Step by step know how to buy Bitcoin and other cryptos and stocks in eToro
With the rising hype and crowd of the crypto market, bitcoin is also taking its market lead. Everyone wants to hold some Bitcoin and trade on it but can’t get the best place to begin. Here we brought the eToro platform for the same.
What is eToro? Is it legal to use?
eToro is a social trading and investment platform that allows users to trade various financial instruments, including stocks, cryptocurrencies, commodities, and more. One of its unique features is social trading, which enables users to follow and replicate the trading strategies of successful investors on the platform.
While eToro used to offer only cryptocurrencies to U.S. customers, it’s expanded in recent years to offer no-commission trading on stocks and ETFs – and a rarity – options. If you want to trade crypto, you’ll have a much larger selection here than at most brokers who wade into that space. But crypto trades carry a 1 percent spread markup, more or less standard for brokers that otherwise charge no direct commission, though you could do better at a crypto-dedicated exchange.
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It charges $0; $10 minimum per trade size.
eToro (ME) Limited, is licensed and regulated by the Abu Dhabi Global Market (“ADGM”)’s Financial Services Regulatory Authority (“FSRA“). So it’s completely legal.
The process to trade Bitcoin and other cryptos
STEP 1: Download the app on your Android or iOS phone, go to the desktop, and install it on your system.
STEP 2: There are two different types of crypto exchange: centralized and decentralized. The former utilizes “Know Your Customer” (KYC) checks and validates the identity of its users, whereas the latter encourages anonymity and does not require personal information.
To purchase Bitcoin, you will first need to create an account, the process of which will vary depending on your chosen exchange. Most exchanges will then allow you to connect your bank account directly, or you can choose to use a debit card.
Availability of flat currency- You can usually spend fiat currency and receive a proportionate amount of bitcoin in return or purchase a set amount of bitcoin, using fiat currencies. There is no difference in price or value, so this comes down to preference.
In the VERIFY section verify your account from a mail sent to your given email ID.
STEP 3: Deposit your fund
On the right side of the menu, we will find the deposit option.
The deposit is being processed through cards or by Paypal and by putting the required $ we want to deposit in it.
NOTICE BULB
Despite being legal in many countries, cryptocurrency is still a widely mistrusted asset. As a result, not all financial institutions will accept deposits to crypto-related sites. Make sure to check your bank’s position on cryptocurrencies before creating an account with a crypto exchange or trading platform.
NAVIGATE THROUGH THE BITCOIN CHART
On the top upper side, you will find the search button as shown in the picture above. Search the coin you want to trade for here it is bitcoin so search it and click trade.
It will open the page with all Bitcoin charts and graphs and live market ups and downs.
It also contains news, analysis, research, and stats (statistics on price action) of the particular crypto or stock.
How to keep your Bitcoin safe and secure
Once you have purchased your Bitcoin, you must store it somewhere safe. Most exchanges or trading sites will allow you to leave your Bitcoin and other crypto assets on their platform.
Others have their own cryptocurrency wallets or separate storage accounts to which they allow you to transfer certain crypto assets. These sites often have a relatively high level of security, meaning that your assets are safe on the platform on which you bought them, bitcoin included.
However, some investors prefer to move their cryptocurrencies to a separate storage solution. Crypto wallets are one of the best options for cryptocurrency storage. Wallets can be used to keep your Bitcoin safe and accessible, while still allowing you to send and receive it.
eToro Money Wallet
There is a recommendation to use the eToro money wallet while purchasing and trading any coin.
eToro also empowers you to own your crypto completely. Safeguard and store it with confidence, transfer it to your eToro Money wallet, or relocate it. The Money Crypto wallet is eToro’s easy-to-use, multi-crypto, secure digital wallet. Easily and simply store and transfer crypto on the wallet.
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