eToro Wallet Review

Setup & Configuration

Once you have downloaded the eToro Wallet app, you must first start with registering a new account. If you already have a verified eToro platform account, you can use the same credentials to log in. Alternatively, you can open a new account directly with eToroX.

eToro Wallet Sign Up

To sign up directly with eToroX, all you need to do is:

1. Visit the eToro Wallet website and click on ‘Join’ at the top left-hand corner of the page.
2. Enter your email and choose a strong password.
3. Select your country of residency and agree to the terms.
4. Click on ‘Create Account’.

The eToro Wallet team will send you a confirmation email which you need to verify. Next, you will be asked to provide documentation to verify your identity and your account.

Account Verification

In order to start using the eToro Wallet you need to verify your account. This requirement is waived if you already hold a verified account with the eToro trading platform. In order to verify your eToro Wallet account, all you need is:

1. Provide all the necessary details, including your mobile phone number, name, and country of residence.
2. Support your declarations with a government-issued ID, which can include a passport or driving licence.
3. Verify your mobile phone number.
4. Provide a document to prove your address. Supported documents include a recent utility bill or bank statement, tax document or residence permit.

In line with its requirements to comply with its licence, eToro Wallet may require additional documentation from you, even after your account has been fully verified.

Sending Cryptocurrencies to Another Wallet

You can send coins stored in your eToro wallet to any other hot or cold storage device, as long as it supports the currency which you are sending. To send Bitcoin and Altcoins, all you need to do is:

1. Log into your eToro wallet via the Android or iOS mobile application.
2. Click the ‘Balance’ tab and select the cryptocurrency you would like to send.
3. Select ‘Send’ and enter the amount you wish to send together with the recipient’s public address. You can either write or paste the full public address or click on the camera icon to scan the recipient’s wallet QR code. Doing the latter will help ensure that no errors are made when entering the address.
4. Ensure that the address is correct and tap on ‘Send’.
5. You should receive an SMS with a verification code. Once you receive it, copy the code and click on ‘Verify’.
6. The transaction is complete. You can visit the status of your transaction by visiting the ‘Transactions’ screen.

Receiving Cryptocurrencies from Another Wallet

To receive supported cryptocurrencies into your eToro Wallet from any other wallet is very easy. Depending on the sender’s wallet, there might be different steps to follow. However, in order to finalise the transaction, the sender will require your eToro Wallet address. To get this, all you need to do is:

1. Log into your eToro Wallet account.
2. Select ‘Balance’ and click on the asset you wish to receive.
3. Copy the address provided and send it to the sender.

Fees & Limits

Whilst downloading and setting up the eToro Wallet is free, there are fees associated with the wallet which you should be aware of. When converting fiat currencies into cryptocurrencies using Simplex, there is a 4% fee which is automatically added to the final price. For security purposes, there is a limit on the amount which can be converted per day.

Every transaction needs to have a minimum value of $125 or equivalent fiat currency. The maximum value of a single transaction cannot exceed $10,000. In addition, there is also an applicable maximum daily limit, which is set at $20,000. A monthly limit of $50,000 or equivalent fiat currency also applies.

The eToro Wallet does not charge any fees to send or receive cryptocurrencies. However, blockchain fees charged by the respective cryptocurrency networks do apply. These must be paid by the sender.

Other Features

Your eToro Wallet is bustling with useful features that you can access and use whenever you like. For example, you can buy cryptocurrencies directly using a debit or credit card. This service is offered through Simplex, a third party partner which specialises in offering fiat to crypto transactions.

eToro X has also set up a cryptocurrency exchange which lets you convert one cryptocurrency for another whilst also buying digital currencies using fiat currencies. Whilst only currently available in selected countries, the eToro Exchange lets you invest in several asset pairs as well as stablecoins.

Security

Just like the eToro trading platform, eToro Wallet has been secured using the highest industry standards. Whilst there are security measures in place which the company does not divulge, there are a few measures which are public knowledge. For example, the wallet is secured by multi-signature and analytic behaviour machine learning. This means that through the use of Artificial Intelligence (AI), the wallet protects users and their funds in a way that is significantly more advanced than most other platforms.

The eToro Wallet also implements a variety of more common safety measures, which include the use of two-factor authentication (2FA) in user logins. Although this feature is optional, it is highly recommended to protect your account and funds. Different levels of encryption are used throughout the wallet’s network, including when making payments and carrying out transactions.

With these and many other safety systems in place, it is no surprise that the eToro Wallet is considered to be extremely safe.

It’s good to keep in mind that when it comes to trading CFDs on a CFD trading platform, there is no need to make use of crypto wallets – and this makes safeguarding your profits easier. CFD trading platforms also offer compensation schemes. Check out our recommended CFD trading platforms here:

Recovery Options

Unlike many other cryptocurrency wallets, eToro Wallet does not give you access to your private keys. It does this as a way to decrease the likelihood that they are stolen, whilst also protecting you from losing access to your account by forgetting the key. If you ever forget your password when logging into your account, a convenient password recovery option is available.