In this article we will give our opinions on eToro Money, the eToro’s crypto wallet.
As we will see within this review, eToro Money has limitations of no small magnitude.
Among the topics we will cover you can find:
- The pros and cons of the eToro wallet
- How to open the eToro wallet
- The fees on cryptocurrencies
- What features eToro Money has
- The alternatives to the eToro wallet
Table of Content
What is eToro Money wallet?
eToro offers a mobile crypto wallet called eToro Money that allows you to store, track and transfer cryptocurrencies. In some countries (including Italy) it also allows for a view of the available balance in the Investment App. Unfortunately, to date it is not possible to convert cryptos into fiat currency to withdraw them.
In eToro, cryptocurrencies can be purchased as real from either the investment app or the Money wallet. However, the Money Wallet is required to transfer crypto outside of eToro.
Our opinion on the eToro wallet
The eToro Money wallet is very easy to use, however, it has many limitations.
It supports only 8 cryptocurrencies, does not allow you to convert them to fiat currency, and does not allow you to transfer cryptocurrencies from the wallet to the eToro investment platform. The service to monitor one’s funds is good, but it does not counterbalance the underlying problems.
Not being able to transfer crypto to the eToro investment platform is very limiting in several scenarios.
If cryptocurrencies are received on eToro’s wallet (from a third party, or transferred by the trader with other exchanges such as Binance), they will neither be able to be withdrawn in fiat currency nor be transferred to eToro’s app in order to be traded.
However, residents of some European countries will be able to enjoy an exclusive service. With the eToro Money app they will be able to monitor, deposit and withdraw funds from their eToro investment account totally free of charge.
Although the latter is a good service that cancels out the commission costs that all eToro users are subject to, in our opinion it is not enough to counterbalance all the problems and limitations present for cryptocurrencies.
eToro Money is a relatively new app and service. eToro has been investing in recent times to expand and improve the service, so features could be added in the future that would make eToro Money a respectable crypto wallet.
eToro wallet pros and cons
Although eToro’s wallet is certainly not the best in the crypto industry, it still has strengths.
Here we briefly summarize its pros and cons.
- easy to open
- compact and user friendly
- you can manage the funds in your eToro account
- few cryptos available
- You can’t sell and withdraw cryptos in the wallet
- You can’t transfer cryptos to eToro app
Who should use the eToro Money wallet app?
eToro Money can be useful for traders interested in canceling fees on fiat currency deposits and withdrawals, or who would like to transfer cryptocurrencies they own off the eToro platform.
The eToro wallet is not useful for all those users interested simply in buying and selling cryptocurrencies.
In fact, eToro allows you to trade cryptocurrencies directly on its trading platform, without the need to download the crypto wallet.
What you can and cannot do with the eToro Wallet
Here is a brief summary of what you can do with the eToro wallet, and what you cannot do.
- transfer crypto from the investment platform to the eToro wallet
- transfer crypto from the eToro wallet to other wallets.
- receive crypto from other wallets
- convert crypto to other crypto
- buy cryptocurrencies
- monitor the performance of your crypto investments within your eToro account
- deposit and withdraw funds from your eToro account.
- Convert crypto to fiat currencies
- Transfer cryptocurrencies from the eToro wallet to the eToro investment platform
- Move cryptos that have been purchased via copytrading or portfolios
- Delete individual crypto wallets that have been created
eToro Wallet Review
Countries where the eToro Money wallet is not available
Here is the list of countries where eToro Money is NOT available.
- Burkina Faso
- Cape Verde
- Central African Republic
- Congo Republic
- Cote d’Ivoire
- Democratic Republic of the Congo
- Equatorial Guinea
- Sao Tome
- Sierra Leone
- South Africa
- South Sudan
- North Korea
- Palestinian Territories
- Saudi Arabia
- Sri Lanka
- Aland Islands
- Bosnia and Herzegovina
- Faeroe Islands
- North Macedonia
- Northern Cyprus
- San Marino
- Vatican City
- Antigua and Barbuda
- British Virgin Islands
- El Salvador
- Netherlands Antilles
- Saint Kitts and Nevis
- Saint Lucia
- Saint Vincent and the Grenadines
- Trinidad and Tobago
- Cook Islands
- New Caledonia
- New Zealand
- Papua New Guinea
- Solomon Islands
- Wallis and Futuna
The Cash section of eToro Money is only available in some countries. This section allows eToro users to monitor the funds available in their trading account.
Here one will also be able to deposit and withdraw the money present on eToro without additional fees. Users residing in the United Kingdom will also be able to apply for eToro’s Visa debit card.
|COUNTRIES||ETORO MONEY||ETORO DEBIT CARD|
Is the eToro’s wallet safe?
The eToro wallet has high security standards. The eToro Money app also offers two-factor authentication and access with biometric data. In addition, the wallet is provided by eToroX, a subsidiary of eToro based in Gibraltar and licensed by the Gibraltar Financial Services Commission (FSC1333B).
One factor that may deter some crypto investors is that the private key of the wallet is guarded by eToro.
Private keys are not disclosed to protect users from potential attacks, but the fact that it is guarded by a third party may hold some users back.
eToro wallet opening process
Opening the eToro Wallet is simple. For those who are already eToro users, simply download the eToro Money app and log in with the same eToro account credentials. For those who do not already have an eToro account, it is necessary to open and verify an account on the investment platform.
Verification of the eToro trading account typically takes 3 to 5 business days, although it may take longer depending on the type of document provided.
If you are not sure if you want to open a real account with eToro, you can try the service with a totally free and unlimited trial account that can be opened by providing an email and password.
You can start the sign-up process from this page:
Visit eToro (78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.)
Then here are some of our articles to help you through the process:
- Opening eToro demo account
- Guide to making your first deposit at eToro
- How to verify your eToro account
Deposits and Withdrawals via eToro Money
To receive cryptocurrencies on eToro Money, simply use the public address of your personal crypto wallet. Alternatively, you can transfer them from your eToro account if you meet the platform’s requirements.
In any case, you cannot transfer cryptocurrencies from the wallet to the trading platform.
The main reason why many traders download eToro Money, is that they would like to move their cryptocurrencies outside the eToro platform.
Requirements for moving cryptocurrencies from the trading app
To move cryptocurrencies from eToro to the wallet, Volume and Time requirements must be met.
By volume requirement, we mean the amount of cryptocurrency needed to be able to request the transfer.
By Time requirement, it means a time frame of 60 days in which the user may be unable to transfer cryptocurrencies.
More information about the requirements and practical examples can be found in this eToro guide (78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.).
If the user meets these two requirements, he or she will be able to request the transfer, which should be completed within 5 business days.
eToro Money supports a small number of cryptocurrencies.
Another issue concerns the number of cryptocurrencies supported by eToro’s wallet. As of today, there are over 500 different cryptocurrencies on the market, but eToro Money supports 8 of them:
- Bitcoin Cash
- Tron (US users only)
On eToro Money you won’t be able to convert cryptos to fiat currencies
Another major problem with eToro’s wallet is the inability to convert cryptocurrencies to fiat currencies in a way that is spendable.
This makes eToro’s crypto wallet significantly less attractive than that provided by other cryptocurrency exchanges.
Unlock fiat currency deposits and withdrawals without fees
A plus point for eToro Money, on the other hand, is the ability to enroll in the program for fiat currency deposits and withdrawals directly from one’s trading account.
Those who are enrolled in this program will be able to withdraw and deposit money into their eToro account free of charge, without conversion fees, and instantly.
However, the service is limited to the following countries:
- United Kingdom
Commissions on eToro’s crypto wallet
The eToro wallet has several fees on the cryptocurrency side:
Purchase fees: spread of 1% on the value of the investment. This means that investing $1000 in Bitcoin, the commission charged by eToro will be $10
Commissions on transferring crypto from eToro: 2% on the value of the transfer. The minimum commission starts at $1, while the maximum commission is $100. By investing $1000 in bitcoin, the total commission will amount to $20. If investing more than $5000, the commission will still be $100.
Commission on conversion: fixed at 0.1%. The minimum commission starts at $20, while the maximum commission is $10,000. Although very low, the minimum commission starts at $20. This means that any conversion below $20,000 will charge a $20 commission regardless of the amount.
Blockchain commission: this is a commission charged for sending cryptocurrencies. This commission is not dependent on eToro.
|ETORO WALLET FEES||FEES PER $100||MINIMUM FEE||MAXIMUM FEE|
|Crypto buy||$1||N/A||No limit|
Opinions on eToro’s interface and compatible devices
The interface of the eToro wallet is very clean and intuitive. This makes eToro Money a very user-friendly app. The only downside to the eToro wallet is the lack of a web app.
The app is also very compact, which allows you to get to every corner of the app with very few clicks.
eToro wallet customer support
If you experience problems regarding eToro Money, you will not be able to contact support within the app.
However, the eToro wallet is connected to the main account on the trading platform. As a result, if you need to contact support, you will be able to do so directly on the eToro trading app.
What are the alternatives to the eToro wallet?
There are three main problems with eToro’s crypto wallet:
- Limited amount of available cryptocurrencies
- High commissions
- Limitations on sending and receiving cryptocurrencies
Below we have compared eToro Money with two of the most popular cryptocurrency wallets:
|Available cryptocurrencies||8||More than 600||More than 150|
|Crypto buy fee||1%||0.60%||0.60%|
|Crypto deposit fee||2%||No||No|
|Crypto transfer fee||2%||Variable||No|
|Crypto conversion fee||0.1%||No||1%|
|Crypto transfer time||~3 business days||~30 minuts||~10 minuts|
*physical debit card for UK users only, deposit-withdrawal limited to some European countries
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