eToroX Exchange Review 2023: Fees, Platform, App, Safety & More

Summary

eToroX is a subsidiary of eToro Group – an online brokerage and the largest social trading company in the world today. It was established in April 2019 and is specially designed to appeal to high net worth individuals, corporates, and institutional investors like hedge funds and venture capital funds.

It features an innovative crypto exchange where you can buy and exchange cryptocurrencies, tokens, a multitude of stable coins pegged to popular fiat currencies, and popular commodities like Gold. The exchange also integrates a wide range of highly advanced market analysis and trading tools and maintains highly competitive trading fees. These are all available on the highly intuitive eToroX web trader – as the exchange is yet to launch a mobile app.

So, which are the eToroX supported crypto coins? And how does it work? What are the supported coins, trading fees, and supported payment methods? More importantly, is it customer-oriented and how are its reviews online?

Pros & Cons of eToroX

Pros:

• Reputation: eToroX is the crypto trading arm of the highly reputable eToro Group that has been around the online investment niche for more than a decade. eToroX, therefore, seeks to ride the group’s solid reputation of reliability, transparency, and accessibility.
• Many stable coins: In addition to hosting some of the most popular stable coins, eToroX has launched its own set of stable coins whose value is pegged to major currencies and commodities. CADX and JPYX, for instance, are stable coins on eToroX whose value is pegged on the Canadian Dollar and the Japanese Yen, respectively, while GLDX is a stable coin pegged to Gold.
• Line of credit: While trading on eToroX, you also stand a chance to qualify for a credit line that increases your liquidity and amounts available for trading. It is different from leverage as it is availed to the user, not a trading position.
• Free wallet: Every eToroX exchange user will also have access to a free eToroX wallet. This digital wallet is custodial and available on the web and as a mobile app.
• Advanced trading tools: eToroX exchange hosts a wide range of trading, market analysis, and risk management tools. These include stop losses, candle charts, market depth analysis, and extensive market analysis reports.

Cons:

• Identity verification: eToroX demands that all its platform users verify their identity by passing KYC and AML procedures before they can make a deposit and start trading. It does not allow anonymous trading even when there are no fiat currencies involved.
• A limited number of crypto: eToroX is still new and only supports a limited number of cryptocurrencies and tokens. Today, the exchange supports 36 cryptocurrencies and tokens. But has hinted at the possibility of integrating even more coins in the near future.
• Poor customer support: eToroX has a poor approach to customer services. It doesn’t have a live chat feature or a direct line to its customer service team on the website. You will also have to wait for more than 7 days to have their clients call you back when you schedule a callback or live chat session.
• Light regulation: eToroX is regulated in Gibraltar. The country has a reputation for maintaining lax regulatory policies around finance. It is yet to apply for a regulatory license from mature finance regulatory agencies like FCA or CySEC.
• Complex account creation process: The account registration process on eToroX is relatively long and complex. It also requires a lot of personal information from the user.

Regulations, Offices & Supported Countries:

Regulations:

Unlike its parent company – eToroX group – which is regulated by multiple authorities, eToroX is only regulated and licensed in Gibraltar. Its crypto exchange and wallet services are provided by eToroX Limited – also known as eToroX – a Limited Liability Company incorporated in Gibraltar.

It operates under registration number 116348. It is then licensed by the Gibraltar Financial Services Commission (GFSC) and provided with a Digital Ledger Technology (DLT) license – number FSC1333B – in accordance with Gibraltar’s Investment and Financial Fiduciary Services Act.

Offices:

eToroX currently maintains one office – that doubles up as the exchange’s headquarters – in Gibraltar.

Supported countries

Like its parent company, eToroX has expanded its reach globally and currently serves the residents of 120+ countries and territories. Regulatory restrictions and an outright ban on crypto-related services have ensured that eToroX does not welcome residents of such countries and territories as the United States, Cuba, Canada, US Virgin Islands, Samoa, and Turkey. Here is a tabular representation of all the countries whose residents can register an account with eToroX.

Available Coins:

According to the eToroX website, you can trade up to 38 cryptocurrencies and tokens on the platform. This is a significant drop from the hundreds of cryptocurrencies, tokens, and stable coins supported by equally popular and highly regulated crypto exchanges like the Coinbase trading platform and the Binance crypto exchange. Similarly, unlike other crypto exchanges where you can exchange crypto for different fiat currencies, the only fiat currency supported on eToroX is the US Dollar. It, however, compensates this by tokenizing most international fiat currencies. Here is a list of all the supported cryptocurrencies and stable coins on the platform:

Crypto crosses on eToroX

As we have already mentioned, cryptocurrencies on eToroX can be exchanged with other cryptos, tokenized stablecoins, commodities or the US Dollar. In the table below, we outline all the crosses available  eToroX exchange:

Crypto-to-Crypto and USD crosses

Crypto to FX crosses

Here, FX refers to the tokenized stablecoins that derive their values from both popular international currencies and commodities like Gold and Silver.

Note: Other trading pairs supported on the platform include USD/CHFX, USD/CADX, USD/CNYX, USD/HKDX, USD/PLNX, USD/RUBX, USD/SGDX, USD/TRYX, and USD/ZARX.

Trading fees:

eToroX doesn’t just maintain the most competitive trading fees on their exchange. The professional trading company is also out to solve what they refer to as a “Flawed fee Model” in the name of Maker-Taker fees. This was first introduced to the stock and money market exchanges in the ’90s and has been adopted and perpetuated by the crypto exchanges over the years. 

The exchange has introduced what they refer to as an “inverted fee model” or Taker-Maker model that rewards “Takers” for taking liquidity off the order books. It essentially turns the pricing model upside down by charging makers more than takers. This is a transference from the traditional Maker-Taker fee model embraced by most crypto exchanges, and that has the effect of ‘rewarding’ traders for adding liquidity to the order book.

Here are some of the fees that you will have to part with when trading on eToroX today:

Trading fees

Before the inverted trading fee model takes effect, eToroX exchange users looking to buy, exchange, and sell cryptocurrencies on the exchange will have to contend with the Maker-Taker fee model in place today. Nevertheless, the fee ranges are quite competitive and can be as low as 0.03% for high volume traders. Here are the platform fees:

Note: As is the case with most exchanges, the tier level is determined by aggregating your total trade volumes for the past month. But unlike most exchanges that charge you a new rate every month depending on your tier level, eToroX charges all user accounts the default trading fee for Tier 1. At the end of the month, the exchange aggregates your total trade volumes and sends you any excess trading fees you might have paid. This will be sent to you in the form of ETH.

Withdrawal fees at eToroX

eToroX also maintains highly variable and highly competitive withdrawal fees. There is also a “Quick Withdrawal” limit – which refers to the maximum amount you can withdraw within 24 hours. This limit varies from one crypto to another, and any attempt to withdraw more than your current limit will see your funds withheld for screening. It takes up to 24 hours to have the withdrawal verified during weekdays and up to 72 hours during weekends. Here is a representation of the withdrawal fees for each of the supported coins.

Note: The default quick withdrawal limit for most coins is $10,000 within 24 hours. Remember also, that eToroX does not charge deposit fees.

Additionally, eToroX clients residing in a European country that supports SEPA (Single Euro Payment Area) payments can also apply for direct withdrawals into their SEPA account. Here are the SEPA withdrawal details:

Note, however, that you can only withdraw EURX tokens via SEPA, and you will have the tokens in your account as EUR currency. You might then incur additional charges converting it to your local currency.

eToroX wallet fees

As we already mentioned, eToroX provides its exchange platform users with a free digital wallet. In addition to featuring all cryptocurrencies and stable coins supported on the exchange, it also integrates Euro and the Great Britain Pound. Importantly, eToro wallet users can also process fiat to crypto exchanges that are facilitated by Simplex.

When buying cryptocurrencies or converting your local fiat currency to a stablecoin, you will incur an eToroX wallet fee equivalent to 1% of the amounts being processed and a Simplex fee equal to 4% of the transaction amount.

There are also minimum and maximum transaction amounts when it comes to fiat-to-crypto conversions via the eToroX wallet and Simplex. Here is a table showing the minimum and maximum limits for one-time, daily, and monthly transactions:

Note: The fiat-to-crypto exchange service on eToroX is yet to roll out to its global clientele. It is currently only available to Austrian users as it is offered by eToro AUS Capital Pty LTD – also known as eToro Australia through eToroX. 

Trading platforms:

eToroX desktop trading platform

In coming up with the desktop trading platform, eToroX claims to have leveraged the experience and expertise of its in-house team of experts. The resultant effect was the development of one of the most innovative and highly secure crypto exchanges that is specially designed to appeal to professional and corporate crypto traders.

But eToroX is more than an exchange. It is a highly innovative product suite that integrates everything required to make your trading experience as smooth as possible. From an exclusive onboarding process to one of  the most secure custody services. Not forgetting the powerful and highly advanced analysis tools, and a credit line program to boost your liquidity.

The eToroX desktop trading platform provides users with a balance of sophistication and navigability. It captures all the most important features in one window while ensuring it is user intuitive. Most importantly, the exchange’s user dashboard is 100% customizable and lets you decide on the features you want to integrate into your dashboard.

eToroX Dashboard Features

Some of the dashboard’s most important features include the order book that lets you monitor the price of different crypto pairs. We also liked its open order feature that provides you with a window from which you can monitor all your open trades. The portfolio allocation feature reminds you how your digital assets are distributed while charts help you track price trends for different digital assets. There also are Market Depth charts that indicate the trading volumes of different digital assets.

After creating a user account on the crypto trading platform, you will be directed to the default exchange and user dashboard that integrates all of the platform’s supported features. You can then customize it by adding or removing some of these features and tools. Interestingly, you can also use the settings icon on the top left corner of your user dashboard to further customize this dashboard by resizing any of the dashboard tabs.

Let us look at all the other aspects of the eToroX professional trading platform, as indicated on their website.

Exchange features:

First on the eToroX website is the’ Features’ tab that hosts both Exchange Features and the ‘eToro Crypto Ecosystem.’ The exchange features tab explains all the critical aspects of the eToroX exchange. These include the exchange API tool that eToroX clients can use to access real-time market trends, enter into trades, and monitor their portfolios. The tool is especially valuable for institutional and high-net-worth traders who wish to integrate their algorithmic trading software within the eToroX exchange. Next is the credit line that you can use to boost your liquidity.

There is also the fiat gateway that facilitates fast and highly convenient fiat-to-crypto exchange. To achieve this, eToroX has partnered with a wide array of international banks. The partnership has been instrumental in facilitating near-instant fiat-to-crypto transfers for institutional clients via the SIGNET digital payments platform. In addition to the standard market and limit orders, eToroX makes it possible for traders to access such particular order types as Fill or Kill (FOK), Good Till Date (GTD), Good Till Cancelled (GDC), and Immediate or Cancel (IOC). Lastly, there is eToro Tokenized assets that introduce you to the unique currency and commodity stablecoins that were tokenized by eToro and availed, exclusively, to their professional traders. Currently, there are 17 fiat currency stablecoins and 2 Commodity stablecoins.

eToro Crypto ecosystem

While the ‘Exchange Features’ tab addresses all the features and tools available exclusively to eToroX exchange users, the eToroX crypto ecosystem outlines the features and tools fronted by the eToro Group. These include the eToro trading platform that describes the efficacy of the highly regulated platform and outlines the factors that give it a competitive edge against its competitors. It also lists the free eToro wallet and the role it plays in helping the eToro social trading platform traders buy, receive, store, and transfer a wide range of cryptocurrencies and tokens.

It also introduces eToro users to the revolutionary Delta Investment App (available for Android and iOS) that you can use to track the live prices and market trends of multiple assets. These include cryptocurrencies, stocks, indices, ETFs, Options, Contracts futures, Bonds, Forex, and even mutual funds. It then links to the eToroX exchange and the Live markets page, where you get to see all the supported digital assets, crypto trading pairs, and their exchange rates in real-time.

Pricing

The ‘Pricing’ tab on the eToroX website breaks down all the fees that the platform users get to interact with. It has the wallet fees section that goes into detail about the different types of fees that eToroX wallet users interact with often. It also has the exchange fee section  that details the applicable fees charged when using the eToroX exchange. Most importantly, it introduces the inverted (Taker-Maker) fee model and explains how it works.

About Us

The ‘About Us’ tab of the eToroX platform explains everything else you need to know about the eToroX exchange and eToro Group. From the exchange’s innovativeness and services offered to professional traders to the rich history of eToro group and the successful milestones it has hit since establishment. It also explains eToro’s commitment to have its platform and services licensed and regulated by as many agencies in as many jurisdictions as possible. Currently, though, eToroX exchange is only regulated by the GFSC. Plus, this tab outlines all of the eToroX legal documents.

In addition to these is the news and analysis section of the tab that features eToro’s blog and news platform. Here you get access to crypto industry news and events as well as daily briefs on the day’s market trends and future projections from eToro’s trading experts. This information is especially important as it helps you make more informed investment and trading decisions. Also featured here is eToro’s cybersecurity program that details the steps taken by eToro in helping keep cyber threats at bay and maintain the integrity of your account and digital assets.

Innovation

The ‘Innovation’ tab outlines eToro’s roadmap and highlights all the significant milestones the trading platform has taken since its establishment. It also goes into details about the different innovative online trading programs it has helped pioneer or popularize. In here too is the “Become an Innovative Partner” section – a system by eToro founders that is meant to motivate both individuals and academic institutions in coming up with highly effective and revolutionary crypto-related programs.

Support

The ‘Support’ tab, on the other hand, features the FAQs and Contact Us sections that guide your interactions with the platform. For instance, the FAQs section integrates a knowledge base that is rich in user guides and troubleshooting tips. The ‘Contact us’ section lists the different ways in which you can access eToro trading platform’s customer service team – more on both the knowledge center and customer service later on in this guide.

How to open a user account on eToroX on a Desktop

After learning all there is to know about eToroX, the number of supported cryptocurrencies, and trading fees, it is now time to create a user account. Note, however, that unlike most other two-tier platforms like Coinbase that maintain separate account creation procedures and login credentials for Coinbase and Coinbase Pro, the eToro online brokerage and eToroX crypto trading platform share login details. You will only be required to create an account with eToro online trading platform whose login credentials you can use to register with eToroX. Let us then look at the process of registering an account on the eToroX exchange:

Without an eToro trading account:

1. First, create an account on the eToro https://www.eToro.com/accounts/sign-up
2. Open the eToroX website https://eTorox.com/ on your favorite browser
3. On the top right corner of their home page, click on the “Sign Up” icon.
   
4. It will direct you to the eToroX account registration page, where you are required to enter such information as your name, company name, company website, country of incorporation, and business type. You will also be required to choose if you want to trade, cold storage services, API, or credit line access.
   
5. You will receive an email confirmation that your request to join eToroX exchange has been accepted and is under review
6. Successful applications will also be notified via email
7. Login to the eToroX exchange account and start customizing your dashboard
8. Your account is now active and ready to use
9. How to buy crypto with fiat on eToroX desktop trading platform

Currently, only the USD fiat currency is supported on the eToroX crypto exchange. All other popular fiat currencies have been tokenized and are traded as tokenized crypto assets on the platform. There, however, are 50+ crosses that involve the US Dollar. Let us breakdown the process of trading crypto-to-fiat pairs on eToroX exchange:

1. Start by opening  the eToroX exchange website on your browser
2. In the far right corner of the home page, click on the Sign In button and use your eToro credential to log in to the exchange
3. On the user dashboard, select the trading instrument (crypto, FX, or crosses) and then choose the crypto pair that you would like to trade
   
4. From the transaction window that pops up, click ‘Buy.’
5. Enter the amount of money you wish to spend on the transaction and click ‘buy.’
6. If you have deposited funds into the account, you will be directed to the purchase page on a Simplex interface that requires you to input your card details
7. Confirm that the transaction and card details are correct and hit “Buy.”

Note: Though your balances on the eToroX crypto trading platform are reflected in terms of US Dollars, you can only use GB Pound or Euros to pay for the crypto transactions. eToroX will automatically convert them to reflect in USD values before they hit your eToroX exchange account. 

eToroX app

Unfortunately, and unlike most other crypto exchange platforms. eToroX exchange doesn’t have a mobile app. In its place, they have come up with the highly versatile and easy-to-use eToro online trading app. It is a highly secure app that not only features a highly intuitive user interface but is also rich in crypto offering with 20+ coins and 80+ crosses.

Payment Methods – Deposit and Withdrawals

Deposit

You can deposit cash in the form of either fiat currency (USD) or cryptocurrencies into your eToroX trading account. The supported methods for depositing USD into the eToroX exchange are SEPA bank transfers for individuals residing within the European Economic Area or SIGNET transfers for the rest of the world. Individuals without access to either of these methods may consider using the eToro wallet to buy cryptocurrencies with their local currency via Simplex and forward them to their eToroX address. The minimum deposit for SEPA is $10,000 and $50,000 for bank wire transfers, and there is no maximum deposit limit. Plus, deposits are free.

How to deposit crypto assets into eToroX:

1. Start by opening the eToroX exchange website on your browser
2. In the far right corner of the home page, click on the Sign In button and use your eToro credential to log in to the exchange
3. Click on the “My Funds” tab on the top right corner of the web page
   
4. From the list of all the cryptocurrencies listed here, select the coin you would like to add
5. Click on the “Deposit” icon on the far left of the coin. Copy the wallet address for the coin or scan the QR Code provided
6. Forward this to the individual sending you crypto or paste on the “send to” section of another wallet if sending from another wallet
7. Wait for the funds to reflect. It often takes between a few minutes to a few hours for the funds to reflect in your wallet based on the network congestion

Note: You will first need to activate deposit and withdrawal 2FA before you can deposit or withdraw funds from the platform

How to deposit USD into eToroX:

1. Start by opening  the eToroX exchange website on your browse
2. In the far right corner of the home page, click on the ‘Sign In’ button and use your eToro credentials to log in to the exchange
3. Click on the “My Funds” tab on the top right corner of the web page
   
4. From the list of all the cryptocurrencies listed here, select the coin you would like to add
5. Click on the “Deposit” icon on the far left of the USD  and chose the Transfer USD via Signet option
6.  Click on the green clipboard icon to copy your eToroX wallet address
7. Paste this address on the Signet transfer window
8. Confirm that the transaction details (especially the wallet address) on your signet platform are correct before authorizing the transfer

Note: The minimum amount you can deposit via signet is $10,000. You might also have to wait up to 48 hours before the deposit reflects in your eToroX exchange account

Withdrawals

You can withdraw funds from your eToroX account using such methods as SEPA , signet, and directly into digital wallet addresses. And unlike deposits that are mostly free and with no maximum limits, you will be charged a withdrawal fee and eTorox also maintains maximum withdrawal limits. The withdrawal fees charged on your eToroX account vary from one cryptocurrency account to another.

eToroX also maintains a quick withdrawal limit policy that restricts the value of any coin that you may draw from the platform within 24 hours to $10,000. If you attempt to make a one-time or multiple withdrawals whose total value exceeds this limit, the transaction will be paused and the funds withheld for screening that takes up to 24 hours and weekdays and 72 hours on weekends.

How to withdraw cryptocurrencies from eToroX

1. Start by opening  the eToroX exchange website on your browse
2. In the far right corner of the home page, click on the Sign In button and use your eToro credential to log in to the exchange
   1. Click on the “My Funds” tab on the top right corner of the web page
      
3. From the list of all the cryptocurrencies listed here, select the coin you would like to withdraw
4. Click on the “withdraw” icon on the far left of the coin.
5. From the withdraw transaction page that pops up, enter the recipient wallet address and the number of coins you wish to withdraw
   
6. Confirm that the transaction details are correct and hit “proceed”
7. It often takes a few minutes for the funds to reflect in the recipient wallet address

Education

eToroX commitment to user education is in sharp contrast with the approach adopted by its parent company. While the eToro trading platform features a very elaborate help center with a rich knowledge base that is then complemented by textual and video tutorials on how to use the platform, eToroX is starved of meaningful educational resources. The crypto exchange platform features an elaborate FAQs page that is then segmented into two to feature the exchange knowledge base as well as the wallet knowledge base.

The exchange addresses common challenges faced by the eToroX platform users, while the wallet knowledge base addresses challenges that arise from the use of the eToroX wallet. The Help Center also features a search bar that simplifies the process of interacting with the platform by searching for popular terms used on the platform.

Customer support

There are three primary ways of seeking assistance from eToro’s customer support team. You can schedule a call back from the team, direct message them via the official social media platforms, or simply raise a support ticket.

To raise a support ticket, you only need to open the eToroX website and click on the support tab. It will redirect you to the “Contact Us” page. Fill out the communication form therein by entering your name and email address. Write down the type of inquiry and your message before hitting the “Submit Now” button. You will receive correspondence via email.

eToroX doesn’t publish phone numbers to their customer service centres on the website or have a live chat feature. If you need to speak to a customer support representative, you will have to schedule a callback or appointment to chat live. Click on the schedule a call or live chat link on their contact us page that will direct you to the booking page.

Select a date and time when you would like to chat with the eToro customer service team to reach out to you from the calendar provided. You will then be redirected to the next page that captures your contact details like your name, email address, company name, country of incorporation, website, and the nature of service that you want enlightenment on (could be API Fixes, Trading, Credit line, or Cold storage services).

Reviews:

What are people saying about eToroX exchange on Reddit?

There is scanty information about the eToroX exchange, the trading platform or the services it provides on Reddit. Most of the reviews and commentaries here revolve around either the multi-asset eToro trading platform, eToro wallet, or the eToro mobile trading app. And we can only interpret this to mean either of two possibilities. First, the overwhelming lack of information about the nature of eToroX services, its customer support, or the exchange can be attributed to poor uptake of the professional trading platform. Alternatively, it could be that it is highly effective but only appeals to the institutional traders who aren’t as active on such crypto community groups as Reddit.

But this doesn’t mean there is an absence of information about the new exchange on the platform. On the contrary, a search on the eToroX Exchange or simply eToroX brings up loads of information about the platform. The majority of these are news articles from highly reputable crypto publications, news items from whence the professional crypto trading platform started, blogs from both eToro and other independent reviewers, and even opinion pieces about the role eToroX is expected to play within the crypto sphere.

You will also find a lot of information and important announcements about eToroX exchange on the eToro Subreddit. eToro will, for instance, post an update every time the cryptocurrency adds new coins or stable currencies to the platform, every time the exchange adds new crypto trading pairs, and announcements about the addition of new trading tools and resources.

What are people saying about eToroX on Quora?

As was the case with Reddit, there is little to no information about eToroX professional crypto exchange on Quora. And unlike the case of Reddit, there is even lesser information, reviews, and editorials about the eToroX crypto exchange on Quora. There currently are no comments or reviews of the platform about the eToroX exchange, the nature of services, or its customer support.

As we mentioned in the case of Reddit above, it is our opinion that the deafening silence about the exchange on Quora can be as a result of the following two factors – or both. It could be that there has been a slow uptake of the eToroX professional crypto exchange or because its nature of service only appeals to the high net worth and institutional crypto traders that do not maintain review accounts on Quora.

A quick search of the terms’ eToroX exchange’ or simply ‘eToroX’, however, brings up one result. It is an answer to a query from a Quora platform user who wants a recommendation on how they can protect their bitcoin and other digital investments from hackers. The respondent describes himself as a former eToro trader who advises individuals looking to keep their digital investments safe to consider keeping their cryptos “in a key (lock and key) or a wallet (from) a licensed site such as eToroX.” The answer in itself is an acknowledgment that eToroX is a licensed and highly regulated crypto exchange as well as a testament to the safety measures it has put around the wallet and exchange.

Is eToroX Exchange safe?

Well, the professional crypto exchange has put in place several security measures around eToroX website, eToroX exchange, and the wallet. And it all starts with the fact that eToro is a regulated crypto exchange licensed by the Gibraltar Financial Services Commission (GFSC). And just like their sister multi-asset trading platform, all the professional traders looking to trade on the eToroX platform must first verify their identity. The rather complex verification process asks for your personal details like name and physical address, your name and address, your trading history, financial health, and trading experience.

We appreciate the fact that the eToro group embraces a unified registration process for all its platform users. This means that you only have to create a user account and verify the user identity once. The wallet and exchange users can then link these platforms to their eToro trading account profile, eliminating the need to create a profile and verify identity twice.

Other security features integrated into the eToroX exchange include:

User password

The eToroX exchange is also secured with a password. You will need to use the same email and unique password used to create your eToro trading account.

Mandatory two-factor authentication

When creating an eToro user account, one of the personal details required here is a valid email and phone number. You can use either to activate two-factor authentication to secure the exchange. Note that the two-factor authentication feature is mandatory for all eToroX platform users. Whereby you will not be able to withdraw funds from the platform before activating the two-factor authentication feature.

Cybersecurity program

In addition to protecting your eToroX account with a password and imposing the mandatory 2FA rule, eToroX has also come up with a Cybersecurity program that is alive to the different challenges facing the crypto industry. The program is then broken into five key parts. The first involves identifying the nature of the data stored within the company systems and how and by whom it can be accessed, as well as all internal and external threats acting on such data.

The second part of the program involves protecting eToroX systems and the data contained therein from unauthorized access or malicious damage by putting in place strong defense mechanisms around its infrastructure. Thirdly, eToroX is continually involved in setting up alert systems capable of detecting the slightest forms of system intrusion and the data breach that gives hacker’s unauthorized access to eToroX systems or client data.

Next is the response efforts by efforts that start with identifying the worst possible scenarios in case of system intrusion and data breach and setting up adequate response mechanisms to counter any adverse effects of such a ban. The last part of the eToroX cybersecurity program is the recovery step that lays out the recovery process that the crypto exchange would take to resume normal operations and regain user confidence after a data breach.

Note: None of the eToro group services and platforms – including eToroX exchange and eToro multi-asset trading platform – are open-sourced. But if you want more assurance and finer details on how this program works, eToroX encourages you to contact their team and request a copy of their Cybersecurity Policy. 

Custody as a Service (CAAS)

eToroX offers custody of different digital assets as a service. On their Cybersecurity page, the eToroX mentions that this Custody-As-A-Service program is availed in partnership with GK8 – a world leader in providing military-grade cybersecurity services. They add that the CaaS solution is based on a highly segregated three-level and military-grade FIPS140 custodial process. They affirm the effectiveness of this program by arguing that their clients have so far trusted it with over $1 billion.

eToroX vs Coinbase PRO

Coinbase PRO and eToroX are both hugely popular and regulated crypto exchange platforms. Both were specially designed for elite traders and are marketed to highly experienced crypto trading professionals looking for advanced trading platforms and equally advanced trading and market analysis tools. But while eToroX is biased towards high net worth and institutional traders, Coinbase Pro opens its arms to both institutional clientele and active day traders. But these aren’t their only similarities or differences. We have compared the two based on such key aspects as nature of the exchange, security, client deposit protection, and level of customer support

Nature of exchange

What can you trade

While on the eToroX exchange, clients get to interact with about 38 cryptocurrencies, tokens, and stablecoins. This number of supported crypto is significantly low when compared to the 100+ crypto, tokens, and stablecoins that you can trade on Coinbase Pro. Additionally, close to half of the crypto traded on eToroX are tokenized versions of popular fiat currencies that are traded as stable coins on the platform with their values pegged to fiat currencies on a 1:1 ratio.

The only fiat currency accepted on the exchange is the US Dollar, implying that if you wish to make a crypto trade using Euros or the Hong Kong dollar, you would have to settle for the EURX or HKDX tokens. This is unlike the Coinbase PRO trading platform that supports both crypto-to-crypto and fiat-to-crypto trades. Fiat currencies supported on Coinbase PRO are EUR, USD, and GBP. eToroX users looking to trade crypto to fiat have to run to the eToro wallet or the eToro trading platform.

Trade and analysis tools on eToroX

Both eToroX and Coinbase PRO provide their platform users with access to a wide variety of free and highly advanced crypto trading resources. These include pro charting tools and access to the real-time price changes for the supported trading instruments. They also provide users with real-time industry news and an events calendar that they can use to monitor happenings within the crypto-space. eToroX will also provide users with regular expert opinions and market analysis reports that provide brief summations of the current market trends and crypto industry forecasts. These come in handy in helping platform users make more informed trading and investing decisions.

eToroX has also nevertheless taken trading on the platform a notch higher by introducing different Special Orders. These seek to break the trading barriers set by the standard limit and market orders adopted by virtually all other crypto exchanges. They include Fill or Kill (FOK) orders, Immediate or cancel (IOC) orders, Good till canceled (GTC) orders, Good till date (GTD), and Iceberg orders. They present eToroX with a higher level of order customization not available on other exchanges.

Ease of use

Both eToroX and Coinbase PRO are elite-trader exchanges characterized by rather sophisticated yet feature-rich trading platforms. They have nevertheless made significant strides in making their platforms as intuitive as possible. Both platforms are easily navigable and have been reinforced by highly elaborate help centers that host handy guides on how to interact with all the exchange features.

Coinbase Pro, however, takes the day when it comes to ease of creating an account because of its friendlier identity verification process. Registering on eToroX is rather complicated, as it requires that you first register with the eToro Trading platform. But they maintain a highly customizable exchange that lets you add or remove integrated features and tweak the sizes of the different exchange window tabs.

Fees

Both eToroX and Coinbase PRO maintain highly competitive trading and non-trading fees. The maker fee on eToroX, for instance, ranges from 0.10% to 0.03%, while Taker fees start from 0.24% to 0.12% for trades below and $100k and above $10 million, respectively. The trading fee on this platform is largely determined by your trading volumes. On the other hand, withdrawal fees are highly variable and include zero fee for USD, 0.0060 for BTC, and ¥330 for JPYX.

On Coinbase PRO, the Maker fee for trading $10k, $100k, and $10M and above $1B is 0.50%, 0.15%, 0.08% and 0.00% while the Taker fees stand at 0.50%, 0.25%, 0.18%, and 0.04% respectively. The fee ranges here are also based on your trading volume for the past month. Withdrawal fees on Coinbase PRO are free for ACH transfers and $25 and €0.15 for bank wire and SEPA transfers, respectively. eToroX doesn’t charge deposits to the platform, but Coinbase Pro charges $10 to process bank wire deposits and €0.15 to process SEPA deposits.

Leverage

Coinbase PRO has pulled the plug on margin trades and will no longer offer leveraged crypto trades based on guidance from the Commodities Futures Trading Commission (CFTC). Meanwhile, eToroX continues to provide credit lines that increase user liquidity in the place of leveraged trades.

Security:

Perhaps the most apparent difference in design and commitment to safety between eToroX and Coinbase PRO is evidenced by their approach to open-sourced services. While both aren’t open-sourced projects, Coinbase PRO has made significant strides in open sourcing technology used to develop some of its core features and extensions.

They nevertheless share common security features that include the use of an account password and two-factor verification. Coinbase PRO, however, takes this a step further and imposes such measures as advising users to bookmark the website and whitelist Coinbase emails, maintain access logs, and controlling the number of devices with access to the account. eToroX, on the other hand, makes it mandatory for all accounts to be two-factor enabled, came up with a cybersecurity program, and maximum/withdrawal limits while flagging suspicious transactions for screening.

Client deposit protection

Coinbase PRO maintains three key deposit protection measures around your deposits. First, the exchange is thoroughly audited regularly to smoke out any vulnerabilities. Secondly, the crypto exchange keeps up to 98% of its crypto holdings in ultra-secure cold vaults, and only 2% is held in hot wallets to facilitate liquidity needs. And lastly, deposits are insured with the FDIC and covered up to $250,000. eToroX, on the other hand, provides users with a free and ultra-secure eToro wallet that stores a significant portion of client funds in cold deposits. There is, however, no mention of insurance cover for eToroX exchange users.

Customer service

Both eToroX and Coinbase pro maintain very elaborate help center pages that feature a lot of informative pieces, how-to guides on user interaction with platform features, and troubleshooting guides. In addition to this, eToroX provides clients with a callback option, while Coinbase PRO has the live chat option that features that you can use to contact their customer support team in real-time.

Other products and services

In addition to the primary features captured on the online broker’s home page and explained above, there is a host of other equally essential features associated with the eToroX WebTrader. They include:

Trade reports

The eToroX web trader features the reports section that platform users can rely on to help them review their trading experience. It records all your interactions with eToroX right from deposits, all open trades, all canceled trades, all closed trades, and even withdrawals. It also makes it possible for the account owner to download the CSV file detailing these transactions.

Public and private order books

The eToroX dashboard will also give you access to public and private order books. The public order book here refers to the data sheets displayed on the user dashboard outlining all the buy and sell orders of the different crypto assets. On the other hand, a private order book highlights your trading history and outlines all your open orders, closed orders, and canceled orders.

Fiat-for-crypto transactions

As we have mentioned in this guide, the only fiat currency that can be traded on the platform is the US Dollar. However, to accommodate the international community, the company has made it possible for users to their eToro wallet to buy any of the crypto supported on the exchange using virtually any fiat currency.

Bottom line

Though relatively new, eToroX crypto exchange has become one of the most revolutionary crypto trading platforms. It has come up with a highly innovative crypto trading platform that features such revolutionary features as the credit line that replace traditional leveraged trades. It also features a 100% customizable dashboard that seeks to revolutionize the ease of use on the platform, a myriad of special orders, and in-house tokenization of popular fiat currencies.

We must, however, observe that for an exchange that targets institutional investors and high net worth individuals, it has underperformed when it comes to the number of supported cryptocurrencies and trading pairs. And while we are also appreciative of the improvement in customer support, we still aren’t satisfied with the lack of immediate customer assistance via live chat or on the phone.

eToroX users often have to wait up to seven days to speak to a customer representative, and should another issue come up immediately after the engagement, they will need to book for another session and wait for a few more days.