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One of the newest features of eToro is their online wallet that can be used by every active user to buy and sell assets, transfer assets or convert from one crypto-currency to another. This section will discuss everything you need to know about this wallet.
If you're interested to open an account with eToro and wondering where to begin, you just need to click on the button to get started.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
The eToro Wallet service is under the operation of eToro X Limited, a subsidiary of the eToro Group and is licensed DLT provider that is regulated by the Gibraltar Financial Services Commission with licence number of FSC1333B. This information can be seen on the bottom part of the wallet's interface.
eToro is foreseeing the future of investing that will involve making all assets to be tokenized and that the method of using crypto-currency will be the initial step of this transition.
This is where the eToro wallet comes in by providing users of the app a secured digital location to store crypto.
Using the eToro wallet include the following:
The eToro wallet supports over 120 cryptocurrencies and has an in-app conversion feature that can support up to more than 500 varying crypto pairs.
Via the wallet, you can also keep track of your crypto trading portfolio. Simply click on the "Trades" tab and you will be able to see all the positions that you opened on the trading platform.
Clicking on the specific crypto will show you the total unit amount that you hold and the option to either view or trade them.
Cryptocurrency wallets operate as a connection to the digital currency universe, specifically; blockchains. A crypto wallet allows users to manage their ledger that records all crypto-currency transactions as well as providing access to their digital currency.
The crypto wallet uses the same principles using "keys" whether you deal with a Bitcoin or an Ethereum wallet or other cryptocurrencies.
Each method of wallet digital storage features a public key and a private key and a public address.
To send coins from your eToro wallet to another wallet is composed of these simple steps:
But wait, what is a “Public Address”?
A public address is "an outward-facing identifier" of your cryptocurrency wallet. It is the destination for any digital currency or crypto-currency you are buying. When you buy a crypto like Bitcoin, the seller will send a record of "ownership" to your "public address".
Basically, the public-address functions similarly to your bank account details when you are doing a traditional money transfer via a bank.
There are two main kinds of wallets. These are the "hot wallets" and the "hardware wallets".
Hot wallets are considered the digital wallets. Types of hot wallets are:
Desktop wallets: It has a high level of security and probably the most-used type of wallet. It is accessed on a PC or a laptop where the wallet is installed. Threats to the desktop wallet includes cyber-attack and hacking.
Mobile wallets: Similar to desktop wallets but is configured for use in mobile devices. It has an added security layer by means of fingerprint and face recognition technology which most modern mobile phones now have.
Online wallets: A wallet version of the online banking system we're familiar with that a user can access anywhere with the help of internet connectivity.
Hardware wallets are also known as the physical wallets. Usually, a hardware wallet comes in the form of a USB thumb drive that stores your crypto keys offline so it can't be accessed or hacked through the internet. You will only use this hardware wallet next time you make a transaction.
Another type is the paper wallet. This is an offline cold storage that keeps your QR codes in a piece of paper.
Here are the steps to transfer crypto-currency from the eToro trading platform to your wallet:
Transfer Coins screen on eToro
Keep in mind:
It may take up to five business days for eToro to process the whole transfer request. Using your wallet, you can send and convert your crypto.
Warning: Once you transfer your crypto out of the eToro trading platform and into your wallet, you will not be able to send it back.
A Bitcoin wallet is a digital currency storage software used for storing and trading Bitcoins. Technically speaking, Bitcoins aren't kept anywhere. A Bitcoin wallet stores the private key (secret number codes) that corresponds to the Bitcoin address of that wallet.
A Bitcoin wallet fast-tracks the transactions of sending and receiving of Bitcoins and secures the ownerships of the Bitcoin balance to the user.
Bitcoin wallet are classified by four different types: hardware, desktop, mobile and web.
An Ethereum wallet is the same as a Bitcoin wallet but specifically let you store and trade Ethereum crypto-currency. Same with a Bitcoin wallet, it is like an internet banking app but without the presence of a bank. Your Ethereum wallet (again, same as the Bitcoin wallet), allows you to manage your balance, send and trade Ethereum and connect to other applications.
Unlike the Bitcoin wallet which users can avail for free, Ripple wallets require transferring XRPs from the trading platform to the wallet before a user can transact using an XRP wallet address.
No. eToro is a trading platform that has a feature called the eToro Wallet.
The eToro crypto wallet is considered as one of the safest wallets in the world. It is secured with high-level security features that protects it from hacking, cyber-attack, unauthorized access by using multi-signature facilities, standardization of protocols and DDoS protection.
All users in eToro-eligible countries and territories who have a verified account can use the eToro wallet.
If you have an existing eToro account, the login details that you're using for the trading platform is the same login that you're going to use for the wallet so you just simply need to download the mobile app on your smartphone and you will be able to sign-in immediately.
If you still don't have an eToro account and would like to avail their wallet feature then you can register from their official website or directly via the wallet app by clicking on the "Sign up" link.
To view your eToro wallet transaction history, just click the "Transaction History" button and click on the crypto coin you want to view. Example "BTC", to load the full history of your eToro wallet transactions involving that coin.
Now that you have all the information that you need about eToro, you're probably more interested now and wondering where to begin. The first step is to open an account and to make things easier, you just need to click on the button to get started.
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.
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.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.