If you have any interest in crypto and are a trader who is already with or considering signing up with eToro, then this is the perfect lowdown for you. Here we will look at every detail of the eToro wallet. This was mentioned in our eToro review but now we take the opportunity to go for a deeper look.
You will get to know exactly what the eToro wallet is, how it works, and how it can be of benefit to you when trading at eToro. Let’s get started.
What is the eToro Wallet?
First things first let’s look at exactly what eToro Wallet is.
The eToro Wallet is a multi-currency crypto wallet also known as eToroX. This means it can do the job of holding many of your favorite cryptocurrencies securely. You can also use eToroX to transfer crypto between other wallets in a completely secure manner.
This wallet balance is also synced with your regular eToro account since they are both from eToro. This means there is communication between both platforms but the balance you have available is separate to each.
Is the eToro Wallet safe?
The eToro wallet is extremely safe. 2-factor authentication is provided on the wallet as standard. This plus the high-grade encryption means all of your transactions are kept entirely secure at the highest levels. You also won’t have access to your private keys so there is no risk at all of any other people getting hold of these.
Moreover, If you do happen to lose your password you can reset it by using a private recovery key that you are provided with when you create an account. You will also have your own private on-chain address.
eToro Wallet Features
The eToro wallet has many great features that you should know about before you start to use it. Here are some of the best we have found.
eToroX platforms available
eToroX is available on multiple platforms. This means you can access it through the web as eToroX or on the move with your mobile where the platform is known as eToro Wallet. Either way, it is the same great service. It is available on mobile both on Android and iOS devices, and if you really need to trade on-the-go, we strongly suggest you to discover which brokers are in our top 10 of best forex broker for mobile Apps.
Supported countries and languages
With eToro being a worldwide broker the eToro wallet is as you would expect also supported around the globe. This means it is available in more than 80 countries in total including both the UK and USA.
Language is also no problem since support is provided in 18 languages including English, Spanish, French, and many more.
Being a dedicated cryptocurrency wallet it supports a wide variety of currencies. These include BTC, ETH, XRP, EOS, LTC, XLM and more. Undoubtedly if you find that your currency is not supported at the moment there is every chance it may be added in the future.
The eToroX Crypto exchange
eToroX is not only a wallet. It also works as a crypto exchange. This effectively means you have all the services you need in one place at eToro to buy, sell, and safely store a number of cryptocurrencies.
The platform facilitates a number of different transaction types. You can convert your fiat currency into cryptocurrencies of your choice, make crypto to crypto trades, or your crypto back into fiat currency again. Ultimately, it is possible to trade with eToroX, but only crypto.
In total, you will find more than 120 cryptoassets available to trade here. The idea for this service came about to cater to corporate crypto traders, algo traders, day traders, and those with a high net worth. Realistically though, the service is now accessible to almost all types of people who want to convert, trade, and store their cryptocurrencies.
eToro Customer support
If you do need any kind of customer support throughout your time using the service you can easily get in touch with eToro customer service through their live chat function or by submitting a support ticket. Your response should be fast and professional.
eToro Wallet Fees
The great news here is that there are no fees for using the eToro wallet. This is totally free. The only fees that may be applied depending on the transaction and payment method you use but there is typically no fee except in a few of the following situations:
You may incur an eToroX conversion fee of 0.1% on any crypto to crypto conversions that need to be made. This fee is 4% if you are converting fiat currency to crypto using the Simplex service while eToro themselves charge a 1% fee on such conversions.
eToro Wallet: Crypto Transaction fees
Another kind of fee you may encounter is a transaction fee. This comes about when you have transferred your crypto into eToroX. To facilitate this transfer a wallet is created for storage depending on the specific currency. For example when you deposit BTC you will need a BTC wallet. The creation of these wallets may attract fees.
To create an XRP wallet for example will cost 45 XRP while a Stellar(XLM) wallet will require a non-transferable deposit of 2.5 XLM to keep the wallet open. These kinds of fees are not uncommon among other crypto wallets and there is no fee for sending or receiving crypto other than the blockchain fees which are paid by the sender.
eToroX Crypto Withdrawal fees
The withdrawal fee is the last kind that you may encounter. This varies depending on the cryptocurrency you are dealing with. An example of fees you can expect is laid out in the table below.
How to setup the eToro Wallet
Setting up your eToro wallet just requires you to follow a few basic steps. Here is a full guide at every step of the way.
Download the app or open the web version
There are two wallet versions available to download. Here are the steps involved in each:
eToro Wallet App
To get the app you simply need to head to the correct app store whether it is the App Store for iOS devices or the Google Play Store for Android. Here you can search “eToro wallet” and click “get” or “install” when you have found the correct one to install. Once the download has finished you will be able to open and run the app.
eToro Wallet Webtrader
With the web-based platform there is nothing to download or install, everything is complete in your browser. All you need to do here is search for eToroX in your browser and you will be ready to go.
Sign up with an existing account or create one
Signing up with an existing eToro account or creating a new one is quite a hassle-free process no matter which type of platform you are trying to use.
eToro Wallet App Login
Working with the mobile app first, if you already have an eToro account then all you need are these details to log in. If you don’t have an account you can click “sign up” and quickly make one. You will need to verify it and deposit at least $200.
Although this verification process can be done relatively easy there are still a few steps to follow. For that reason, we strongly recommend following our comprehensive eToro live account opening tutorial for the latest information.
eToroX Web platform login
Again you can sign-in with that button if you already have an eToro account and use those credentials. If not then you can create an account either as an individual or corporate entity depending on your needs. You will be redirected to eToro.com to complete the sign-up.
Verify your account
No need to verify your account if you are already a verified eToro user. If not though you will need to provide some information. This includes proof of your address in the form of a utility bill or bank statement and proof of your identity where your passport or driver’s license would work best. You will also need to use a valid mobile phone number that you can verify.
eToro Wallet cryptocurrency transfers
The next important step once you have gotten started with the service is to actually make a transfer of crypto into the wallet. Here are the steps you will need to follow in order to do that successfully.
How to transfer cryptos from eToro to eToroX
Making a transfer of crypto from eToro over to eToroX the first priority is that you must have bought a minimum amount of currency. You can verify exactly how much the minimum amount is in each case by following our guides on Ripple, Ethereum, and Bitcoin.
Minimum and maximum transfer amounts
When it comes to minimum and maximum transfer amounts of each cryptocurrency, these do exist on a per transaction, and per-day basis. Regardless of the currencies, every fiat to crypto conversion must be a $125 minimum value and must not exceed a $10,000 maximum limit.
There is also a monthly limit here which stands at $50,000 and a daily limit for retail traders of $20,000. This applies for fiat though the rules on crypto to crypto are a little different.
There are more flexible limits on crypto to crypto transactions with a $50,000 (crypto equivalent) per transaction limit, and a $200,000 per day limit. This should be more than enough to get your transactions completed.
How to transfer cryptos from eToroX to another wallet
From time to time you may want to transfer eToroX held crypto to another wallet. To do that you simply need to log in to your eToro wallet through the mobile app, go to your “balance” section and select the crypto you wish to send.
Form here, select the amount you wish to transfer, and hit send again. Then you will be able to input the recipient’s public address and hit send one more time. This will prompt an SMS to your registered mobile phone with a verification code. Enter this code on the app, click “verify”, and you are all set.
If you need to check the status of your transaction you can do so from the “transactions” screen in the app.
Is it possible to transfer cryptos from eToroX to eToro?
Many people ask if it is possible to transfer cryptos from eToroX to eToro.
This could be a really handy feature, but according to the eToro customer service you cannot transfer cryptos from the eToro Wallet back to the eToro trading platform, yet though this could change in the future so be sure to check back.
Withdrawals and deposits with the eToro Wallet
You will be glad to know that there are no deposit fees at all with eToroX and the deposit methods available are all the same ones that are available with eToro. This means credit cards, bank transfer, and certain eWallets are all accepted. For more info, read our etoro initial deposit guide.
Another thing you can do if you are an EU or UK client is to withdraw non-leveraged long positions you are holding in crypto (not CFDs) from the eToro platform to the eToro Wallet if you wish. If you want to do this all you need to do is open the “Edit Trade” window in the portfolio and under the “Invested” tab you should find the option to transfer.
Our eToro Wallet alternatives for you
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eToro Wallet: Pros and Cons
As with everything where there are good points there are also some to improve upon. Here are a few of each that we have noted with the eToro wallet.