Wondering how to buy Bitcoin from the comfort of your home in a safe and low-cost manner? If so, you’ll want to use a regulated Bitcoin broker that not only offers competitive fees – but your preferred payment method.
In this guide, we walk you through the process of how to buy Bitcoin online and discuss the best platforms to do this with.
How to Buy Bitcoin – Quick Guide
Looking at how to buy Bitcoin right now? If so, follow the four quickfire steps outlined below to buy Bitcoin!
- Open an account: You’ll first need to open an account with a trusted cryptocurrency broker. We like eToro, as the platform is heavily regulated, supports multiple payment types, and allows you to buy Bitcoin with super-low fees.
- Upload ID: As a regulated brokerage site, eToro will ask you to upload a copy of your government-issued ID.
- Deposit: You can now deposit funds with a debit/credit card, Paypal, Neteller, Skrill, or a bank wire.
- Buy Bitcoin: Search for ‘BTC’ and click on the ‘Trade’ button. Enter the amount of Bitcoin you wish to buy ($25 minimum) and confirm the order.
You will now have Bitcoin in your eToro portfolio. Most investors will keep their Bitcoin funds on the eToro platform until it’s time to cash out. You can, however, also withdraw your Bitcoin to the eToro crypto wallet.
How to Buy Bitcoin – 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.
So, to get the ball rolling, visit the eToro website and look out for the ‘Join Now’ button. 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.
67% of retail investor accounts lose money when trading CFDs with this provider.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection.
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)
- 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 $50 for US residents and $200 in 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!
Step 6: Sell Bitcoin
Depending on how Bitcoin investment strategy, you might decide to keep hold of your digital tokens for several days, weeks, months, or even years. Either way, you can safely keep your Bitcoin at eToro until you decide to cash out.
When you do, it’s just a case of clicking on the ‘Portfolio’ button and then initiate the sale. The funds will be added to your eToro balance as soon as you confirm the sell order.
Where to Buy Bitcoin
In a time not so long ago, there were only a handful of places that you could buy Bitcoin online. Fast forward to 2021 and there are now hundreds of cryptocurrency brokers and exchanges that allow you to invest in Bitcoin at the click of a button.
This does, however, make it somewhat challenging to know where to buy Bitcoin – as there are simply so many providers to choose from.
To save you from having to research dozens of different platforms, below you will find the best places where to buy Bitcoin in 2021.
1. eToro – Overall Best Place to Buy Bitcoin
eToro is now a fan-favorite with crypto investors and is arguably the best place to buy Bitcoin. This online broker offers a huge variety of assets and markets – which includes plenty of leading digital currencies. Not only can you buy heavyweight crypto-assets like Bitcoin, Ethereum, and Ripple – but Defi coins like Aave, Kyber Network, and Augur.
There are many reasons why eToro has grown its client base to over 20 million investors. Firstly, the platform is really easy to use – so if this is your first time buying Bitcoin online – eToro has you covered. Additionally, eToro offers super low commissions, so you can buy Bitcoin without being charged hefty fees.
This is also the case when it comes to depositing and withdrawing funds into and from your account. For example, regardless of whether you decide to use Paypal, a debit/credit card, Skrill, Neteller, or a bank wire – you’ll only pay 0.5%. Plus, if you’re based in the US, there are no deposit fees at all. When it comes to safety, eToro is regulated by several reputable bodies.
This includes the FCA (UK), ASIC (Australia), and CySEC (Cyprus) – so you’re covered on three fronts. In fact, eToro is also approved by FINRA and the SEC in the US – so American traders can buy and sell Bitcoin safely. eToro also stands out for us as it offers innovative social trading features. This includes the ability to follow, like, and comment on the platform – subsequently allowing you to communicate with other eToro traders.
Past performance is not an indication of future results.
There is also a copy trading feature that is likely to be of interest if you want to invest passively. All you need to do is select a successful eToro investor that you like the look of and all future buy/sell orders will be mirrored in your own account. For example, if the trader allocates 7% of their portfolio into Bitcoin and 3% into Uniswap, you will copy the exact trade at an amount proportionate to what you invested.
- Super low cryptocurrency fees
- Supports debit/credit cards and Paypal
- Over 2,400 global shares and 250 ETFs
- CFD markets also offered
- Social network with copy trading
- Regulated by the FCA, ASIC, and CySEC
- Approved by the SEC and FINRA
- Withdrawal and inactivity fees