eToro has been a pioneer in the industry since its foundation in 2006. Headquartered in Israel, eToro has a big client base of investors and operates in over 140 countries. You should also read our review, where we go over whether or not eToro is safe and legit?
One of eToro's newest features is their wallet, which active customers can use to purchase, sell, and transfer assets, as well as converting cryptocurrencies. In this article, we’re going to discuss everything about eToro’s online wallet – what it is, how it works, how to open it and log in, and whether it is legit or not. You might also want to read our breakdown of how does eToro make money or how to sell on eToro.
What Is eToro Wallet
A digital wallet used to transfer and receive bitcoin and other cryptocurrencies is known as a cryptocurrency wallet. It does not, however, store money. Instead, it keeps track of transactions and saves public and private keys.
The public key is shared with the rest of the world. The option to move Bitcoin from an eToro account to the wallet was limited to eToro Platinum, Platinum+, and Diamond club members.
The eToro Wallet service is run by eToro X Limited, a part of the eToro Group that is a registered DLT provider with the Gibraltar Financial Services Commission's licence number of FSC1333B. This is shown at the bottom of the wallet's UI.
At the moment, eToro crypto wallet supports the following cryptocurrencies:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LT)
The fact that eToro promises to support more coins in the future indicates that they already have a promising, growing wallet.
What Is The Wallet Used For?
eToro’s wallet is used for the following purposes:
- Transferring cryptocurrency, such as Bitcoin, from the eToro trading platform.
- Transferring cryptocurrency to and from other wallets
- Changing from one cryptocurrency to another (e.g. Bitcoin to Litecoin)
Note that The eToro wallet supports more than 120 cryptocurrencies and has an in-app conversion tool that can handle up to 500 different crypto pairs.
Who Can Use The Wallet?
The eToro wallet is available to all verified users in eToro-eligible countries and territories.
Opening an eToro Wallet
Opening the wallet doesn’t take an expert. In fact, it's a very simple process. As mentioned above, all verified eToro platform users have access to the eToro wallet. So, you need to get verified before you start a wallet. If you're already a verified user, you get to open a wallet right away.
Logging into eToro Wallet
You can find the app on either the App Store or the Google Play Store, depending on which device you wish to use it on. If you are unable to see your country's app, it’s better to contact eToro to check when the wallet will be available to you.
Once the eToro wallet app is available in your area, you can download it to your mobile device and login in with your current credentials.
You can only use eToro wallet on iOS and Android mobile devices.
Transferring Cryptocurrency From eToro To Wallet
Follow these steps to transfer cryptocurrency from your eToro platform to the wallet:
- From your profile menu, click “Portfolio.”
- Choose the crypto asset you wish to send. All of your open trades for this asset will be listed in detail.
- Choose the trade you wish to transfer
- A pop-up window titled “Edit Trade” will appear. Choose “Transfer to Wallet”. A new pop-up window will show, displaying the transfer details.
- To complete the process, select “Transfer.” The “Cashflow” section of the “History” view enables you to manage your wallet transactions.
Careful, though, after you've transferred your cryptocurrency from the eToro trading site to your wallet, you won't be able to send it back.
The whole transfer request may take up to 5 business days for eToro to process.
Transferring Cryptocurrency from eToro Wallet to another Wallet
Follow these steps to send coins from your eToro wallet to another one:
- Use your mobile phone or device to access your eToro wallet.
- In the “Balance” tab, choose the crypto-currency you want to send.
- Select “Send” and set the amount you want to send as well as the public address of the recipient. To scan the recipient's QR code, click the camera icon.
- Click “Send” after double-checking the address.
- Wait for the SMS message on your phone containing the verification code.
- Click “Verify” after entering the verification code.
The Wallet’s Transaction History
To view your wallet transaction history on eToro, simply click the “Transaction History” button and select the crypto coin you wish to see your eToro wallet transaction history for. To get the full history of your transactions, use the example “BTC.”
Bitcoin & Ethereum Wallet
A Bitcoin wallet allows you to store and trade Bitcoins. Technically, however, Bitcoins aren't stored anywhere. A Bitcoin wallet keeps track of the private key that is associated with the wallet's Bitcoin address. The wallet tracks the transactions of Bitcoins while also securing the user's ownership of the Bitcoin
A Bitcoin wallet is similar to an internet banking app, except it does not require the existence of a bank. An Ethereum wallet is similar to a Bitcoin wallet, except it allows you to keep and trade Ethereum coins.
Is eToro Wallet Safe To Use?
eToro is a fully regulated platform with over 10 million members. It's been around since 2006 and is one of the most well-known names in the industry. eToro crypto wallet is considered safe. It is protected from cyber-attacks, hacking, and illegal access through high-level security features such as multi-signature capabilities, DDoS protection, and protocol standardization.
So far, there has not been any reported hacking associated with eToro wallet. So, there’s no reason to believe there will be in the future. The fact that eToro wallet uses the same security information as your primary account should reassure you that it is a secure wallet.
eToro wallet is a handy tool that helps investors on the platform store and transfer cryptocurrency. It supports several popular cryptocurrencies, including Bitcoin and Ethereum. Any verified eToro user is capable of using it by downloading the app and logging in. We can say that eToro wallet is a safe wallet.
Wallet and Exchange services provided by eToro X Limited (‘eToro X'), a limited liability company
incorporated in Gibraltar with company number 116348 and with its registered office at 57/63 Line Wall
Road, Gibraltar. eToro X is a regulated DLT provider licensed by the Gibraltar Financial Services
Commission under the Investments and Financial Fiduciary Services Act with licence number FSC1333B.
Disclaimer: CFDs are complex instruments that come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. Make sure you understand how CFDs work and if you can afford to take the high risk of losing your money.
- Regulated by GFSC
- iOS and Android
- Easy to Use
- 120+ Cryptocurrencies
- Private Key
- On-chain address