How to Buy Bitcoin and Crypto with eToro
If you are interested in buying Bitcoin and cryptocurrencies with eToro, the process is very simple thanks to their easy onboarding and great user experience. The platform currently allows investors to buy, sell and trade over 70 crypto assets including Bitcoin, Ethereum, Solana, Dogecoin, Shiba Inu and many others.
You can follow this step-by-step guide to get started in minutes:
- Sign up to eToro and verify your identity.
- Select the 'Deposit Funds' button to deposit your local currency via a variety of payment methods (Bank Transfer, Debit Card, Credit Card, PayPal & More).
- Select the 'Crypto' tab in the navigation menu and find the asset you want to buy.
- Input the amount you want to invest and execute your trade.
Is eToro a Good Platform for Crypto?
eToro is a popular trading platform that offers a variety of financial assets, including cryptocurrencies. However, it may not be the best option for those who are primarily interested in buying, holding and staking digital assets. This is because eToro has some limitations when it comes to crypto assets, fees, and staking options.
First, eToro offers a limited selection of cryptocurrencies, with only 70 of the most popular coins available for trading. Second, eToro charges high fees for crypto trading. The platform operates with a 1% spread, which is higher than some other cryptocurrency exchanges. Finally, eToro does not currently offer any cryptocurrency staking options. Staking is a popular way to earn passive income with cryptocurrencies, so this may be a disadvantage for those who are interested in this type of strategy.
What is the Best Alternative to eToro
As outlined above, the best alternative to eToro is Uphold. Their platform provides a similar user experience to eToro, but a significantly deeper suite of features and products that are better suited for cryptocurrency investors. These include:
- Over 250 Cryptocurrencies to trade
- 30+ Crypto assets to stake with up to 25% APY
- More deposit options that include Apple Pay & Google Pay
- Access to stablecoins like USDC, USDT, DAI and many others
Is eToro Safe to Store Crypto?
Yes, it is generally considered safe to store cryptocurrency with eToro, which is one of the worlds largest & most trusted multi-asset brokerage platforms. However, like with any platform that holds your digital assets, there are inherent risks. eToro is regulated by top tier financial authorities, such as the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC), which helps to provide security for its users.
However, it's important to keep in mind that no platform can offer 100% protection against hacking or security breaches. Therefore, it's always recommended to follow good security practices, such as regularly monitoring your account activity, using strong passwords, and avoiding public Wi-Fi when accessing your eToro account.
To summarise, eToro is a popular trading platform that offers a variety of financial assets, including cryptocurrencies. While it may be a good option for some investors, it may not be the best choice for those who are primarily interested in buying, holding and staking digital assets. The platform has limitations in terms of the number of crypto assets available, fees, and staking options.
A better alternative to eToro is Uphold, which offers a similar user experience but a deeper suite of features and products that are better suited for cryptocurrency investors.