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The eToro crypto wallet is part of the eToro Money app. This multi-crypto wallet is provided by eToro, one of the most popular crypto exchanges today. eToro boasts millions of customers, and rightly so. This company is licensed and regulated by numerous infamous authorities, including ASIC, the FCA, and CYSEC.
As an eToro customer, you get uncapped access to the eToro crypto wallet. The wallet can hold diverse crypto assets, from Bitcoin to Cardano and XRP. We tested it, and the results were above average. Several aspects made the wallet appealing to us, including its user-friendly interface. We’ve discussed all our discoveries in this eToro wallet review. Use them to decide if getting an eToro wallet is a good idea.
In This Guide
Why eToro Wallet
Our team spent many hours testing and assessing the eToro wallet. Fortunately, setting up was easy. The support was also wonderful and helped us whenever we faced any challenges. We ended up loving this wallet for several reasons. First, it’s backed by a company licensed and regulated by numerous authorities, including the FCA, CySEC, and ASIC.
However, we also discovered that using the eToro crypto wallet has its fair share of challenges, just like every other wallet. Here’s a summary of the pros and cons we encountered while using our wallet:
eToro Wallet
✔User-friendly interface
✔24/5 customer support
Pros & Cons
Pros
- Provide by a reputable broker licensed by multiple respected authorities, including the FCA and ASIC
- User-friendly interface ideal for professionals and beginners
- Compatible with IOS and Android smartphones
- Sending and receiving digital assets is free
- Knowledge customer support representatives are available 24/5
- Users get an unlosable private key for recovering lost wallet
Cons
- Support a limited number of digital assets
- Only accessible via mobile devices
- Unavailable in some jurisdictions, including Canada and the British Virgin Islands
- Only accessible to people with fully verified eToro accounts
Supported Assets
The eToro wallet can hold a wide variety of cryptocurrencies, including:
- Bitcoin
- Bitcoin Dash
- Litecoin, Ethereum
- Cardano, Tron
- XRP
- Stellar
You can receive, send, or transfer any of these digital assets. But note that you can’t convert any assets in your eToro wallet into fiat currency. But you can send crypto from eToro to another wallet and convert it there. Please note that the list of supported cryptos may change in the future. Visit eToro’s official site regularly to stay up to date.
Security
If you are looking for top-notch security, the eToro wallet won’t disappoint. We consider this app incredibly secure because the provider is regulated and licensed by multiple respected bodies. They range from the FCA and CySEC to the MFSA, the ADGM, and ASIC. In the US, eToro is authorized to act as a Money Service Business (MSB) and a broker-dealer by FinCEN and the U.S SEC, respectively.
Since eToro is a multi-regulated company, you can expect optimum integrity, transparency, and security while using its crypto wallet. The platform adheres to numerous regulations and mandates implemented to optimize your security as a user and the safety of your assets. That includes implementing robust security measures and segregating client funds from corporate resources.
Speaking of security measures, the eToro crypto wallet uses analytic behavior machine learning to monitor threat trends, security anomalies, and risk patterns. The generated insights play a significant role in security optimization. Not to forget, through advanced signature mechanisms, the eToro wallet enhances security by verifying the authenticity and integrity of every transaction.
Lastly, if you’re a big investor worried about your resources’ security and safety, don’t be. That is because eToro has insurance coverage of up to $1 million. But this enormous coverage is exclusively for investors in eToro’s Platinum, Platinum+, and Diamond Club programs.
Fees
We recommend the eToro wallet because you can use it to receive and send crypto for free. The only charges you may incur are blockchain fees paid to network miners whose main role is confirming, validating, and adding transactions to the right ledgers.
That said, the eToro wallet has capped transactions for all supported cryptocurrencies at $50,000 per transaction. You can’t exceed this limit. Moreover, your transactions can’t exceed $200,000 in a day.
Also, eToro charges a small fee for transferring cryptoassets from the investment app to the wallet, ranging from $1 to $100 max.
Privacy and Anonymity
eToro collects personal data like your full name, date of birth, and email address. The platform is required to do that by regulatory requirements. That said, eToro guarantees your privacy and the security of your information. The company refrains from sharing your info with third parties. But, at some point, it may share your details with affiliates, subsidiaries, professional advisors, consultants, and other trustworthy entities.
Furthermore, eToro uses top-notch data security technology to protect your information. The platform employs recommended solutions like data encryption software and firewalls. Not to forget, the eToro wallet allows you to enhance your privacy and security with a private key, otherwise known as your PIN or password. No one can access your wallet or assets without the private key.
Customer Service
You can contact eToro’s support team at any hour of the day or night from Monday to Friday through live chat. We recommend this channel because it lets you interact with the platform’s representatives in real time. It’s the best option for urgent issues that need immediate attention.
The other support channel eToro offers is a chatbot. It’s available 24/7 and easy to use. We tested it and were impressed by the responses generated by advanced AI technology. If you can’t use this channel, visit eToro’s customer service centre and open a ticket. A representative will get back to you within 48 hours.
If you are an eToro Club member and have any questions, you can communicate with your account manager directly via WhatsApp.
Not to forget, eToro’s help centre has a rich FAQ section where countless common questions and concerns have been addressed. If you have any issues, visit that page and search for a solution before contacting the eToro support team.
How to Start With eToro Wallet
Creating an eToro crypto wallet is easy. We did it in a couple of minutes. Please note that this wallet is exclusively for verified eToro users. So, if you don’t have an eToro account, you must create one to use the wallet. Also, eToro asks new signees to provide personal information because financial service regulations require that. Provide accurate and valid details to avoid any future issues, including account suspension.
Follow these steps to get started with the eToro wallet:
Step 1: Visit eToro’s official website
Step 2: Create your account
Step 3: Download the eToro money app and set up your wallet
Go to eToro’s official website. Once you’re there, read all the terms and policies and ensure you understand them. That is crucial since it allows you to understand everything associated with this company, including its obligations and your rights. If you agree with the mandated terms and conditions, proceed to the next step.
Click the “Join eToro” button and start the signup process. You can sign up with Google or Facebook. Alternatively, you can enter an active email and create a strong password. Then, acknowledge and agree to the terms and conditions. If you have yet to read eToro’s privacy policy, cookie policy, and T&Cs, please review them before checking the boxes.
During registration, provide the required personal information and identity verification documents. Once our account is active, you can fund it through a supported payment method like debit/credit cards, bank transfer, PayPal, or Skrill.
Download the eToro Money app from Google Play or the App Store. Install it and sign in with the required credentials. Then, navigate to the bottom of the page and select “Crypto.” Click the “+” icon and add a new wallet for your crypto.
Once you have a functional eToro wallet, you can load it with crypto assets from the main investment platform. Go to your portfolio, select the asset you want to transfer and click “Transfer to Wallet.” Your eToro wallet can also receive and send crypto to other wallets.
Please note that eToro supports specific cryptoassets. You can’t use this wallet to send or receive unsupported cryptos. Also, you can’t add unsupported smart contracts. Presently, the eToro wallet doesn’t support ERC20 wallets.
Final Thoughts
eToro is one of the best crypto wallets. It’s easy to use, secure, and supports popular cryptos, including BTC, ETH, and XRP. We also recommend it since it’s provided by eToro, an established exchange with a good reputation. That said, before using this wallet, learn everything you can about it. Visit Trustpilot, Google Play, or the App Store and read user testimonials. They’ll give you a hint of what to expect. You can also seek advice from gurus in online community forums.
Not to forget, this era is riddled with cyber criminals. Keep your eToro crypto wallet’s private keys safe to avoid losing your assets. Do not reveal your details to anyone, especially strangers who may call you pretending to be eToro support representatives. If you encounter any issues, seek assistance through eToro’s official support channels.
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.
Invezty Rating:
✔User-friendly interface
✔24/5 customer support
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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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