eToro is one of the leading social trading platforms providing multiple trading solutions to its clients across the globe. Besides dealing in forex and CFDs, it also supports cryptocurrency trading. Traders can not only trade eToro-supported currencies but also exchange them against other cryptocurrencies. At present, eToro offers four products, including a one-stop-crypto, trading platform, exchange, and wallet. In this review, we will review one of the best e-wallets – the eToro wallet. We’ll walk you through the verification process, online reviews from existing users, customer support, and more.
eToro Wallet is an easy-to-use mobile app used to manage cryptocurrencies. The wallet is compatible with 6 digital currencies. Traders can use the wallet to buy, receive, store, and convert their crypto assets. The company allows its clients to transfer coins between two wallets on the same network or outside eToro. Traders also have the option of transferring their cryptos from their trading account to the wallet app, provided they are non-leveraged.
eToro wallet has more pros and fewer cons. However, we deemed it necessary to list both of them. We will also explain each bullet point to help you understand them better.
Supports Multiple Cryptocurrencies – Supports Multiple Cryptocurrencies – eToro wallet supports multiple cryptocurrencies including Bitcoins, Litecoin, Bitcoin Cash, Ethereum, Stellar Lumens, and Ripple etc.
Unlosable Key – In case clients forget their login credentials, a private security key recovery feature is available to regain access to the wallet.
Easy-to-use – The mobile wallet app is simple to navigate. Traders with even the least trading exposure can navigate around the app quite conveniently.
Well-Reputed – Since the app is a product of the world’s most popular trading platform, therefore, features such as safety and reliability come inherently.
Coins Transferability Account-Wallet: eToro allows clients to transfer their non-leveraged coins from their accounts to the eToro wallet.
Not Offered Stand-Alone: To use the eToro wallet, traders must have to sign up for the eToro account as well. Clients can’t use their wallets independently.
Unavailable on Desktops – The eToro wallet app is only compatible with mobile phones. Traders can use them on desktops. Therefore, it a setback for customers who prefer trading through desktop platforms.
As far as legitimacy of the eToro wallet is concerned, it is powered by eToroX, an exchange of a well-known social trading platform eToro. The company holds multiple regulations in different jurisdictions across the globe. The company is registered with several renowned regulatory authorities under the following details.
Regulatory Authority: Financial Conduct Authority (FCA)
License No: 583263
Regulatory Authority: Cyprus Securities & Exchange Commission (CySEC)
License No: 109/10
Regulatory Authority: Australian Securities and Investment Commission (ASIC)
License No: 491139
Being an international business concern, eToro holds physical existence around the globe. The head office of the company is in Limassol, Cyprus. eToro also has regional offices in London(UK), Tel Aviv (Israel), Shanghai (China), and New Jersey (United States).
eToro accepts clients from nearly all parts of the world except a few jurisdictions. Given below is the table of countries where clients can sign up for the eToro wallets.
|Côte d’Ivoire||Dominica||Dominican Republic||Ecuador|
|Romania||Russia||Saint Lucia||Saint Vincent|
|Saudi Arabia||Senegal||Singapore||South Africa|
|The Virgin Islands.||Taiwan,||Uruguay||Thailand|
|Tunisia||Ukraine||United Arab Emirates||United Kingdom|
At present, eToro wallet supports the listed cryptocurrencies. According to information available on the eToro website, more cryptocurrencies will be added to the list of supported crypto assets soon.
Since the eToro wallet works in synchronization with the user’s account, therefore, account setup with eToro becomes mandatory to access the wallet. The wallet has a built-in exchange feature that allows traders to convert their coins to other supported cryptocurrencies at eToro. eToro wallets are also recoverable using the private key feature.
With next-level security protocols, the eToro wallet is highly safe for crypto transactions and storage purposes. After successful registration of an account with eToro, traders can start using the wallet app.
Clients can create a wallet for most of the crypto assets for free. Traders only need to pay for their transactions. However, two wallets at eToro have some associated conditions as mentioned below;
Ripple (XRP) Wallet: For setting up the ripple wallet, clients may need to pay 45XRP. eToro subdivides this fee into two parts. The exchange charges 20 XRP as the base fee of the ripple wallet. While remaining 25 XRP is the management fee for the multi-signature XRP wallet.
Stellar Lumens (XLM) Wallet: To open a Stellar wallet, clients need to deposit 2.5 XLM. Please note that this amount might not be available to use for any purposes. It just enables traders to create a Stellar wallet and access the Stellar (XLM) blockchain.
Important: Please note that sending or receiving Ethereum based coins will require clients to create an Ethereum wallet first. Also, not every wallet supports the sending or receiving of coins using smart contracts. Therefore, before sending any Ethereum based coin, make sure that the recipient wallet supports smart contracts coins.
According to the information available on the eToro website, the following crypto assets are available to transfer from the eToro trading account to the eToro wallet at present. The company keeps updating the list as more cryptocurrencies become available to transfer. Given below is the table for the fee that clients need to pay for crypto transfers along with the minimum withdrawal amount stipulated for each crypto.
|Crypto(s)||Minimum Withdrawal Amount||FEES|
|BTC (Bitcoin)||0.0086 BTC||0.0005 BTC|
|ETHEREUM(Ethereum)||0.3 ETH||0.006 ETH|
|XRP (Ripple)||133 XRP||0.25 XRP|
|LTC (Litecoin)||0.68 LTC||0.001 LTC|
|BCH (Bitcoin Cash)||0.18 BCH||0.001 BCH|
|XLM (Stellar)||534 XLM||0.01 XLM|
Like other cryptocurrency exchanges, eToro also charges a fee for crypto transfers as described below;
Clients need to pay two types of fees to transfer their coins.
1) A fee payable to eToro.
2) A fee charged by the blockchain.
Traders can rest assured that the eToro fee structure is quite competitive as compared to other crypto exchanges. However, the fee charged by the blockchain may vary depending upon your coin selection.
eToro does not charge any fee on sending or receiving cryptos. However, clients may need to pay a fee depending upon the blockchain in which the transaction occurs as mentioned above.
Clients need to pay a conversion fee of 0.1% of the transaction amount. Please note that the conversion rates depend upon the eToro market rates.
Clients can send a maximum of $50,000 worth of crypto assets in one go. The total worth of coins that traders can send in a single day must not exceed $200,000. Concerning Ethereum coins, the minimum sending limit is $20 while a maximum limit of $10,000 is available at the eToro wallet.
Clients are restricted to convert a specific amount each day or month owing to security concerns. Traders may refer to the following table to see the limits.
Please note that limits are applicable according to the US Dollar only. The limits shown for GBP and EUR are for customers’ convenience. Actual rates may vary depending upon the exchange rates on the day of conversion. The following rates are true as of November 27, 2020 (27 Nov, 10:41 am UTC).
|Coins||Minimum Transaction||Maximum Transaction||Maximum Amount Allowed Per Day||Maximum Amount allowed Per Month|
Traders can access some privileged features of the eToro wallet, including buying crypto assets with cards, one -chain address, and a private key feature.
eToro wallet enables clients to transfer Bitcoin, and other crypto assets, such as Ethereum, Bitcoin Cash, Litecoin, Stellar, and Ripple, between the eToro trading platform and eToro wallet. It also offers several other top-notch features, including security, intuitive interface, and unlosable keys. Clients can use their existing login credentials to access the eToro wallet. It also support cryptocurrencies conversion from one coin into other supported coins.
As soon as you log in to your eToro wallet, a sleekly designed intuitive interface welcomes you on the dashboard screen. The eToro wallet has six sections to explore, including languages, account, customer service, fees & limits, notifications, and track your crypto on the delta app.
Let’s take a quick look at each of the features to know what’s inside.
Starting from the languages section, the wallet is accessible in nearly 15 languages of the world, such as English, Italiano, Francais, Arabi, Portuguese, Polski, Nederlands, etc.
Under the account section, clients can manage their account settings such as enabling two step-authentication factors, trading preferences, login credentials, etc.
3) Customer Services
eToro has always been reliable when it comes to customer services. In addition to contacting customer support via email, phone, or live chat, clients can log a ticket using the customer service tab accessible in the wallet. By clicking the “take me there” button, you will be redirected to the ticketing interface. eToro usually responds to tickets within 1-2 working days.
4) Fees and Limits
By clicking the fees and limits section, clients can view the fees and limits applicable on crypto purchases. Like other cryptocurrency platforms, clients need to pay transaction costs for transferring cryptocurrencies using the eToro wallet. There are two types of fees involved, such as the fee payable to eToro and the blockchain fee for each cryptocurrency. However, eToro wallet comes with a competitive fee structure as compared to other crypto wallets. The crypto purchase costs 4% Simplex charges, and a 1% eToro fee. The percentage applies to the full amount of a transaction. Let us also share the transaction limits below;
The notification tab shows activity notifications. The wallet notifies users about different activities, for example; if your wallet password was changed, you will be notified here. Any login attempt to your eToro wallet from a new device might also be notified to you under this tab.
6) Delta App
eToro has recently acquired the Delta App. It’s a crypto portfolio tracking app. It enables investors to make informed decisions concerning crypto investments in terms of pricing and profitability. Traders can access the app using the “copy addresses and go to delta” button as displayed in the image below.
Setting up the eToro wallet is quite an easy process. Clients only need to follow the steps listed below.
Step-1: After having the eToro wallet app downloaded from the respective play store, clients need to sign-up for an account. If you are an existing verified client of eToro, you can use your trading account credentials to log in to the wallet app. Else, click the sign-up button from the top left corner of the eToro wallet page to open a new account.
Step-2: Enter your email id, and type-in your desired password. Your password should be between 8-30 characters. A strong password contains both alphabets and numbers.
Step-3: Select your country of residence, and click on the checkboxes to confirm your agreement to the term and conditions apply.
Step4: Click on create an account. Check your email inbox to verify your email address by clicking on the link received from eToro.
Once registered with eToro successfully, clients also need to confirm their identity before being able to use the eToro wallet. Clients who already have a verified trading account may start using the wallet right away. Those who still have to verify their identity may consider providing the company with the following documents.
1) National Identity Card – Scan the front and backside of your national Id card and upload it your account. You can also use your passport or driving license for the same.
2) Verify Phone Number: Clients may need to enter the verification code sent from eToro to confirm their mobile phone number.
3) Proof of Residence: Clients may also need to provide a copy of their utility bill or bank statement. Traders can also submit a copy of the tax document or the residential permit.
Please be informed that due to strict regulatory requirements, eToro might ask you to provide additional documents even after you have completed your account verification.
The process of transferring cryptocurrencies from eToro trading platform to the eToro wallet is simple. You only need to follow the steps listed below. We have also illustrated each step with a screenshot for your convenience. Please note that you can also use your eToro trading platform’s login credentials to access the eToro wallet.
Before listing the steps involved, it is worth mentioning that the transfer of cryptos from your eToro trading platform to the eToro wallet is a one-way process. You cannot reverse the cryptocurrencies back to the eToro trading platform once transferred to the eToro wallet. All the customers who have funded their wallets via US online banking need to wait at least seven days before they can transfer their crypto assets to the eToro wallet.
Step 1: Download the eToro wallet app on your mobile device. Clients can find the supported app from the relevant App Store. The eToro wallet supports both android and mac based mobile phones.
Step 2: Once you have installed the eToro wallet app on your mobile phone, sign in to your account.
Step 3: Click on the portfolio tab available on the sidebar navigation panel beneath the watch list tab.
Step 4: Select the asset you wish to transfer. You can see all of the open trades for underlying assets here.
Step 5: Tap on the trade you wish to transfer. Please note that the process of transferring cryptos from the eToro trading account to the eToro wallet is the same on both the web interface as well as the mobile app. We’ve used the web interface for illustration purposes, but you can follow these steps on your mobile as well.
Step 06: After clicking on the relevant trade, a pop-up screen will appear with the “Edit Trade” caption. You need to click the “Transfer to Wallet” button to move to the review screen.
Step 07: Review the transaction details, after finding everything in line with what you intended to do, click the “Transfer” button to initiate the transfer request. You will receive a notification from eToro confirming the submission of your transfer request. You can also check your latest transactional activities and manage them by clicking the “History View” button under the Cashflow section.
Please note that the transfer request can take up to five to seven working days. eToro might take a few more days after processing your transfer request to reflect your crypto assets in the eToro wallet.
After receiving cryptos in your eToro wallet, you can send them to other wallets or convert them to other supported coins.
Note: Before you proceed with crypto transfers to your eToro wallet, listed below are a few points that you should keep in your mind.
At present, eToro only allows Platinum, Platinum Plus, or Diamond club members to transfer Bitcoin directly from their eToro accounts to their wallets.
As mentioned above, clients can send the cryptocurrencies to other eToro wallets or the external wallets as long as the receiving wallet supports them. Traders can use the following guidelines to send their cryptos to other wallets.
Step-1: Sign in to your eToro wallet app using your login credentials.
Step-2: Click on the tab captioned as “balance” and select the crypto asset you wish to send.
Step-3: Click on the send button and enter the worth of the crypto asset that you would like to transfer to another wallet.
Step-4: Enter the wallet address of the recipient. Please make sure that you enter the right address because coins sent to the wrong address might not be recoverable. It is always better to use your cam scanner to scan the QR code so that you make no mistakes.
Step-5: You will receive a verification code to authenticate the transaction. Enter the verification code in the respective field and click send.
Step-6: Once the transaction is successful, you will receive a confirmation message on your registered mobile phone number. You can also go back to your transaction screen to cross-check the status of your transaction.
To receive cryptocurrencies from other wallets is even simpler. You only need to share the address of your eToro wallet with the sender. Just follow the steps listed below to access the address of your wallet.
Step-1: Sign in to your eToro wallet mobile app.
Step-2: Click on the balance tab and select the crypto asset that you are expecting in your wallet.
Step-3: Copy the address as shown and share it with the sender.
Step-4: Wait for the confirmation message to be received confirming the arrival of your desired crypto asset in your wallet.
To recover your wallet key, you will need to have verified your identity.
Step-1: Visit the eToro wallet page
Step-2: Click on the sign-in button
Step-3: Click on the reset here button
Step4: Follow the instructions received on your registered email id. Click on the link, and reset your login key by choosing a new password. The company may need any additional information before providing you access to your wallet.
Buying supported cryptocurrencies via eToro wallet is simple. Clients can follow the given below steps to make a crypto purchase;
At present, the eToro wallet supports credit card payments to buy crypto assets. The facility is offered in collaboration with the third-party service provider – Simplex. Clients can buy the supported cryptos using EUR, and GBP only. According to the information available on the company’s official page, Simplex is currently in the process of adding more fiat currencies to support crypto purchases.
However, there is another method to buy crypto assets using more flexible options. Clients can use the eToro trading platform to make a crypto purchase. eToro allows traders to fund their trading platform using multiple payment options including, credit cards, debit cards, PayPal, Neteller, Skrill, Rapid Transfer, Bank Transfer, iDEAL, Klarna/Sofort banking, and online banking. After depositing funds in your account, you can use them to buy your favorite crypto assets, and then transfer them to your eToro wallet if you wish to do so.
eToro offers multilingual support to its clients round the clock five days a week. The platform has a dedicated FAQs section. The company tends to cover maximum detail under the frequently asked question segment. However, clients who don’t find answers to their queries may contact eToro customer support through telephone, email, or webchat.
eToro is one of the pioneer platforms to offer crypto trading services. It has more than 10 million registered clients from all over the world. Therefore, eToro keeps the level of its customer services up to the mark. Along with offering enhanced security protocols and a user-friendly navigation panel for the eToro wallet, efficient customer service might also be the reason why traders prefer eToro over other trading platforms
Just like eToro offers advanced security protocols to its users holding trading accounts with it, the company ensures next-level protection of its wallets ad well. Offering multi-signature wallets along with two-step authentication factors, eToro makes clients rest assured that unauthorized access to their wallets is nearly impossible. SSL web encryption models also make clients’ confidential information over the internet well protected. Above all, the eToro wallet is a product of a regulated company holding multiple regulations from different reputable regulatory authorities around the world, including CySEC, ASIC, and the FCA. Given all the security measures we have discussed above, we reckon the eToro wallet to be extremely safe.
eToro wallet is powered by eToro X, a product of a leading brokerage firm in the industry. Enhancing investors’ exposure, the company also tackles the existing barriers concerning the availability of reliable crypto investment firms. Additionally, the platform provides crypto traders with a big relief by introducing a wallet key recovery option. Clients now don’t have to worry about losing access to their wallets in case someone forgets the wallet key. The regulation status of eToro makes eToro wallet even more secure to store your crypto assets.
Besides being highly secured, eToro wallet comes with some promising features listed below;
After a detailed review of the eToro wallet, we reckon the eToro wallet to be one of the safest places to store your cryptocurrencies. Since the wallet supports multiple cryptocurrencies and has a competitive pricing structure for crypto transactions, therefore, it brings eToro to have a purposeful addition to its existing suite of offerings.
Yes, eToro has a wallet. It’s a great way to store your coins and keep them safe. The wallet is encrypted and very secure. You can also use it to make payments online.
eToro wallet works by allowing you to store your Bitcoin, Ethereum and Litecoin in a secure online wallet. You can then use this wallet to buy goods and services with your Bitcoin, Ethereum or Litecoin. eToro also allows you to trade your cryptocurrencies on their exchange platform.
eToro has been in the business of social trading and investing since 2007, so they’ve had quite a while to perfect their craft. In that time, they’ve built up a pretty good reputation – although there are some dissenting voices, most eToro users seem to be happy with the service.
eToro is a social trading and investment platform, while eToro wallets are cryptocurrency wallets. With eToro, you can trade and invest in traditional assets like stocks and commodities, as well as digital assets like cryptocurrencies. With eToro wallets, you can store and manage your cryptocurrencies. Both platforms allow you to buy and sell crypto assets, but eToro also allows you to copy the trades of other users on the platform.
There are a few reasons why you might consider signing up for an eToro wallet. First and foremost, it provides additional security for your assets. While the eToro platform is considered to be relatively secure, having your assets in a separate wallet can give you some extra peace of mind.
There are a few ways to get money out of your eToro wallet. You can either withdraw it to your bank account, use it to buy cryptocurrencies or invest in other traders’ portfolios. To withdraw money from your eToro wallet to your bank account, log in to the platform and go to the “My Account” tab. Select “Withdraw Funds” and enter the amount you want to withdraw. Then select your bank account as the destination for the funds and click on “Submit”.
You don’t need a crypto wallet with eToro, but you should get one to store your cryptos safely. eToro is a great platform for buying and selling cryptos, but it’s important to remember that your cryptos are only as safe as your wallet. That’s why it’s always a good idea to have a separate crypto wallet to store your coins in, especially if you’re not going to be using them often.
Yes, you can transfer crypto from eToro to a wallet. However, it’s important to note that eToro is a regulated broker and is therefore required to comply with certain financial regulations.
It takes five business days to transfer to eToro wallet