In this quick and easy guide you will learn how to buy bitcoin on eToro!
While you will likely be salivating at the idea of buying your precious bitcoin (I don’t blame you)
There are a few things everyone ought to know first.
I mean if you are going to invest your money you should know what your buying, right?
So initially, I am going to go over the basics, and fingers crossed nothing should come as a surprise!
or you can just skip using the easy navigation table!
What is Bitcoin?
Bitcoin (BTC) is the most commonly used cryptocurrency.
Created in 2009 by anonymous founder, Satoshi Nakamoto, Bitcoin is a digital currency which is mined using blockchain technology.
The blockchain technology also allows ‘miners’ to release new coins or tokens into circulation. Blockchain technology means that every transaction is recorded, allowing for greater monetary transparency.
Furthermore, the use of blockchain-based currency means that global bank transfers can be done for as little as $0.0001, which is likely to be beneficial to businesses and individuals who engage in international trading. These transfers may also process far more quickly than in a traditional bank setting, which means that money can be moved to where it is needed at a far higher rate.
This requires higher and higher levels of technological capability as the programs become more complex; mining has become expensive for all but those with extensive technology farms. It requires masses of energy and computing power to mine a single Bitcoin, especially as they become more scarce.
Mining is no longer an appropriate side-hustle for those with ordinary computers, but a massive undertaking.
When it first started I had a friend who mined some bitcoin just because he read about it on the internet, he throw away the computer before bitcoin had significant value, he had a 100 bitcoin
Which is nearly worth $5 million now…
This scarcity is part of what forms the inherent value of Bitcoin. There is also only a limited number of available coins, protecting Bitcoin from hyperinflation that fiat currencies can suffer from. Of the 24 million available Bitcoin tokens, 17 million have already been mined and are in circulation. Mining continues for the remaining 7 million.
Blockchain technologies and cryptocurrencies are set to reform global and internet trade. With Bitcoin at the forefront of this development, which could make it a useful addition to your portfolio!
Tips for Investing in Bitcoin
In 2013, one Bitcoin was worth just $121. Since then, it has jumped massively in value and is currently worth around $9000.
$20000 in December of 2017.
In 2021 Bitcoin increased to around $50K.
Right now, the value of Bitcoin seems to be on the increase and is set to continue.
One of the most important things to remember when investing in any cryptocurrency is market volatility. There are no regulations or centralized control, and investments don’t have any physical collateral. Combined with an ever-shifting market, the fluctuations in cryptocurrencies can be quite high. Choosing a reputable and well-known platform to invest through, such as eToro, is one of the best ways to protect some of your money from scams in an unregulated market.
Another thing to bear in mind is the large fluctuations in value. By investing in the 80/20 style, you can invest in higher-risk investments at a 20% proportion of your total portfolio. This means that, although you risk losing some money, you still have 80% of your portfolio to fall back on.
Furthermore, the higher risk investment that, in this case, would be Bitcoin, has a higher potential for great reward. Fluctuations and volatility can be painted as entirely negative, but these changes in value also means massive increases.
In bitcoin, for example, the all-time peak in 2017 reached almost $20,000 per unit, which is a huge profit, after which is dropped more than 75%.
Yet on 2021 Bitcoin hovered around $50K.
When trading Bitcoin, you needn’t be a multimillionaire already.
Bitcoin can be traded in decimals of whole coins, allowing more and more accessibility to investing. Instead of investing your entire life savings into a single token you can just afford to invest what you want to.
A diverse portfolio protects you and your money from stocks tanking overnight and leaves you with low risk, lower return investments to fall back on.
So lets look at how to buy bitcoin on eToro!
The Steps to Buying Bitcoin on eToro
Time needed: 30 minutes.
This quick and easy guide will have you buying your precious bitcoin in less than 30 minutes, so grab a tea and keep this tab saved so you can follow everything step by step.
- Sign Up to eToro
A simple first step if you haven’t signed up to eToro then Click Here!
This process will take you to the eToro sign up page. All you have to do is fill out the forms with your details as easy as that!
- Depositing on eToro
So the next step is important, after all you cant buy bitcoin if you don’t have the money on the platform! If you haven’t done so already make sure deposit on eToro using the big blue deposit button on the side bar exactly as highlighted in the image below! Now the minimum for first time depositors is $200 (£168 ish in the UK) and the minimum bitcoin you can buy is $25 (£18ish). So make sure you have at least $25 in your account!
The Bottom left highlighted in red is the button to press in order to open up the deposit screen.
Simply select the Deposit amount and then the form of payment.
- Finding Your Bitcoin on eToro
After you’ve signed up and deposited the necessary cashola the next step is to navigate eToro and find the coin your looking for! Luckily it is very easy! You simply type Bitcoin into the search bar and click on Bitcoin which has the ticker BTC (Ticker is a shorthand name) in the drop down menu!
- Buying your Bitcoin on eToro
Okay so now you are on the homepage of eToro all you have to do is click the big blue buy button! Buy however much you would like! You have now bought Bitcoin on eToro so congrats on your purchase!
Note you can’t short sell or open a leveraged position of Bitcoin.
- Conclusion and a few extra thoughts
So you have bought your bitcoin fingers crossed it wasn’t too hard and you didn’t get stuck!
It is important to note that from the 6th January 2021 UK customers will be buying the underlying assets and so you won’t be able to use CFDs (Contract for Difference) to leverage your positions, so no short selling and no going leverage long.
But you do own the real asset in eToro wallet which is excellent news!
As you can see below I bought $50K of Bitcoin (on a virtual account) or just over 1 coin.
it’s Insane how massive bitcoin has become. I remember when it was less than a $1,000!
I hope this little guide helped you buy your bitcoin on eToro, if you would like more information please just let me know and I will add it to this little guide!
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