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Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user-guides, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.
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eToro crypto wallet is your go-to solution if you’ve been hunting for a solution that supports your favorite digital assets under watertight security. The broker is a reputable financial exchange giant with licenses from trusted regulatory bodies like CySEC and ASIC.
It also boasts an intuitive and user-friendly interface. Once you log in, you can transfer, convert, and transact your digital coins in just a few clicks. This eToro wallet review covers everything you need to know before signing up for an account.
In This Guide
Our Opinion about eToro
Our unbiased research and tests unearthed crucial factors regarding this wallet, including fees, supported assets, and security. Most elements stole our hearts, including the stress-free signup process and the responsive support team.
But like any other wallet, this tool has its own challenges. Let’s briefly go through the main advantages and drawbacks we dug up in our research:
eToro Wallet
✔Unlosable wallet recovery key
✔Supports Android and iOS devices
Pros & Cons
Pros
- eToro is a trusted broker with valid and top-notch licenses
- Unlosable wallet recovery key
- Intuitive and easy-to-use interface
- Industry-grade security features
- Free receiving and sending of digital assets
- Supports Android and iOS devices
Cons
- Only available to existing eToro customers
- Limited to specific jurisdictions
- Limited digital assets
Fees
The eToro wallet allows you to receive or send digital assets to other wallets for free. We consider this to be one of its fortes. And if you’re a high-volume user, you can send or receive up to $50,0000 per transaction and $200,000 per day.
That said, there’s a transfer fee when you move cryptocurrencies from eToro’s trading platform to your wallet. Your position determines the exact amount to be deducted. There’s usually a maximum transferable amount for voluminous transfers.
- Asset transfer charge: 2% of the transaction size
- Minimum charge: $1 (in units)
- Maximum charge: $100 (in units)
Our experts compiled the following table detailing the wallet’s transfer fees for common digital coins:
| Crypto | Minimum position (units) | Fee | Minimum charge | Maximum charge |
|---|---|---|---|---|
| Bitcoin (BTC) | 0.007195 | 2%/td> | $1 | $100 |
| Litecoin (LTC) | 0.6 | 2% | $1 | $100 |
| Bitcoin Cash (BCH) | 0.6 | 2% | $1 | $100 |
| Ethereum (ETH) | 0.107588 | 2% | $1 | $100 |
| XRP (XRP) | 120 | 2% | $1 | $100 |
| Stellar (XLM) | 600 | 2% | $1 | $100 |
| Tron (TRX) | 750 | 2% | $1 | $100 |
| Cardano (ADA) | 150 | 2% | $1 | $100 |
eToro also charges a blockchain fee. This charge goes to network miners who confirm, validate, and add transactions to the right ledgers. You’ll get an estimate of the blockchain cut once you confirm the transfer.
The system usually debits these charges from your balance in the same digital currency you’re moving. For instance, if you’re transferring Ethereum, your balance should have enough to cover the amount you’re moving, plus all associated charges.
Supported Assets
eToro wallet supports a wide range of popular cryptocurrencies. Thus, the odds are high that you’ll find your darling in this list of their supported digital assets:
- Bitcoin (BTC)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- XRP (XRP)
- Stellar (XLM)
- Tron (TRX)
- Cardano (ADA)
eToro wallet allows you to send, transfer, and receive the above assets directly within it. For example, you can receive Bitcoins from an individual, brokerage, or a firm.
Are you looking to convert your digital asset into another form? eToro has your back. For instance, you can convert Litecoin into Bitcoin or Ethereum into Stellar.
But conversion of the cryptocurrencies into flat currency isn’t possible. Fortunately, there’s a way around this issue: Send the digital asset from this wallet into another one that allows you to convert.
It’s worth noting that you can’t send unsupported digital assets or add unsupported smart contracts on eToro. However, the platform may change its list of supported cryptocurrencies in the future. So, your best bet is to visit their official site periodically to stay abreast.
Security
eToro crypto wallet boasts advanced security measures. Our experts confirmed it has verifiable licenses from world-class regulatory bodies, including ASIC, CySEC, FCA, ADGM, and MFSA.
Furthermore, eToro is a FinGEN-authorized broker-dealer in the US. We also found that the US SEC gave it permission to act as a Money Service Business (MSB). These privileges show that the eToro crypto wallet has earned a solid spot among the most secure solutions in the industry.
Perhaps you’re asking, what watertight industry measures has the wallet implemented to safeguard your digital assets and activities? First, it employs two-factor authentication (2FA). This extra security layer requires a second verification on top of your password, such as a code sent via email or SMS text.
The wallet also uses robust Multi-Signature Technology, which requires multiple keys to approve a transaction. Another security feature is Advanced Encryption, which encrypts data in transit and at rest.
But the wallet provider doesn’t stop at these traditional standards. It has analytic behavior machine learning to monitor risk patterns, security anomalies, and threat trends. This innovative solution helps catch fishy activities before they escalate. eToro also uses generated insights to optimize security measures in real-time.
Are you a big investor wondering if the platform can insure your investment against unforeseen events? Worry not—the broker provides a maximum insurance coverage of $1 million to customers in the Platinum, Platinum+, and Diamond Club programs.
Conclusion
If you already have a verified account on the eToro trading platform, we recommend you hop onto its crypto wallet. With it, sending and receiving your digital assets will never be a headache again. You can grab the app from the App Store or Google Play for seamless transactions.
We live in an era when cybercriminals aren’t resting. So, you should be sure your chosen provider is reliable and adheres to stringent industry standards. As you’ve seen in this eToro wallet review, this broker satisfied and even surpassed our rigorous security tests. Its innovative security measures, like analytic behavior machine learning, show that it has your safety in mind.
Disclaimer: eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
BrokerRaters Rating:
✔Unlosable wallet recovery key
✔Supports Android and iOS devices
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Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
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