eToroX is a leading crypto-to-crypto exchange platform developed and marketed by the eToro Group, parent of eToro, the social trading innovator and one of the biggest names in the industry. Launched in April 2019 with the purpose of making digital assets readily available to enthusiasts and traders, eToroX offers a wide variety of tradable blockchain products.
The platform currently offers trading of 99 cryptoasset pairs encompassing a range of the most well-known crypto coins (including Bitcoin, Ether, Ripple, EOS, and Litecoin) as well as tokenized fiat currencies and precious metals (including the US dollar, euro, pound sterling, gold and silver). eToroX is regulated by the Gibraltar Financial Services Commission (GFSC), and is one of only a handful of exchanges to have been accorded a distributed ledger technology (DLT) license.
eToroX is backed by eToro, a leader in the industry, and was created in 2006 by two brothers, Yoni and Ronen Assia, to give traders a platform with both traditional investing options as well as access to other traders. This social trading network offers a wide choice of conventional assets such as stocks, indices, Forex, CFDs and commodities and access to millions of other traders throughout the world. In May 2018, the company expanded its offering to include an array of cryptocurrencies as well, such as Bitcoin, Litecoin, Ethereum, Ripple, Ethereum Classic and Dash.
eToro is regulated by CySEC, the Cyprus Securities Exchange Commission that covers European operations, the FCA in the UK, and the US, where it recently began offering trading services including social trading. Since its founding, the company has opened more than 8 million accounts from traders in more than 150 locations.
In April 2019, eToroX was born.
eToroX Account Information
|Minimum Deposit||There is no minimum deposit|
|Trading Platform||Web Based Trading Platform, Wallet Trading Platform|
|Number of Assets||99 pairs|
|Types of Assets||Cryptocurrencies and tokenized fiat currencies and precious metals|
|Deposit Methods||Cryptocurrencies and credit card via wallet|
Is eToroX a Scam?
We want to address this right away because some people, even if they are experienced investors, are unfamiliar with cryptoassets – and are wary of them. Plus, some newbie internet traders jump into CFD trading, like that available on eToro, but move too quickly. They pour in money without taking the time to understand how the vehicles work. Then after losing money, they spout off, saying they have been scammed or taken advantage of.
So, let’s be clear: neither sister broker eToro nor eToroX is a scam! They are highly regulated, well-known and trusted brands, bringing innovative trading instruments to people who might otherwise not have access to them, such as social trading and trading on stablecoins.
Regarding the safety of eToroX and its customers, the company is regulated by the Gibraltar Financial Services Commission (GFSC), and it implements additional security measures as well. These include a thorough dual process verification process (KYC); two-factor authentication (2FA); sophisticated data encryption including protocols to prevent security breaches and automation attacks; a bug bounty plan; and various analytics and procedures to keep the servers and processes running smoothly.
- Regulations – Regulation is provided by the Gibraltar Financial Services Commission (GFSC), number 116348. Additionally, it is a licensed DLT provider under GFSC, with license number FSC1333B
- Headquarters – eToroX has its main office at Units 3.05 & 3.06, Madison Building, MidTown, Gibraltar
- Languages – The site is currently available in English, though plans include adding additional languages in the near future
It is easy to create and open an account at eToroX. After filling in your email address and choosing a password, you will be asked to complete the KYC process, which is a security feature that establishes your identity. Existing eToro customers can log in with a Single Sign On (SSO) functionality, using their eToro credentials. That is all there is to it.
The platform is streamlined and easy to navigate. The trading screen interface is customizable so you can achieve the look that works for you, choosing to disable and resize elements as desired.
New traders will be able to get started quickly with an easy-to-use Order Book. Experienced traders will also enjoy the charts’ similarity to other trading platforms, especially those familiar with the Tradingview API. This should allow for a quick learning curve so you can quickly find the analysis tools you need to help you create a strategy and determine entry and exit points.
Advanced traders: You will find a variety of features you are likely accustomed to such as limit orders including Immediate-Or-Cancel, Fill-Or-Kill, and Good-Till-Cancelled.
Professional traders have a new feature designed just for them. AlgoX Prime is a sophisticated API trading program for professionals and corporate traders. Loaded with features, it offers deep liquidity, super tight spreads and the capabilities and performance institutional-level traders demand.
eToroX is continually adding new cryptoassets to its current listing. However, at the time of this review, you can trade these 99 pairs at eToroX:
You can also trade the following eToro cross-coin pairs with the company’s native stable coins, which are pegged to those underlying fiat currencies:
AUDX/USDEX, EURX/AUDX, EURX/CADX, EURX/CHFX, EURX/GBPX, EURX/JPYX, EURX/NZDX, EURX/USDEX, GBPX/AUDX, GBPX/CADX, GBPX/CHFX, GBPX/JPYX, GBPX/NZDX, GBPX/USDEX, NZDX/USDEX, USDEX/CADX, USDEX/CHFX, USDEX/CNYX, USDEX/JPYX, USDEX/RUBX, GOLDX/USDEX, SLVRX/USDEX
eToroX’s Unique Points
One of eToroX’s most important points is that it is based on the leading social trading network, and this should naturally account for a lot in terms of experience, stability, security, reputation and dedication to customers. While eToroX has that down, but it doesn’t stop there.
The company is run by a dedicated and forward-thinking team that is reputable, knowledgeable and well-known in the industry, and it is continuously adding new trading markets and new features.
For example, in addition to the Exchange, eToroX has introduced a crypto wallet to store and transfer cryptoassets. It allows for trading on the go as well as buying cryptos with a credit card, a very welcome feature. Others include cross-platform syncing and deep, multi-level security.
Additionally, eToroX recently developed the professional API AlgoX Prime to address the needs of corporate and professional traders.
Other unique points include: a commitment to regulation and stringent security measures; a wide choice of exclusive stable coins and cryptocurrencies; transparent and competitive fees; an advanced yet easy-to-use platform; a desire to boost the education of users via the Blockchain Academy, Algo Academy, and other education tools including video tutorials; a responsive and knowledgeable customer service team; and a deep commitment to users.
Funding Your eToroX Account
You can fund your account with cryptocurrencies or, using the free eToro wallet, with cryptos or credit cards. You can also use your own existing wallet to fund your account.
Deposits and Withdrawals
There is no fee for depositing to eToroX and there is no minimum or maximum deposit amount. Withdrawal fees are kept low. Please see the table below for a list of withdrawal fees and limits:
Customer Support Options
Customer Service is important to eToroX, and customers can reach the company using social media channels and email.
eToroX could probably rest its reputation and dedication to users on eToro’s reputation, attracting customers and playing it safe, but it doesn’t seem to have that kind of laissez-faire attitude. From the look of it, eToroX wants to be a leader in the industry and is pushing way ahead to gain customers’ trust and become an important player in the crypto market. It offers unique stable coins pegged to underlying assets, a broad array of cryptocurrencies and trading pairs, benefits for all types of traders (new traders to professional level), has implemented tough security measures and is consistently adding new features such as the wallet and AlgoX Prime to become an attractive competitor in the cryptocurrency exchange arena.