Can I Buy Bitcoin from eToro in Australia?

Written by Wikitoro Team

Reviewed by Nadav Zelver

Yes, if you are a resident of Australia, you can buy Bitcoin on eToro. To do so, you need to have a verified eToro account with sufficient funds. Once these conditions are met, you can proceed with purchasing BTC on the platform.

Bitcoin continues to be a trending topic in the financial markets, especially here in Australia. With the rising popularity of eToro, many Australians are curious if they can purchase Bitcoin through this platform. To address this query, I'll share my personal experience of buying BTC as an Australian resident using their app.

Check Your Account

Firstly, it's crucial to ensure that your eToro account falls under the jurisdiction of "eToro AUS Capital Limited," the local entity regulated by the Australian Securities and Investments Commission (ASIC). This ensures that your trading activities are in compliance with local regulations.

Verification and Funding

Next, account verification and funding are essential steps. Verification is mandatory immediately after opening an account on eToro. Once verified, you can deposit funds into your account, with a minimum requirement of $50. Remember, transactions on eToro are in USD, which is the platform's base currency.

Process of Buying BTC

Now, let's walk through the steps of purchasing Bitcoin on eToro:

1. I logged into my trading account (the process is identical on both the app and web versions).
2. In the search bar, I typed "BTC" or "Bitcoin."
3. I clicked on the "Trade" button next to the correct asset (BTC).
4. I entered the minimum investment amount, which is $10. This feature is particularly appealing as it allows for small-scale trading despite Bitcoin's high price.
5. After clicking the "Open Trade" button, my transaction was successful, and I purchased Bitcoin worth $10.

Key Takeaways

• Australians can buy Bitcoin on eToro, but their account must be under "eToro AUS Capital Limited" and regulated by ASIC.
• Account verification and funding are prerequisites for trading. The minimum deposit is $50 (USD not AUD).
• eToro allows for a minimum investment of $10 in Bitcoin, making it accessible even at higher Bitcoin prices.

This experience not only demonstrates the feasibility of purchasing Bitcoin for eToro Australia traders but also highlights the platform's user-friendly approach, making it a viable option for Australians interested in entering the cryptocurrency market.