Bitcoin is the biggest revolution in global finance in a generation, so many people want to know how to buy a Bitcoin. If you want Bitcoin, you’ve come to the right place.
5 Quick Steps to Buy Bitcoin on Etoro
- Create a new Etoro account – it only takes 3 minutes!
- Make a £200 minimum deposit – Paypal is accepted
- Buy Bitcoin
- Set Stop Loss and Take Profit Levels
- Withdraw Profits
Bitcoin is a revolutionary digital currency, used both as a means of exchange and a store of value. But if you’re reading this, you want to know the price of Bitcoin and how to buy Bitcoin. If you want to know more about how to buy Bitcoin instantly, check out our complete guide to Bitcoin, or check out the second half of this Bitcoin guide. If you’re ready to buy Bitcoin now, let’s dive right in.
The Two ways to Buy Bitcoin: via CFD or Exchanges
There are dozens of places online to buy a Bitcoin, but these are grouped under two main Buy Bitcoin methods: CFD and Traditional Ownership. We’ll first explain why you might buy a Bitcoin via both methods.
How to Buy Bitcoin on Etoro
CFD stands for “Contract For Difference”. When you buy a CFD, you are buying the right to profit from an asset like Bitcoin. If the price goes up and you sell your CFD, you’ll profit just as you would if you had bought Bitcoin and resold it. The difference is that with CFD, you don’t own the underlying Bitcoin. This might sound strange at first, but it’s actually a better method for many kinds of customers. Here are some of the advantages.
- Leverage. When you buy a Bitcoin CFD with Etoro, you can “leverage” your purchase, meaning that you can get more Bitcoin value than you could afford if you were buying it from a centralized exchange. Bitcoin value is expensive, and this high Bitcoin price keeps out new, small investors who would only be able to afford a tiny bit of Bitcoin. With leverage, they can profit as if they had a lot of Bitcoin, using Stop Loss tools to prevent big losses. Simply put, CFD gives you access to a lot of Bitcoin, with just a little money.
Regulation. Large cryptocurrency exchanges are not regulated. Many of them are not based in the country where you live. Cryptocurrency exchanges can and do get hacked, and cryptocurrencies like Bitcoin which customers store on them are stolen. This has happened to Mt. Gox, Bittrex, and others. With CFD, you don’t own any actual Bitcoin, even though you can take profits just like you would if you did. CFD providers like Etoro are fully regulated, so you won’t risk losing your money, getting scammed, or being hacked.
CFDs are Easy! It’s hard to learn how to use exchanges, set up digital wallets, and avoid getting scammed. If you want to have all of the rewards of Bitcoin investment, without the chance of making a mistake and losing your funds, CFDs are the way to do it. CFDs are Bitcoin trading made as simple as possible. You can start an Etoro account in just a couple of minutes, then learn how to buy a Bitcoin on Etoro in another minute or two. If you think buying Bitcoin is hard, and that’s keeping you away, let CFDs solve your problems.
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CFDs essentially allow you to buy Bitcoin instantly, since there’s no wait for transfer. Now let’s show you how to buy Bitcoin CFDs with Etoro. Start by going to Etoro.com and creating an account. Click “Join Now” as seen on the green button below. Select your country using the list on the next screen. Note: American and Canadian users are not accepted at Etoro.
After you’ve input your new username and password on the next screen, you’ll be given provisional access to the Etoro platform. But you can’t buy Bitcoin CFDs yet. First you have to “Complete Profile”, which is a blue button you’ll see in the upper left-hand corner. Click it and you’ll see a series of pages like this which will ask for more personal information, financial account numbers, and government identity documentation like your passport. Input all of these, then complete a deposit, using wire transfer from your bank, Paypal, Skrill, Debit & Credit card, and several other options.
Once your account is funded, head over to the “Trade Bitcoin” menu as pictured below.
Click “Open Trade”. Now you’ll be able to buy your Bitcoin CFD using the money you funded your Etoro account with. The value of your CFD will be worth as much as the same amount of Bitcoin would be if you had purchased it on a traditional exchange. You can hold your Bitcoin CFD on Etoro as long as you want. In order to make money this way, there are 2 techniques you should understand:
- Stop-Loss. Stop-Loss is the Bitcoin price at which you would sell your Bitcoin CFD, in the event of a crash. There’s always the outside chance that the Bitcoin price could go to zero. Maybe it could even happen while you’re sleeping! To prevent large losses, you can set a Stop-Loss value, and your CFD will be sold during a crash, no matter if you’re online or not.
- Take Profit. The Take Profit value is much like the Stop-Loss value, except it is a price you set for when the price of Bitcoin is going up. This is the price at which you’d want to take your profits and walk away. But if you’re not online when the Bitcoin value spikes, this setting can make the sale for you.
That’s pretty much it! Once you’ve finally sold your Bitcoin CFD, you can send your earnings back to your bank and enjoy your new, richer life. Now let’s show you how to buy Bitcoin using a traditional exchange.
How to Buy Bitcoin Through Exchange: Coinbase
There are various platforms that act as intermediaries in the purchase of Bitcoin online. Before you buy Bitcoin directly you must own a wallet, which will involve getting a Bitcoin address.
Getting a wallet means deciding on a provider to use and then either downloading a wallet or using a web browser version. Most exchanges offer you the opportunity to use their wallet or you can normally get a wallet via the cryptocurrency directly. To have more information about choosing a wallet, I suggest you check our guide on the best wallets on the market.
The easiest way to buy Bitcoin through Bitcoin is actually to use Coinbase. Coinbase is one of the few exchanges where users can trade “fiat currency” (US Dollars, British Pounds Sterling, Euros, etc.) for cryptocurrencies like Bitcoin. It’s incredibly easy to set up, so we’ll quickly show you how it works now.
First, let’s go to Coinbase.com and create an account.
Click on “Sign Up” in the upper right-hand corner. This will take you to the screen below.
Input your name, address, new password, state (or other nation-specific information), and check the user agreement box. Then do the CAPTCHA to prove that you’re not a robot. When you submit, Coinbase will send you a confirmation email. Go to it and click the link therein. This will lead you to the following screen.
Input all the necessary information on the coming screens. The layout you see will depend on where in the world you are accessing Coinbase from. Once Coinbase has verified your identity, you’ll be able to upload documents and input information which will help Coinbase further establish your identity, which will allow you to move more money in and out of Coinbase. You don’t have to do all of this, just what you need to buy Bitcoin value in the amount you desire.
Now let’s buy some Bitcoin. Go to the Coinbase homepage which will look like what you see below.
This chart shows you the recent Bitcoin price action, from February 11 to March 11. Above this, you’ll see a “Buy/Sell” button. Click this. If Coinbase asks you to upload an image of your ID, do so. If not, and they allow you to buy right away, this is the page you’ll see.
On this page, you can easily buy Bitcoin. First, make sure “Bitcoin” is selected from the options above (not Ethereum, Litecoin, or Bitcoin Cash). Then type in how much money you want to spend to buy Bitcoin. The Bitcoin price equivalent will be displayed in the text bar to the right of what you just typed. On the right of the screen, you’ll see the associated fee and your final total. When you’re ready, click “Buy Bitcoin”.
Unless you first funded your Coinbase wallet with cash from your bank, the wire transfer to buy Bitcoin will take about a week to complete. Be patient. Once it comes through you will know how to buy a Bitcoin and you’ll be able to have incredible potential for investment returns as the Bitcoin price evolves.
Bitcoin Payment Methods
Above we have highlighted Coinbase and Etoro and how you can buy bitcoin using these providers. There are advantages to using both, this obviously depends on what the user is looking for, but the best thing they do have in common, is the payment methods they offer. You can buy bitcoin very quickly using either credit / debit card, bank transfer or paypal, essentially the most popular payment methods. Although paypal is currently only available to US citizens, more on that can be found below.
The methods we have highlighted are the best ways to pay when converting your fiat currency into cryptocurrency, you can also buy bitcoin using other cryptocurrencies but you need to already own another cryptocurrency, which would have seen you go through this process. This is step one for the beginners out there.
Below are the most widely used payment methods when it comes to buying anything and cryptocurrencies are no different. However there are small nuances that you should be aware with each method as highlighted below;
How to Buy Bitcoin Instantly With Paypal
How to Buy Bitcoin With Credit Card
How to Buy Bitcoin With Debit Card
Buying bitcoin with US Dollars is now a relatively simple process with most exchanges allowing you the ability to do so, in the guide below we highlight the best places to buy bitcoin when using USD.
How to Buy Bitcoin With USD
Each payment method will have different price structures but the price of bitcoin should have no affect on those costs. The bitcoin price can affect other exchange costs so do make sure you are keeping an eye on both the exchange fees and the price of bitcoin.
Bitcoin Price Explained
Nobody knows exactly what the future of Bitcoin value will be. However, many people think that because Bitcoin can’t really be controlled (at least not yet), that it will continue to become more popular around the world. Economic instability, economic crashes, governmental strife – all of these factors can and will motivate people to adopt digital currencies that aren’t run by centralized governments. The first and the biggest, Bitcoin may be the go-to cryptocurrency for years to come.
If Bitcoin does continue to grow and thrive, it isn’t unthinkable that the price of Bitcoin could one day hit $100,000, $1,000,000, or more! Currently, well less than 1% of people in the world have cryptocurrency of any type. In a future where Bitcoin is a truly global currency, the Bitcoin price will be much, much higher than it is today.
People who buy Bitcoin today do so because they understand these factors. They understand that the Bitcoin price may seem high today, but that this Bitcoin price is based on incredible realities that are changing global finance as we know it. People around the world are adopting Bitcoin for many reasons: to make anonymous payments, to store value like gold, to achieve massive investment returns, and to simply use as money.
No one knows the future, but it’s unlikely that Bitcoin value is going to fail anytime soon. This means that investors who get in now will own a piece of history, and will have “gotten in early” because even though Bitcoin is on everybody’s lips, it’s not in many of their wallets. We can’t tell you what to do, but we obviously think that Bitcoin is a compelling investment at any Bitcoin price.
If you’d like to know more about Bitcoin, check out the following Bitcoin FAQ where we’ll cover questions from around the web.
Bitcoin Resourses – Quick Links
Final Thoughts on Bitcoin
By now you know how to buy Bitcoin, thoughts on the price of Bitcoin, ideas about investing in bitcoin, and where Bitcoin value comes from. No one can say how the price of Bitcoin will change day to day, but because the value of Bitcoin is based on reliable technology and widespread adoption in the world, investing in Bitcoin is likely a very good idea.
Those who invest in Bitcoin today will have a wild ride ahead of them as the technology spreads, regulations are put in place, and other cryptocurrencies rise alongside Bitcoin. Buying Bitcoin is just the first step. We hope that the price of Bitcoin you buy today looks like a very cheap Bitcoin price in the months and years to come.