Over the last decade, Bitcoin has worked its way into the mainstream, resulting in a range of new and more convenient ways to buy Bitcoin, including with a debit card. You can purchase Bitcoin with a debit card on eToro by signing up and registering your details.
In this guide, you will learn how to buy BTC with a debit card on eToro in just four steps.
How to Buy BTC With a Credit Card
Buying Bitcoin with a debit card is similar to making other online purchases. To do so on eToro, you must follow a few steps. First, you must register, link your card, and execute your trade.
- Register: Navigate to the eToro website and register to create an account.
- Link your debit card: Once your account is fully registered, link your debit card to your account.
- Build your order: Navigate to the Bitcoin page and select BUY. Here, you can enter how much BTC you’d like to purchase in dollars.
- Execute your trade: When ready, select the CONFIRM button, and your bitcoin will appear in your account.
Tip: eToro will securely store your card information in case you want to make another BTC credit card purchase later.
Bitcoin Fees
Most trading involves fees, but minimizing administrative costs has a direct impact on your trading bottom line. Crypto trading used to have a reputation for involving hidden fees, but as it is becoming more widely adopted, service providers are reacting to customer demand for more transparent pricing.
When investing in Bitcoin or other crypto on eToro, a fixed fee of 1% of a trade’s value is charged whenever you buy or sell. If you buy $100 of BTC, then a $1 charge will be applied at the time of trade, and this fee will be deducted from your available funds. If the $100 worth of Bitcoin you are holding then decreases in value to $90, and you sell your position, then the fee on closing will be $0.90. This $0.90 charge will be deducted from the proceeds of the sale, which will be recorded as $89.10.
| Example of how eToro applies commissions to crypto trades |
| Crypto gains 20% | Crypto drops 20% | |
|---|---|---|
| Open position value | $100 | $100 |
| Fee at open | $1 | $1 |
| Total cost of open | $101 | $101 |
| Total P/L% (without fees) | 20% | -20% |
| Close position value | $120 | $80 |
| Fee at close | $1.20 | $0.80 |
| Position value after close | $118.80 | $79.20 |
| Total fees charged | $2.20 | $1.80 |
Tip: eToro displays the commission on crypto trades separately to make the fees charged more transparent and easier to track.
Advantages of Buying Bitcoin With a Credit Card on eToro
eToro is very accessible; we have over 20 million users across 100 countries and operate 24 hours a day, seven days a week. Aside from the global opportunities, there are several more reasons to use eToro for buying Bitcoin with a debit card.
- Fast transactions.
- Mobile app for trading on the go.
- Security features such as SSL encryption and two-factor authentication to keep funds safe.
- Transparent and low-cost transaction fees compared.
- A variety of deposit and withdrawal options.
Tip: Remember, you don’t have to purchase a full bitcoin; you can always buy fractional amounts.
Final thoughts
Using a debit card makes buying Bitcoin more straightforward. When administrative tasks are streamlined, more time can be spent on the important task of conducting the necessary research to determine the best time to buy.
Learn more about Bitcoin by joining the eToro Academy.
FAQs
- What is the eToro Money crypto wallet?
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The eToro Money crypto wallet is eToro’s easy-to-use, multi-crypto, secure digital wallet. You can use it to store and transfer crypto, and it is accessed by downloading the app and logging in using your eToro credentials.
- Can I transfer crypto I hold elsewhere to eToro?
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Yes. You can transfer crypto you hold with other brokers, exchanges, or blockchain wallets to your eToro Money crypto wallet. eToro Money allows you to securely store crypto or transfer crypto to other wallets. Please note that it is a separate app from the main eToro investing platform.
- What will happen to the price of Bitcoin?
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Although many people will tell you that they know what will happen to the price of Bitcoin, the truth is that no one knows for certain. If you’re considering buying Bitcoin, then you will need to carry out extensive research to form your own ideas on the prospects of BTC.
This information is for educational purposes only and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to, buy or sell any financial instruments.
This material has been prepared without regard to any particular investment objectives or financial situation and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Not all of the financial instruments and services referred to are offered by eToro and any references to past performance of a financial instrument, index, or a packaged investment product are not, and should not be taken as, a reliable indicator of future results.
eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this guide. Make sure you understand the risks involved in trading before committing any capital. Never risk more than you are prepared to lose.