How to Buy Bitcoin Online Safely

Bitcoin is the world’s first and most popular cryptocurrency. It is also the top performing asset in the world, rising in value from just a few cents in 2010 to over $60,000 just over a decade later. People buy Bitcoin for various reasons. It’s seen as a hedge against inflation, a store of value – like ‘digital gold’ – and a medium of exchange.

If you’re new to Bitcoin, you’ll want to learn how it works and the best places to buy Bitcoin. There are many platforms that vary in the services they offer, trading features, fees, and deposit methods.

In this how-to guide, we walk you step by step through how to buy Bitcoin online and review the best crypto exchanges.

How to Buy Bitcoin (BTC) – Quick Guide

Best Places to Buy Bitcoin in October 2022

Where to Buy Bitcoin Online Safely – eToro Tutorial

Looking for a more comprehensive walkthrough of how to buy Bitcoin online? If so, the section below will show you exactly what you need to do to get your hands on Bitcoin in the safest and most cost-effective way possible.

Step 1: Open an Account

The end-to-end process of opening an account, depositing funds, and buying Bitcoin can typically be completed in less than 10 minutes at eToro. This is because the platform uses automated technology to verify your personal details.

To get started investing in Bitcoin, visit the eToro website and create a free account. You will see a box like the image below and will need to enter your first and last name, email address, phone number, and a username and password.     

Visit eToro

On the next page, you will then be asked for additional personal information – such as your country of residence, home address, date of birth, and national tax number. eToro will then send an SMS to your mobile phone. To complete your registration, enter the code that eToro sends you when prompted.

Step 2: Upload ID

As noted above, eToro is regulated by several reputable bodies. As such, you will need to have your identity verified. You can actually complete this step at a later date – but it does need to be done before you are able to:

• Deposit more than $2,250
• Make a withdrawal

With this in mind, it’s best to quickly upload the required documents now to avoid any delays in the future.

This requires a copy of your:

• Passport, driver’s license, or national ID card
• Utility bill or bank account statement issued within the last 3 months

In most cases, eToro will authenticate your documents straight away and subsequently remove all account restrictions.

Step 3: Make a Deposit

eToro doesn’t offer direct Bitcoin purchases – meaning that you will first need to deposit some funds. Apart from a bank transfer, all deposit methods are credited to your account instantly.

You can choose from:

• Debit/credit card (Visa, MasterCard, Maestro)
• Paypal
• Skrill
• Neteller
• Local bank transfer (country-specific)
• International bank wire

In terms of fees, eToro charges just 0.5% on deposits – irrespective of the payment method. This is much cheaper than some of its main competitors, with the likes of Coinbase charging 3.99% to buy Bitcoin with a debit card.

Furthermore, if you are a US resident depositing funds with a USD-backed payment method, there is no transaction fee at all. In terms of the minimum deposit, this stands at $10 for US and UK residents and $50 for most other countries.

Step 4: Search for Bitcoin

At this stage of our step-by-step guide, you should now have an eToro account that is funded. Now it’s time to buy Bitcoin. The easiest way of doing this is to enter ‘BTC’ into the search box at the top of the page.

Then, you’ll need to click on the ‘Trade’ button to open up an order box.

Step 5: Buy Bitcoin

You can now buy Bitcoin by entering the size of your stake into the ‘Amount’ box($25 minimum).

Finally, click on the ‘Open Trade’ button to complete your investment.

Compare Bitcoin Exchanges