cryptocurrency at a basic level if you plan to invest in it. We recommend you treat Bitcoin as you would any other stock, bond, or investment. You wouldn’t make a significant investment into any company based simply on the enthusiastic endorsement of a guy at work you barely know, and you shouldn’t do the same with any cryptocurrency.

That being said, Bitcoin is the first decentralized cryptocurrency in the world, invented in 2008 by an unknown person known only as Satoshi Nakamoto. Bitcoins are “mined” through proof-of-work processes, and the peer-to-peer Bitcoin network uses cryptography to verify transactions which are stored in blockchain technology, which is a form of digital distributed ledger. The difficulty in creating Bitcoins, the anonymous use and storage of the currency, the decentralized nature of the Bitcoin network, the structural integrity of that network, and the reliability of the ledger have made Bitcoin a valuable asset.

The value of Bitcoin is completely unregulated, and the prices fluctuate entirely at the whim of those who buy and sell it.

While Bitcoin can be used for purchases and transactions, because of its high value it is more popular as an investment or store of value.

What is eToro?

eToro is an Israeli financial company best known for its digital-first trading app. Like other recent online trading platforms, eToro boasts zero trading fees and no trading commissions and eliminated many of the other fees that other, larger brokers relied on to make enormous profits.

eToro’s clean design, simplified interface, and easy-to-use platform made it an attractive option for new traders and those who simply want to try out trading stocks for the first time. Larger legacy brokers can be intimidating and expensive.

The company has grown significantly since its beginnings in 2007, and now offers a full suite of apps and platforms including cryptocurrency trading, digital wallets, options trading, and more. eToro also has a large library of guides and articles to help new investors and traders understand the platform, the markets, and how to make the most of their money. You can learn about options trading on eToro with our guide.

Why Buy Bitcoin on eToro?

Due to the decentralized and highly unregulated nature of the cryptocurrency market, there are a few things to keep in mind when trading digital assets. First, there is no governing body that manages the transactions. All transactions are recorded in the blockchain. Your digital assets are only as safe and secure as you make them. If you transfer your assets to a digital wallet and lose your digital key, or it is stolen, there is nobody you can ask to get them back.

Second, like stocks, there is no guarantee that Bitcoin will retain its value in the future. Any money you invest in cryptocurrency could disappear overnight. Additionally, the legality and usefulness of Bitcoin are constantly in flux, and government intervention could potentially drastically change the value or utility of your currency without notice.

If you’re still set on buying Bitcoin, eToro is a reliable and safe option.

On eToro, you can join a community of traders you can collaborate with, learn from, and even copy. eToro offers over 70 cryptocurrencies for trade, so if you enjoyed your Bitcoin investment, you can experiment with other assets. Also, since eToro is a full trading platform, you can also trade traditional stocks, options, and other assets without switching between companies.

Once you have invested in your chosen digital asset, you can choose to hold it in your eToro account or transfer it to the eToro crypto wallet available in the eToro Money app. This allows you to send, receive, and securely store your cryptocurrencies. This all-in-one system makes it easy to buy, sell, use, and store your assets. See how to purchase Ether on eToro here.

Additionally, eToro offers crypto staking rewards, which allow accounts to earn additional cryptocurrencies of what they already hold in their account by staking it through the platform. This is a form of interest not all platforms offer.

All this is available without monthly fees or balance minimums. There are some other fees that apply to certain actions and trades, like buying or selling Bitcoin in the first place. We encourage you to look into these fees if you are trying to decide which platform to use to buy your first cryptocurrencies.

How to Buy Bitcoin on eToro

In order to begin trading digital currencies, you will need an eToro account. This can be done in just a few minutes in either the mobile app or on the website. You will need to verify your identity and address during this process, connect your bank account, and transfer a minimum balance into your eToro account in order to get started.

It is important to remember that eToro is not available in every country, and does not operate in every U.S. state. Some assets are not available to trade on the platform everywhere it does operate. We recommend you look into what assets are available on the platform before you set up your account.

Once your account is set up, you will see a search bar on the home page at the top of the screen. Here you will search for Bitcoin by either typing in the name or the ticker symbol of BTC. A popup list will appear showing you the different results for your query. You will see several results including people and assets you can trade. You want to pick Bitcoin (the name alone, without any other modifiers), which usually appears at the top of the list.

On the Bitcoin page, you will be presented with a host of information. This includes the current market price, the trading status, and several pages for Bitcoin overview (price history, news, and community posts), charts, analysis, news, and stats.

You will want to click on the green Trade button. The platform will then walk you through the process of buying Bitcoin (or setting a purchase order) including the amount of Bitcoin you want to purchase. Remember, the price of a single Bitcoin is astronomical, so you will probably only purchase a small fraction of one Bitcoin. This is normal, as the price of the whole Bitcoin rises, the value of your portion will also increase, much like buying a single stock in one company.

After completing your purchase, your Bitcoin balance will be updated in your account. You can choose to keep it there until you sell it or transfer it to the crypto wallet of your choice. Read about the benefits of eToro’s crypto wallet.

If you’re curious about any other part of eToro’s products and services, check out this page: a regularly updatedlist of all our eToro guides, news coverage, and lists of benefits. 

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.