Bitcoins and other forms of cryptocurrencies are very popular in today’s world. It forms a very beneficial investment with very high potential – even with the amount of risks associated with it.
In this article, I will be discussing the steps to how you can purchase Bitcoins on the platform of eToro. Keep reading this article till the end to find more information on how to buy Bitcoin on eToro!
What Is A Bitcoin?
Bitcoin was created by a group of programmers but the real identity of the person who coined the idea remains a mystery to date. Bitcoins are the most widely used and popular form of e-token in the present day. There are a lot of other e-tokens available in the market today! Some of them are – Dogecoin, Ethereum, Tether, Litecoin, Dash, TonCoin, Binance Coin, Polkadot, ApeCoin, etc.
About eToro
eToro is a popular multi-asset and social trading company that focuses on providing financial services. Its headquarters are located in the Central of Israel. The company has registered offices in the United States, United Kingdom, Cyprus, and Australia.
Steps To Buying Bitcoin On eToro
The eToro platform allows its users to invest in all of the major cryptocurrencies – including Ethereum, Cardano, and Bitcoin. eToro also does not charge any extra fees for transactions and this is what makes it excellent for the investors.
Wondering how to buy Bitcoin on eToro? Well, then make sure that you are following the steps mentioned below:
1. Make an Account
You can create an account on the platform of eToro by choosing a proper username first. Then you would have to choose your email address and set a password. The platform requires the users to do a verification of their identity after they are done registering a new account.
2. Deposit Your Funds
The navigation bar which is located on the left side will have an option labeled “Deposit Funds”. You have to choose the fiat currency that you would like to deposit, and then add payment details. After doing those, you would need to click on “Deposit”.
3. Buy The Bitcoin
After navigating to the Bitcoin page you would need to click on “Invest”. The users here would get both the options of “Order” and “Trade”. The latter involves buying Bitcoin at the set price in the current market. By selecting the “Order” option the user would be able to place an order where they will be able to automatically purchase a Bitcoin after it reaches a certain value.
4. Download The Crypto Wallet Of eToro
For additional security, you can even consider using an eToro Money crypto wallet for storing your Bitcoin there. To transfer Bitcoin to your eToro wallet, you would have to click on your portfolio and then select “Transfer To Wallet”.
Tip: If you have missed out on my answer on how to buy bitcoin on eToro then make sure to go back and give it a read.
Benefits Of Investing In Cryptocurrency
Here is a list of the possible benefits that investing in cryptocurrency poses for people:
Security
Cryptocurrency networks are secured by cryptography. Hence, the name is “cryptocurrency”. The crypto is kept very secure and safe as long as it gets used properly.
This decentralized form of the network causes secure transactions because each of the transactions that take place is verified by different participants. If there is any sort of mismatch in the records – it gets flagged.
Privacy
The crypto transactions on most of the networks are kept anonymous. Each unique user gets assigned a unique public ID, that typically consists of a series of numbers and letters. This public address is not directly linked though, to an individual’s real information. Hence, their privacy always remains protected.
This form of enhanced privacy that crypto provides is the reason why governments are so eager in regulating it.
Very Quick Settlement Issues
There are many networks where crypto transactions get completed in an instant – or even just in a few seconds. If this is compared to the traditional bank transactions then you will notice, they take a lot longer time to settle.
This is why transactions are considered a very easy process when it comes to cryptocurrencies.
Cross-Border Payments
Crypto also enables very low-cost and simple cross-border transactions. Traditionally speaking, for sending money from one country to another, one would also need to go through a middle party for orchestrating an expensive transfer from a bank.
When it comes to crypto, the transaction costs remain the same whether or not the money is being sent to someone staying across the globe.
Low Associated Costs
The small cost that gets applied when transferring money is comparatively very less when it comes to cryptos. It is very low cost in nature.
FAQs
Here is a list of frequently asked questions regarding cryptocurrencies:
A: The most crucial rule of investing in cryptocurrency is that you should make sure to not invest more than you can afford to lose. You can very safely store your crypto in an e-wallet.
A: Cryptocurrencies have a high chance of surviving for a long time. The sector may, though, face an increased form of regulation and an extended period of uncertainty. There will also be currencies and firms that perish – but crypto is still going to survive for a long time.
A: Cryptocurrencies work on technologies known as blockchain technology. They are encrypted codes which only and only exist in the form of data.
To Wrap It Up!
That was all for information regarding how to buy Bitcoin on eToro.Thank you for reading up till here. I hope you found the information about this topic useful.
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