How to Buy Bitcoin and Dogecoin on eToro?

by Jul 19, 2023DEX/CEX0 comments

Cryptocurrencies like Bitcoin and Dogecoin have gained popularity in recent years as more people recognize them as an investment and payment method. If you have decided to buy Bitcoin and Dogecoin for the first time and want a secure and user-friendly platform, eToro would be a perfect choice. 

As a leading investment and trading platform, eToro enables users to buy and sell cryptocurrencies, as well as other assets such as stocks and commodities. In this article, we’ll provide a step-by-step guide on how to buy Bitcoin and Dogecoin on eToro so that you can join the growing community of cryptocurrency traders and investors with ease.

What Are the Advantages of Bitcoin and Dogecoin Over Traditional Forms of Money?

AdvantagesBitcoinDogecoin
Global and borderless✔️✔️
Scarce and deflationary✔️✔️
Transparent and immutable✔️✔️
Secure and censorship-resistant✔️✔️
Innovative and adaptable✔️✔️

This table summarizes the advantages of Bitcoin and Dogecoin over traditional forms of money, as well as their similarities. Both cryptocurrencies are global, scarce, transparent, secure, and innovative. If you are interested in buying these cryptocurrencies, eToro is a recommended platform for doing so.

What is eToro?

eToro is a multi-asset platform that offers both investing in stocks and cryptocurrencies, as well as trading CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What is eToro?

eToro has over 20 million registered users from more than 140 countries, who can access a variety of financial instruments, such as stocks, commodities, currencies, indices, ETFs, and cryptocurrencies. eToro also offers social trading features, such as copy trading and CopyPortfolios, which allow users to follow and copy the strategies of other successful traders or portfolios.

eToro is regulated by multiple authorities around the world, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Australian Securities and Investments Commission (ASIC) in Australia. eToro also adheres to strict security standards and uses advanced encryption technologies to protect its users’ data and funds.

Why Buy Bitcoin and Dogecoin on eToro?

Reasons to buy on eToroBitcoinDogecoin
Competitive fees and spreads✔️ (0.75%)✔️ (2.9%)
Option to buy real cryptocurrencies or trade CFDs✔️✔️
User-friendly and intuitive interface✔️✔️
Range of payment methods✔️✔️
Secure and regulated platform✔️✔️

eToro is one of the best platforms to buy Bitcoin and Dogecoin for several reasons, such as:

  • It offers competitive fees and spreads, compared to other platforms: eToro does not charge any commissions or hidden fees when buying or selling cryptocurrencies. The only fee you pay is the spread, which is the difference between the buy and sell prices of an asset. The spread for Bitcoin on eToro is typically around 0.75%, while the spread for Dogecoin is around 2.9%, which is lower than many other platforms.
  • It allows you to buy “real” cryptocurrencies or trade CFDs, depending on your preference. eToro gives you the option to buy actual cryptocurrencies that you can withdraw to your own wallet, or trade contracts for difference (CFDs) that track the price movements of cryptocurrencies without owning them. CFDs offer more flexibility and leverage but also involve more risk. You should consider whether you understand how CFDs work before trading them.
  • It provides a user-friendly and intuitive interface that makes buying cryptocurrencies easy and quick. eToro has a simple and elegant design that allows you to buy cryptocurrencies with just a few clicks. You can also use various tools and features to enhance your trading experience, such as charts, indicators, news feeds, social feeds, and more.
  • It offers a range of payment methods to fund your account. eToro supports various payment options to deposit money into your account, such as bank transfer, credit card, debit card, PayPal, Skrill, Neteller, and more. The minimum deposit amount is $200 for most methods, except for bank transfer which has a minimum of $500.
  • It provides a secure and regulated platform that you can trust. eToro follows strict regulatory standards and complies with anti-money laundering (AML) and know-your-customer (KYC) policies. eToro also uses industry-leading security measures to safeguard your account and funds, such as SSL encryption, two-factor authentication (2FA), biometric verification, and more.
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How to Buy Bitcoin and Dogecoin on eToro?

Buying Bitcoin and Dogecoin on eToro is a simple and straightforward process that can be done in a few steps. Here is how to buy Bitcoin and Dogecoin on eToro:

Step 1: Sign up for an eToro account

Step 1: Sign up for an eToro account
  • Fill out the registration form with your name, email, password, and phone number.
  • Agree to the terms and conditions and privacy policy of eToro.
  • Alternatively, you can sign up using your Facebook or Google account.
  • Click on the “Sign Up” button to complete the registration process.
  • Check your email for a confirmation message from eToro.
  • Click on the link in the email to verify your account.

Step 2: Complete your profile and verify your identity

Step 2: Complete your profile and verify your identity
  • Log in to your eToro account.
  • Click on the “Complete Profile” button on the dashboard.
  • Provide your personal information, such as your date of birth, address, occupation, income, and trading experience.
  • Answer a few questions to assess your risk profile and suitability for trading.
  • Click on the “Save and Continue” button to submit your profile information.
  • To verify your identity, click on the “Verify Your Account” button.
  • Upload a copy of a valid government-issued ID, such as a passport or driver’s license.
  • Upload a proof of address document, such as a bank statement or utility bill.
  • Wait for the verification process to complete.

The verification process may take a few minutes or hours, depending on the quality and clarity of your documents.

Step 3: Fund your account

The third step is to fund your account with the amount you wish to invest in Bitcoin and Dogecoin.

Step 3: Fund your account
  • Click on the “Deposit Funds” button at the bottom left corner of the screen.
  • Choose your preferred payment method, such as bank transfer, credit card, debit card, PayPal, Skrill, Neteller, and more.
  • Enter the amount you want to deposit and confirm the transaction.
  • Wait for the funds to appear in your account balance, which may take a few minutes or hours depending on the payment method and processing time.
  • Once the funds are available in your account balance, you can use them to buy and sell cryptocurrencies like Bitcoin and Dogecoin on eToro.

* The minimum deposit amount is $200 for most payment methods, except for bank transfer which has a minimum of $500. Be sure to check the fees and processing times for each payment method before making a deposit.

Step 4: Buy Bitcoin and Dogecoin

The final step is to buy Bitcoin and Dogecoin with the funds you have deposited. You can do this by following these steps:

Step 4: Buy Bitcoin and Dogecoin
  • Click on the “Trade Markets” tab at the top of the screen (You will then see a list of various assets that you can trade on eToro, such as stocks, commodities, currencies, indices, ETFs, and cryptocurrencies.)
  • Search for Bitcoin and Dogecoin by typing “BTC” or “DOGE” in the search bar or scrolling down to the “Crypto” category and selecting them.
  • Review the current price and performance of Bitcoin and Dogecoin, as well as some useful information and statistics about them.
  • Click on the “Buy” button at the top right corner of the screen.
  • Enter the amount you want to invest in Bitcoin or Dogecoin in the pop-up window.
  • Choose a specific amount in US dollars or a percentage of your available balance.
  • Review the transaction details and click on the “Open Trade” button to confirm your purchase.
  • Wait for the transaction to be processed and the Bitcoin or Dogecoin to be added to your portfolio.
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*The price of Bitcoin and Dogecoin can be volatile, so it’s important to keep an eye on the market and set stop loss or take profit orders if you want to limit your risks or lock in profits. You can also sell Bitcoin and Dogecoin on eToro by following similar steps, but clicking on the “Sell” button instead of the “Buy” button.

You will also see some options that you can adjust according to your preferences and risk appetite. These options are listed in the table below along with their respective descriptions:

OptionDescription
LeverageAllows you to multiply your exposure to Bitcoin or Dogecoin by borrowing money from eToro. For example, if you use 2x leverage, you can buy $2 worth of Bitcoin or Dogecoin with $1 of your own money. Leverage increases both your potential profits and losses, so use it with caution. The maximum leverage for cryptocurrencies on eToro is 2x.
Stop LossAllows you to set a price level at which you want to close your position automatically if the market moves against you. This helps you limit your losses and protect your capital. For example, if you buy Bitcoin at $50,000 and set a stop loss at $45,000, you will sell your Bitcoin automatically if the price drops below $45,000.
Take ProfitAllows you to set a price level at which you want to close your position automatically if the market moves in your favor. This helps you lock in your profits and avoid missing out on potential gains. For example, if you buy Bitcoin at $50,000 and set a take profit at $55,000, you will sell your Bitcoin automatically if the price rises above $55,000.

Once you have entered the amount and adjusted the options as desired, you can click on the “Open Trade” button to execute your order. You will then see a confirmation message that shows the details of your transaction. Congratulations! You have just bought Bitcoin or Dogecoin on eToro!

How to withdraw your Bitcoin and Dogecoin from eToro?

If you want to withdraw your Bitcoin or Dogecoin from eToro to your own wallet or another platform, you will need to follow these steps:

How to withdraw your Bitcoin and Dogecoin from eToro?

Step 1: Download the eToro Money crypto wallet

To withdraw your Bitcoin or Dogecoin from eToro, you will need to download the eToro Money crypto wallet. Follow these steps:

  • Download “eToro Money” from the App Store or Google Play on your mobile device.
  • Once the app is installed, open it and click on the “Create Account” button.
  • Provide your personal information, such as your name, email address, and phone number.
  • Verify your identity by providing a copy of a valid government-issued ID, such as a passport or driver’s license.
  • Set a PIN code and a recovery phrase for your wallet, which are essential for accessing and restoring your funds in case of emergency.

*The eToro Money crypto wallet is a separate app from the eToro trading platform, and you will need to download and set it up before you can withdraw your Bitcoin or Dogecoin from eToro. Be sure to keep your PIN code and recovery phrase safe and secure, as they are essential for accessing and restoring your funds in case of emergency.

Step 2: Transfer your Bitcoin or Dogecoin from eToro to your wallet

  • Log into your eToro trading account and go to the “Portfolio” tab to see a list of all the assets that you own on eToro, including Bitcoin and Dogecoin.
  • Click on the “Settings” icon next to Bitcoin or Dogecoin and select “Transfer to Wallet”.
  • Enter the amount of Bitcoin or Dogecoin that you want to transfer, keeping in mind that the minimum amount is 0.0086 BTC for Bitcoin and 50 DOGE for Dogecoin.
  • Review the network fee that you will have to pay for the transfer, which is deducted from your balance.
  • Confirm the transfer and wait for a notification that shows the status of your transaction.
  • Check the progress of your transfer on the blockchain explorer by clicking on the “View on Blockchain” button.
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*The transfer may take a few minutes or hours, depending on the network congestion and confirmation time. It’s important to check the progress of your transfer on the blockchain explorer to ensure that it has been successfully processed. Also, be aware of the minimum amount that you can transfer and the network fee that will be charged for the transfer.

Step 3: Withdraw your Bitcoin or Dogecoin from your wallet

  • Transfer your Bitcoin or Dogecoin from eToro to your eToro Money crypto wallet using the steps outlined in the previous guide.
  • Open your eToro Money crypto wallet to see your Bitcoin or Dogecoin balance.
  • Tap on the “Send” button at the bottom of the screen to initiate a withdrawal.
  • Enter the recipient’s address, either by scanning a QR code or typing it manually.
  • Enter the amount of Bitcoin or Dogecoin that you want to send and review the network fee that you will have to pay for the withdrawal.
  • Adjust the network fee according to your preference and urgency, keeping in mind that a higher fee may result in a faster confirmation time.
  • Confirm the transaction and wait for a notification that shows the status of your withdrawal.
  • Check the progress of your withdrawal on the blockchain explorer by clicking on the “View on Blockchain” button.

*The network fee varies depending on the network congestion and demand, and it is paid to the miners who process and validate your transaction on the blockchain. Be aware of the network fee and adjust it according to your preference and urgency. Also, keep in mind that the withdrawal may take a few minutes or hours, depending on the network congestion and confirmation time. It’s important to check the progress of your withdrawal on the blockchain explorer to ensure that it has been successfully processed.

Conclusion

In conclusion, eToro is a user-friendly and highly-regarded platform for buying and selling cryptocurrencies like Bitcoin and Dogecoin. With its competitive fees, range of payment options, and intuitive interface, it’s an excellent choice for those looking to invest in these assets. By following the simple steps outlined in this article, you can start your journey as a cryptocurrency investor today.

If you’re interested in staying up-to-date with the latest news and trends in the cryptocurrency world, as well as receiving tutorials on how to invest and trade, we encourage you to subscribe to our newsletter. By doing so, you’ll gain access to valuable insights and information that will help you make informed decisions about your investments. Thank you for reading, and we look forward to helping you navigate the exciting world of cryptocurrency.

FAQ

What is the difference between buying “real” cryptocurrencies and trading CFDs on eToro?

Buying “real” cryptocurrencies means that you actually own the underlying assets and can withdraw them to your own wallet or another platform. Trading CFDs means that you only speculate on the price movements of the cryptocurrencies without owning them. CFDs offer more flexibility and leverage but also involve more risk.

What are the fees and spreads for buying Bitcoin and Dogecoin on eToro?

eToro does not charge any commissions or hidden fees when buying or selling cryptocurrencies. The only fee you pay is the spread, which is the difference between the buy and sell prices of an asset. The spread for Bitcoin on eToro is typically around 0.75%, while the spread for Dogecoin is around 2.9%, which is lower than many other platforms.

What are the minimum deposit and withdrawal amounts for buying Bitcoin and Dogecoin on eToro?

The minimum deposit amount for most payment methods on eToro is $200, except for bank transfer which has a minimum of $500. And the minimum withdrawal amount from eToro is $30. The minimum transfer amount from eToro to your wallet is 0.0086 BTC for Bitcoin and 50 DOGE for Dogecoin.

How long does it take to buy, sell, transfer, and withdraw Bitcoin and Dogecoin on eToro?

Buying and selling cryptocurrencies on eToro is usually instant, as long as there is enough liquidity in the market. Transferring and withdrawing cryptocurrencies from eToro may take a few minutes or hours, depending on the network congestion and confirmation time. You can check the progress of your transactions on the blockchain explorer by clicking on the “View on Blockchain” button.

How secure is eToro and its crypto wallet?

eToro follows strict regulatory standards and complies with anti-money laundering (AML) and know-your-customer (KYC) policies. eToro also uses industry-leading security measures to safeguard your account and funds, such as SSL encryption, two-factor authentication (2FA), biometric verification, and more. The eToro Money crypto wallet is also secure and user-friendly, and allows you to set a PIN code and a recovery phrase for your wallet, which are essential for accessing and restoring your funds in case of emergency.

Can I use eToro in my country?

eToro is available in more than 140 countries around the world, but there may be some restrictions or limitations depending on your local regulations or laws. You can check the availability of eToro in your country by visiting the eToro website and clicking on the “Help” tab at the bottom of the screen. You will then see a list of countries where eToro operates or does not operate.

How can I contact eToro customer support?

You can contact eToro customer support by visiting the eToro website and clicking on the “Help” tab at the bottom of the screen. You will then see a list of topics that may answer your questions or issues. If you still need assistance, you can click on the “Contact Us” button at the bottom right corner of the screen. You will then be able to submit a ticket or chat with a representative online.

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