eToro Crypto Wallet Overview
The eToro wallet is part of the eToro cryptocurrency universe. It offers traders a user-friendly and integrated method to make deposits and request withdrawals from the eToro web-based trading platform and mobile app. I have looked in-depth at the eToro wallet and whether you should consider it if you are an eToro trader.
eToro launched its eToro wallet in 2022 to simplify cryptocurrency transactions for its 30M+ copy-trading community. It is a fully integrated hot wallet that allows seamless crypto transfers, including external wallet transactions.
eToro Wallet Core Facts
- Users must trust eToro and the eToro wallet as it is a custodial wallet, meaning eToro controls the software and hardware infrastructure, private keys, and funds.
- Most crypto assets are in encrypted cold storage, with a fraction in a hot wallet.
- eToro has a $1 million insurance policy per client, underwritten by Lloyd’s of London.
- Withdrawal security includes 2FA authentication and whitelisting.
- The eToro wallet only supports eight cryptocurrencies, but eToro will likely expand the selection.
- The eToro wallet integrates seamlessly with the eToro web-based trading platform and mobile app.
- Traders can deposit and withdraw crypto from/to external addresses or transfer crypto between eToro accounts.
- The availability depends on the geographic location of the trader.
Crypto List: Supported Coins
The eToro wallet does not support as many coins as many competing hot wallets, but it covers some of the majors.
A List of Supported Coins in the eToro Wallet
- Bitcoin
- Bitcoin Cash
- Cardano
- Ethereum
- Litecoin
- Stellar
- Tron
- XRP
The availability of Litecoin, Tron, Cardano, Stellar, and XRP is good, but I would like others, like Doge, Shiba Inu, and Pepe Coin. They are popular among the eToro copy-trading community.
eToro Money Wallet Security Features
eToro ranks among the most trusted online brokers industry-wide, and it brings its security expertise to the eToro wallet.
The Core Etoro Wallet Security Features
- Multi-Signature Technology - This is one of the most notable differences between the eToro wallet and many competitors, as it requires multiple approvals before processing a transaction.
- Two-Factor Authentication (2FA)—This security feature combines two steps before authorizing an eToro wallet login: a password, which the user knows, and a physical device, usually a mobile phone, which the user possesses.
- Cold storage—eToro stores most cryptocurrencies in cold storage, which is offline storage of assets that makes them unavailable to hackers.
- 24/7 real-time threat detection and response - eToro employs technology and personnel to complement comprehensive data encryption, prevent unauthorized data access, and ensure maximum security of cryptocurrency assets.
- Whitelist - Traders can only withdraw funds to whitelisted addresses to prevent unauthorized withdrawals.
- $1 million insurance policy per client, protecting against internal cases of fraud or theft, the loss of private keys, and hacks of eToro systems.
How to Transfer Your Assets
The eToro wallet allows users to transfer their assets to an external wallet, granting them flexibility to withdraw their eToro trading income outside the eToro ecosystem.
A Step-by-step Guide to Transferring Your Assets
1. Log into your eToro wallet from your mobile device.
2. Select the cryptocurrency you wish to transfer from the “Balance” tab.
3. Tab “Send” and select the amount you wish to transfer.
4. Enter the recipient’s wallet address or scan their QR code.
5. Review the details and tab “Send.”
6. Enter the verification code received via SMS and tab “Verify” to complete the transfer.
Transferring Crypto to eToro Money
Transferring crypto to eToro Money is straightforward and requires the eToro Money app on a mobile device capable of receiving SMS notifications, as 2FA is mandatory to log into the eToro wallet.
The Steps to Transfer Crypto to eToro Money
1. Log into your eToro Money app.
2. Open your eToro trading platform and click “Portfolio.”
3. Select which cryptocurrency you wish to transfer.
4. The eToro trading platform will display all open positions for the selected asset.
5. Click the crypto asset from the list you wish to transfer.
6. Click “Edit Trade” and then “Transfer to Wallet.”
7. Click “Transfer” after reviewing the transfer details.
8. eToro will send a notification that it received the transfer request.
9. The transfer will show as “Pending Transfer” until the eToro finance department authorizes it, and traders can cancel it before authorization.
eToro Crypto Transfer Requirements
eToro lists several crypt transfer requirements on its website that apply to the eToro wallet. Please note that the geographic location impacts the availability of the eToro wallet.
eToro Crypto Transfer Requirements
- Traders can only transfer unleveraged long positions backed by coins.
- CFD trades or margin trades are ineligible for transfer.
- The transfer value cannot exceed the total value of eligible deposits.
- Traders can transfer coins up to the value of deposits made via bank wire, local online banking, Neteller, Skrill, and Rapid Transfer.
- Before requesting a transfer, the deposit must stay in the eToro account for several days, as determined by the eToro Club level.
- It can take one to five days for eToro to process the transfer.
eToro Crypto Transfer Fees
eToro charges crypto transfer fees for the eToro wallet on top of blockchain fees.
Here are the eToro crypto transfer fees:
Crypto | Minimum Amount (In Units) | Fee | Minimum Fee | Maximum Fee |
|---|---|---|---|---|
Bitcoin | 0.007195 | 2% | $1 | $100 |
Ethereum | 0.107588 | 2% | $1 | $100 |
XRP | 120 | 2% | $1 | $100 |
Litecoin | 0.60 | 2% | $1 | $100 |
Bitcoin Cash | 0.60 | 2% | $1 | $100 |
Stellar | 600 | 2% | $1 | $100 |
TRON | 750 | 2% | $1 | $100 |
Cardano | 150 | 2% | $1 | $100 |
Comparison: eToro Wallet vs. Other Cryptocurrency Wallets
Below is a comparison of the four attributes that I deem the most important between the eToro wallet and competitors.
Title | eToro wallet | Other crypto wallets |
|---|---|---|
Security |
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Ease of Use |
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Available cryptocurrencies |
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Fees |
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eToro Wallet - Pros and Cons
Below are my eToro wallet pros and cons.
eToro Wallet Pros
- User-friendly interface
- Secure
- Integrated with the eToro trading platform.
- External cryptocurrency transfers.
eToro Wallet Cons
- Custodial risk- eToro controls the hardware, software, private keys, and funds.
- Limited cryptocurrency availability.
Bottom Line
The eToro wallet is an excellent choice for eToro traders due to its seamless integration, external wallet withdrawals, and low minimum fees. For additional information on eToro, read our in-depth eToro Broker Review.
FAQs
How do I create a wallet in eToro?
Traders can either tap the + icon located at the bottom right of their eToro app to create an eToro wallet or request a transfer from the eToro trading platform in Ethereum, Ripple, Tron, and Cardano, which automatically creates an eToro wallet.
What is the benefit of the eToro wallet?
The eToro wallet offers a fully integrated and user-friendly transaction interface for cryptocurrency deposits and withdrawals to and from eToro.
How do I get money out of my eToro wallet?
Traders must have an external address to withdraw money from their eToro wallet.
How secure is the eToro wallet?
The eToro wallet protects client funds with a range of security features, including an internal $1 million insurance per client provided by Lloyd's of London. This insurance covers internal cases of fraud or theft, the loss of private keys, and hacks of eToro systems.
Can I send Bitcoin from eToro to another wallet?
The eToro wallet allows users to send Bitcoin to external wallets.
Does eToro have a wallet?
eToro has a wallet, but geographic restrictions may limit its availability.