eToro Wallet Review
The eToro Wallet allows you to hold different cryptocurrencies in one place: it supports Bitcoin, Bitcoin Cash, Ethereum and Litecoin. Easily transfer your coins elsewhere, to other wallets or offline storage for example.
What is a crypto wallet?
A cryptocurrency wallet is a digital wallet that is used to send and receive cryptocurrency. However, it does not store currency. Instead, it stores public and private keys and keeps a record of transactions. The private key is only known to you and your wallet. The public key is shared with the outside world, and is associated with a certain amount of currency.
Most cryptocurrencies have an official wallet. However, many also endorse third party providers. Wallets can come in many forms: websites, mobile apps and even hardware. Regardless of who you turn to, we recommend encrypting your wallet and making regular backups on different devices to protect your coins from loss or theft.
How is the eToro Wallet different?
The eToro Wallet allows you to hold different cryptocurrencies in one place: it supports Bitcoin, Bitcoin Cash, Ethereum and Litecoin. eToro has pledged to add support for additional coins in the near future.
At present, the eToro Wallet supports the transfer of coins purchased from the eToro.com platform. You may then transfer these coins onto other wallets or offline storage. As is the case with all wallets, transaction fees apply and are charged separately by the blockchain platform itself and eToro.
The eToro Wallet app is available for download from the Apple Store and the Google Play Store. To use eToro's Wallet, you will first need to open and verify an account on eToro.com.
Why use the eToro Wallet?
eToro is a global Fintech player with over 6 million customers. It was setup in 2007 as an online trading platform to facilitate the buying and selling of currencies. Since, it has expanded into a social trading network for investors. It pioneered cryptocurrency CFDs as early as 2013, and allowed investors to buy and sell Bitcoin and many other coins in 2017.
eToro Wallet is provided by eToro X Limited, a company incorporated in Gibraltar with company number 116348. At the time of writing, the company has received an approval "in-principle" from the Gibraltar Financial Services Commission in respect of its application for a Distributed Ledger Technology (DLT) Provider License Application.
eToro Risk Warnings
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and 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. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
Trade 70+ currency pairs, spot indices, energies, metals and shares on floating spreads and instant ... MoreTrade 70+ currency pairs, spot indices, energies, metals and shares on floating spreads and instant execution. All EAs are allowed.
- $500 deposit
- 1:200 leverage ?
- 1.71 pips EUR/USD
Trade a wide range of financial instruments with a Shariah compliant account. AvaTrade does not ... MoreTrade a wide range of financial instruments with a Shariah compliant account. AvaTrade does not charge rollover fees or swaps on overnight positions. You cannot invest in crypto-currencies through this account.
- $100 deposit
- 1:400 leverage ?
- 1.9 pips EUR/USD
Trade Forex as well as CFDs on shares, indices and metals on floating spreads without commission. ... MoreTrade Forex as well as CFDs on shares, indices and metals on floating spreads without commission. This account, designed for Muslim clients, does not incur swap or rollover charges for holding positions overnight. Terms and conditions apply.
- $100 deposit
- 1:500 leverage ?
- 1.2 pips EUR/USD
Trade 55 currency pairs on fixed spreads, plus CFDs on crypto-currencies, stocks, indices, bonds and... MoreTrade 55 currency pairs on fixed spreads, plus CFDs on crypto-currencies, stocks, indices, bonds and commodities. AvaTrade accepts all MetaTrader EAs except those with a focus on arbitrage.
- $100 deposit
- 1:400 leverage ?
- 0.6 pips EUR/USD