Wallet name: eToro
Coins accepted: Bitcoin, Ethereum, Bitcoin Cash, Litecoin (more coming soon)
Countries: Most European countries, more to come
Languages: Multiple languages, including English, German, Spanish and French
Mobile compatibility: Yes
Wallet type: Android or IOS app
Leading social trading platform eToro have already spent over a decade building their solid reputation in the world of trading. Born in January 2007, when three innovative entrepreneurs with a mission to disrupt traditional trading that was inaccessible to the many began their journey. By September 2017 they had already launched Visual FX online trading platform, which made trading easier to understand, In 2010 they released OpenBook, the world’s first social trading platform, playing a large part in enabling the world to join the Fintech revolution; for this effort the company won Finovate Europe Best of Show in 2011. In February 2017, the company expanded its cryptocurrency offering, instead of just Bitcoin, they now offered other popular cryptocurrencies such as Ethereum, XRP, and Litecoin.
The eToro founding team already had plans to make trading more accessible, even before the birth of Bitcoin, and since then have built up over 10 million registered eToro users. Taking the next step in bridging the gap between new would-be” crypto investors and the crypto market, on November 6th, they launched the eToro wallet.
- Yoni Assia, CEO of eToro.
Read the full review below.
What is the eToro Wallet?
The eToro wallet is a digital wallet that is used to store digital assets. As well as providing secure storage for you cryptocurrency, the eToro wallet also allows users to transfer crypto to others, redeem crypto coins from online exchanges and transfer crypto from trading platforms to an eToro wallet. The wallet is synchronized with existing eToro accounts so you need to register with eToro in order to get a wallet.
eToro Wallet Features
The design of the eToro wallet is aimed to eliminate some of the existing hassles that are associated with cryptocurrency trading, as well as a high level of security to protect your assets.
- Two-factor authentication
- Allows wallet-to-wallet transfers
- Ability to transfer your digital assets from the platform straight to your eToro wallet
- Allows crypto-to-crypto conversion
- Eliminates the need of remembering both private and public keys
- Offers synchronization with other eToro accounts
- Personal blockchain address to use for on-chain transactions
- Send or receive transfers using the app
- Fully localized and synced across all of users devices
Pros and Cons
- Popular cryptocurrencies available i.e. Bitcoin, Ethereum, Litecoin,
- eToro has a trusted reputation for being both reliable and secure
- Provides good security with two-factor authentication
- No need to remember private or public keys
- Easy to use – suitable for new traders and experts
- Also supports fiat currencies
- Fully regulated
- Compared to some other platforms the options of supported cryptocurrencies are limited. However eToro is a general trading platform, not solely a cryptocurrency trading platform, and they are looking into introducing more coins in the future.
- Can only be used on Android or mobile devices
How to Open an eToro Wallet
Firstly, you will need to register as an eToro user, to do this you will need to download the eToro app on your Android or IOS. The registration process is simple with the option of using email, Facebook or Google to sign in. In order to trade on the platform, all new users are required to confirm their phone numbers and email addresses.
To start trading, you need to choose between trading with cash by depositing funds and trading with virtual cash. You can trade with money on Real portfolio, while on Virtual portfolio you can purchase assets with virtual money.
After this, you can deposit funds using a range of payment methods, including, credit card, PayPal and wire transfer.
There are instructions on how to deposit funds into your account on the eToro website. Depending on your country and region, the minimum amount required for your first deposit will vary between $200 and $10,000. Unverified accounts have a limited total deposit of $2,250; if your account is unverified you can contact customer service to update your verification status.
You can sign up to eToro here.
Withdrawing from eToro Wallet
Withdrawals can be made from an eToro wallet at any time. When a withdrawal is requested funds get sent to the same account that you use to deposit funds in your trading account. You can withdraw up to the amount of money in your account; minus the amount of margin used. Withdrawing funds from the eToro wallet is an overall simple process. eToro also provides withdrawal instructions on their website.
Wallet Fees and Accessibility
Like on other cryptocurrency platforms, there are transaction fees when transferring crypto coins using the eToro wallet. There are two types of fees involved, the first is charged by eToro and the second is charged by the blockchain platforms for each crypto. eToro have pledged to keep their portions of the fees competitive. Neither of the fees are expensive, though it should be noted that the fee charged by the blockchain platform will vary depending on the currency you are using.
eToro offers great accessibility to their wallet, it is available to verified eToro users and offers multiple languages. One of the companies’ goals is to make the crypto market accessible to anyone, anywhere. To find out if it’s available in your country yet you can look for the app on your App Store/Google Play store if you can’t find an app for your country you can check with eToro to find out when the app will be accessible to you. Currently, users must be Platinum, Platinum+ or Diamond club members to transfer Bitcoin directly from their eToro accounts to their wallets.
eToro has a customer service center on their website where there are frequently asked questions, a ticket-run service to get a direct response regarding any queries or problems. There are options in the customer service center for both new and existing users. They also provide instructions on both depositings and withdrawing on their website.
With their long-standing reputation comes a guarantee of a reasonably good level of customer service in itself, the fact that they have over 10 million registered users would further support that they provide a good level of customer service.
With trader accessibility being one of the company’s main goals, the simple and user-friendly design of eToro wallet adds to the customer’s overall experience trading, whether they are a new trader or not.
How is eToro Wallet Different to other Wallets?
Unlike some other wallets currently available, eToro wallet comes from a reputable and long-standing company that has been a part of the Fintech revolution right from the start.
Not only has the wallet came from an industry leading company, but it has also sought to tackle existing barriers to new would-be investors, offering a much smoother experience for both first-time traders and experts. As mentioned above, the wallet also doesn’t require users to remember public and private keys, again removing a big hassle from the overall trading experience.
The wallet also offers new features such as being able to interface with the existing eToro platform and accounts.
Overall, the eToro wallet has a lot to offer. With its’ seamless user interface, it will help bridge the gap between newcomers and the crypto market, as well as catering for experienced traders.
eToro has enabled its users to transfer their crypto assets from their platform and store them in an eToro wallet, as well as providing users with a simple trading solution. It is great for investors that are “on-the-go” by allowing users to view their crypto assets from their mobile or smartphone.
The only noticeable negative of the wallet is the fact that it doesn’t yet support a wide range of cryptocurrencies, but as mentioned above, there are plans for the wallet to support more cryptocurrencies in the future. The wallet is still in its early days at the moment and definitely looks to have a promising future.
– eToro CEO Yoni Assia