Many people are looking to invest in Bitcoin, one of the most well-known digital currencies. the eToro app is a user-friendly platform that simplifies the process. In this guide, I’ll walk you through each step of buying Bitcoin on the eToro app, so you can start investing with confidence.

Step 1: Open an eToro account

If you’re new to eToro, you’ll need to create an account. Open the app and tap on the “Sign Up” button. You’ll be prompted to enter your email address, create a password, and provide some basic personal information, including your name, date of birth, and phone number. You’ll also need to agree to the terms and conditions.

If you already have an eToro account, simply log in with your email and password.

3. Verify Your Account and complete KYC

Before you can start buying Bitcoin, eToro requires you to verify your account. This is to comply with regulatory requirements and to protect your account from unauthorized access. You’ll need to provide proof of identity, such as a government-issued ID (passport, driver’s license, or national ID card), and proof of address, like a utility bill or bank statement.

To verify your account, go to the settings menu, select “Account Verification,” and follow the on-screen instructions to upload your documents.

4. Deposit Funds into Your eToro Account

Once your account is verified, the next step is to deposit funds. eToro offers several payment methods, including credit/debit cards, bank transfers, and e-wallets like PayPal. To add funds, tap on the “Deposit Funds” button, select your preferred payment method, and enter the amount you wish to deposit.

Make sure to check for any fees associated with your chosen payment method, as they can vary.

5. Search for Bitcoin (BTC)

With your account funded, you’re ready to buy Bitcoin. On the eToro app, tap the search bar at the top of the screen and type in “Bitcoin” or “BTC.” This will bring up Bitcoin’s trading page, where you can view its current price, chart performance, and other important details.

6. Buy Bitcoin on eToro

To buy Bitcoin, tap on the “Trade” button on the Bitcoin page. A new screen will appear where you can enter the amount of Bitcoin you wish to purchase. You can choose to buy a specific amount of Bitcoin or enter the amount of money you want to spend in your local currency. eToro will automatically calculate the equivalent amount of Bitcoin for you.

Once you’ve entered the desired amount, you’ll have the option to set a stop loss or take profit level, which can help manage your investment. However, this is optional and can be adjusted later if needed.

7. Review and Confirm Your Purchase

Before finalizing your purchase, eToro will show you a summary of the trade. This includes the amount of Bitcoin you’re buying, the total cost, and any applicable fees. Review this information carefully to ensure everything is correct.

If you’re satisfied, tap “Open Trade” to complete your purchase. Your Bitcoin will be added to your eToro portfolio, where you can monitor its performance over time.

8. Storing and Managing Your Bitcoin

Once you’ve bought Bitcoin, it’s important to manage your investment wisely. You can leave your Bitcoin in your eToro account, which is stored in a secure digital wallet provided by eToro. If you prefer to have more control over your Bitcoin, you can transfer it to an external wallet, although this process might involve additional fees.

To monitor your investment, simply open the eToro app and check your portfolio. You can track the performance of your Bitcoin, make additional purchases, or sell it whenever you like.

Conclusion

Buying Bitcoin on the eToro app is a straightforward process, making it an ideal choice for both beginners and experienced investors. By following these steps, you can easily purchase Bitcoin and start your journey into the world of cryptocurrency. Remember, while investing in Bitcoin can be profitable, it’s important to do your research and invest responsibly.