How to Open a Bitcoin Account: Are you curious about Bitcoin and the exciting world of cryptocurrencies? Are you considering diving into this digital adventure? Then you are exactly where you need to be! Here is a step-by-step guide to help you open your very first Bitcoin account.
How to Open a Bitcoin Account: A Step-by-Step Guide for 2024
How to open a Bitcoin account on eToro
eToro is an innovative social trading platform, founded in 2007, that provides diversified access to financial markets, including cryptocurrencies. It stands out for its unique “copy trading” functionality, allowing users to replicate the strategies of more experienced traders.
Steps to follow to create your eToro account
- Go to the eToro website by clicking on this link. Then click on “Join eToro”;
- Complete identity verification (KYC): Enter your full name, gender, and date of birth to begin the identity verification process
- Provide some additional information: Provide your address and country of residence
- Complete the questionnaire assessing your knowledge of financial products, derivatives, and leveraged trading
- Indicate your investment plans, trading strategy, objectives, risk attitude, and financial situation
- Enter your phone number and enter the code received by SMS to confirm your number
- Provide a valid identity document (passport or identity card) and proof of address. Also, provide your tax number
- Wait for your documents to be validated by eToro, then check your email for confirmation
- For added security, enable two-factor authentication (2FA) via SMS in your account security settings.
After following these instructions, you can safely explore the app and buy Bitcoin there!
Read also: How to Sell Bitcoin (BTC) in 2024?
Buy Bitcoin with eToro
- Deposit funds on eToro: Click on “Make a deposit” and then choose your payment method (credit card, transfer, PayPal, Skrill, Neteller). The minimum amount for bank transfers is $500, for lower amounts use other payment methods
- To make a payment by bank transfer: Fill in the investment amount in the eToro interface, use the banking information provided by eToro to send the transfer, do not forget to enter the transaction identifier in the “Memo” field » or “Reference” of your bank transfer
- For deposits by credit card: Follow the usual online payment procedure. Deposits are almost instantaneous
- Dollar conversion: Once euros are deposited, they will automatically be converted to dollars on eToro
- Buy Bitcoin: Click on the “Search” tab and navigate to the “Cryptocurrencies” category or use the search tab directly to find Bitcoin.
- Follow the purchase procedure: Choose between a direct purchase or place a buy order. For direct purchase, click on the “Invest” button. For a purchase order, click on the “Order” button and set the desired purchase price
- Configure the purchase: Indicate the investment amount. You can also set a stop loss and a take profit order
- Finalize the purchase: Once all settings are complete, click “Open Position” to finalize the Bitcoin purchase.
How to open a Bitcoin account on Bitpanda
Bitpanda is a versatile trading platform that provides broad access to various financial assets, ranging from cryptocurrencies and precious metals to stocks and ETFs, with a user-friendly interface to facilitate buying, selling, and managing assets. The platform stands out for its commitment to democratizing investment, offering savings plans and free training for beginners.
Steps to follow to create your Bitpanda account
- Access Bitpanda via this affiliate link
- Register: Click “Get Started” in the upper right corner of the site. Then fill out the form with your personal information: name, first name, email address, and choose a strong password
- Start the KYC process: Click on your avatar, select “Verify now” fill in your personal information, confirm the veracity of your information, and click “Save and continue”. Enter the PIN code received by SMS. Then select the nationality, preferred language for verification, and type of identification document
- Complete verification: Follow the instructions from Bit Panda’s verification partner to complete your KYC
- Finally, consider securing your Bitpanda account with a 2FA application (like Google Authenticator or Authy) on your smartphone.
Once these steps have been completed, you will be free to test the application with peace of mind and buy Bitcoin.
Buy Bitcoin with Bitpanda
- Make your first deposit: Click “Deposit” at the top of the Bitpanda page
- Select the currency that suits you, the euro for example
- Choose your payment method: Opt for a bank transfer or payment by credit card)
- Enter the amount you want to deposit and click “Go to Summary”
- Accept early execution of the transaction and confirm that the payment method is in your name. For methods other than transfer, enter the PIN code received by SMS and confirm
- Finalize the payment process on the service provider’s website. The amount in euros will be credited to your Bitpanda account
- To initiate the purchase: Click on “Trade” then “Buy”. Search and select Bitcoin
- Enter the desired purchase amount and click “Go to Summary”
- Review the transaction summary. Waive your rights of withdrawal and click on “Buy now”
- The purchase is finalized and your BTC will be automatically added to your Bitpanda wallet. Congratulations, you have invested in Bitcoin through Bitpanda.
Download Zengo and buy Bitcoin
Zengo is a mobile cryptocurrency wallet that stands out for its innovative security, offering users the ability to store their assets without managing private keys. Renowned for its intuitive and beginner-friendly interface, Zengo makes it easy to buy, sell, and exchange cryptocurrencies.
Steps to follow to create your Bitcoin wallet with Zengo
- Downloading the application from the App Store or the Google Play Store, you will find the download links on their site
- Create your account: Open the Zengo application and enter your email address
- Validate your Email: Click on the validation link received in the Zengo email
- Configure the facial recognition system for added security.
Once you have completed these steps, you will have access to all of Zengo’s features, including buying, selling, securing, lending, and staking cryptocurrencies, as well as buying NFTs and mining them. Web3 universe.
Buy bitcoin with Zengo
- Open the Zengo app, click on the “Stocks” tab, select “Buy” then select Bitcoin
- You will be redirected to the MoonPay payment site (Zengo uses third-party payment providers)
- Enter the amount in euros that you wish to invest in Bitcoin
- Validate the amount and proceed to payment following the instructions provided
- Choose the payment method from the available options: by bank transfers (via SEPA or Swift) with a 1.99% fee, by credit cards (Visa and Mastercard) and debit cards (Maestro), or by Apple Pay and Google Pay with 5.25% fees. Trading fees of 0.5% will also apply.
How to choose the ideal platform to open a Bitcoin wallet?
The Ledger Nano S Plus is considered one of the most secure tools, mainly due to its hardware wallet nature.
This device stores the user’s private keys offline, making them inaccessible to cyberattacks and malware. The Ledger Nano S Plus requires physical interaction for transactions, which adds an extra layer of security. Ledger products have never been pirated until today.
Cheapest transaction fees
Bitpanda stands out for its relatively low transaction fees. This platform offers a transparent and competitive fee structure, especially for transactions involving buying and selling cryptocurrencies.
This makes Bitpanda particularly attractive to frequent traders and investors keen to minimize their transaction costs.
Ease of use
Zengo stands out for its ease of use, making it an ideal choice for beginners in the world of cryptocurrencies. Zengo offers an intuitive user interface and a quick and easy setup process. Facial recognition for wallet access and the absence of the need to manage private keys reduce complexity and risk for novice users.
Zengo is the best compromise between the simplicity of a platform for buying Bitcoin and the security of your cryptocurrencies.
The amount of assets available
The Ledger Nano S Plus provides full access to all assets in the cryptocurrency market when connected to a browser extension wallet like MetaMask.
This combination allows users to enjoy the security of a hardware wallet while having the flexibility to access a wide range of Web3 assets and services such as non-fungible tokens and decentralized finance (DeFi).
eToro stands out for the variety of its available assets, offering a wider range than its competitors. Additionally, eToro also offers access to other financial instruments such as stocks, ETFs, commodities, and currencies.
This diversity allows eToro users to diversify their investment portfolio well beyond cryptocurrencies, providing a more comprehensive trading experience and varied investment opportunities.
What is a Bitcoin account?
The world of cryptocurrencies, and in particular that of Bitcoin (BTC), operates differently from traditional banking systems. Unlike traditional bank accounts, there is no such thing as a “Bitcoin account” per se. Instead, we talk about “wallets” in English.
Bitcoin was designed to work without the intermediary of a bank or company. This means that, unlike a bank account, where an institution holds and manages your money, with Bitcoin, you have direct control over your funds.
A Bitcoin wallet is an application or device that stores the keys needed to access your funds. These keys are essentially digital codes for accessing and managing your BTC.
For a beginner or a small investor, the most accessible method to acquire Bitcoin is to rely on a trusted third party. This is usually a company that takes care of your wallet security for you.
In this case, we are talking about a cryptocurrency exchange platform (exchange in English) or a broker (broker in English). However, while using a platform of this type provides some comfort, it is important to keep in mind that this approach carries additional risk.
There is no insurance capable of guaranteeing the recovery of your funds in the event of loss by the third party holder. If the company goes bankrupt or is hacked, your funds could be irreversibly lost.
The world of cryptocurrencies offers a variety of options for purchasing, storing, and managing bitcoins. To help you navigate this complex landscape, we’ve put together a detailed comparison chart between four popular options