One of the newest features of eToro is their online wallet that can be used by every active user to buy and sell, transfer or convert from one cryptocurrency to another. This section will discuss everything you need to know about this wallet. We also have a full eToro full review that you can check out if you want to know the results of our thorough evaluation.
|🖥️ App||iOS, Android|
|₿ Supported Crypto||120+|
|🏢 Provider||eToro X|
|🏛️ Regulation||Gibraltar Financial Services Commission|
Interested to have your own eToro Wallet? Click on the button to get started.
78% 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.
Wallet Service Provider
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.
Use of the eToro Wallet
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:
- Transfering cryptocurrency like Bitcoin from the eToro trading platform
- Sending and receiving crypto to and from other wallets
- Converting from one crypto to another (e.g. Bitcoin to Ethereum)
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.
Viewing Crypto Trades on the Wallet
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.
How Do Crypto Wallets Work?
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.
Sending Coins from eToro Wallet to Another Wallet
To send coins from your eToro wallet to another wallet is composed of these simple steps:
- Log into your eToro wallet via your mobile phone or device.
- Select the crypto-currency you want to send in the "Balance" tab.
- Click "Send". Afterward, set the amount you wish to send and key in the recipient’s public address. Click the camera icon to scan the QR code of the recipient.
- Double check the address then click "Send".
- Wait for the SMS message with the verification code on your mobile phone.
- Enter the verification code and click "Verify".
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.
Different Kinds of Wallets
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: 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.
- Paper wallets: This is an offline cold storage that keeps your QR codes in a piece of paper.
Transferring Crypto/Bitcoin from eToro to Wallet
Here are the steps to transfer crypto-currency from the eToro trading platform to your wallet:
- Select "Portfolio" from your profile menu.
- Select the cryptoasset you want to transfer. A detailed list will show all of your open trades for that asset.
- Select the specific trade you want to transfer.
- An "Edit Trade" pop-up window will appear. Select "Transfer to Wallet". Another pop-up window showing the transfer details will appear.
- Select "Transfer" to conclude the transfer process. You can view and manage all of your wallet transfers on the "Cashflow" section of your "History" view.
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.
And also a 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.
Bitcoin Wallet 101
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 wallets 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.
How About a Ripple Wallet?
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.
So, Is eToro a Wallet?
No. eToro is an online brokerage service that offers a platform for investing on various financial markets and it has an additional feature called the eToro Wallet.
Safety of the 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.
People Who are Eligible to Use the Wallet
All users in eToro-eligible countries and territories who have a verified account can use the eToro wallet.
eToro Wallet Login
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.
Viewing the Wallet Transaction History
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.
Opening an Account
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.
Ready to open your eToro Wallet?
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. 78% 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.
Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
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.