The recently released eToro wallet is featured in the latest of the in-depth crypto wallet reviews. It is a recent addition to this common social trading platform. eToro wallet can be used by any existing and verified user of eToro as it is synced with the sites’ accounts. Users can use the eToro wallet to buy or sell assets, transfer assets between wallets, or change one type of cryptocurrency to another with this wallet app. They can also use the wallet simply as a place to keep their digital currencies safe.
At the wallet launch in early November 2018, a statement from eToro mentioned that they would be adding a host of additional features soon. When writing the eToro wallet review, the ability to transfer Bitcoin from an eToro account to the wallet is limited to eToro club members, eToro Platinum, Platinum +, and Diamond club members. Now, this is the time to look at what it offers and whether it is worth using.
Using eToro
Now the first thing you need to start trading on eToro is to sign up for an account. It is completely free and does not take more than a few minutes. You can find the registration form directly on the platform home page.
As with all common platforms, you will receive a confirmation email, and as soon as you follow the link, your account will be verified.
Once you are logged in, you will find eToro’s, particularly a full dashboard. It is incredibly simplified. On your left, you will see your profile menu that will help you navigate the entire platform.
Naturally, if you want to start trading immediately, click on the “Deposit funds” button where you enter the desired amount and then select a payment method. There are many options here: credit or debit card, PayPal, bank transfer, Skrill, NETELLER, and UnionPay.
The moment you have made a deposit, you can start your trading adventures. In the following screenshot, you will see the “Trade Markets” button highlighted. By clicking on it, you will choose the different trading markets available on the platform.
Since this guide is geared towards cryptocurrency trading, you need to select “Crypto” in the top navigation bar.
From this panel, you can select the cryptocurrency you want to participate in. For a better understanding, let’s use Bitcoin (BTC).
Clicking on the BTC icon will take you to its dedicated page. As a social trading platform, the eToro platform provides all the necessary information about Bitcoin and a dedicated chat room with discussions.
Past performance is not an indication of future results.
If you want to trade BTC, click the blue “Trade” button in the upper right corner. You will see the following screen pop up:
At the top, you will see the option to Buy or Sell BTC. You can also decide whether to trade USD or BTC units directly, whichever is more convenient for you.
In the upper right corner of the eToro wallet, you will see the “Trade” drop-down menu. By clicking on it, you will be able to choose to place an “Order” that will allow you to determine your entry and exit points more conveniently.
Cryptocurrency Pairs Trading
Here’s how to trade a cryptocurrency on USD-based markets. Nonetheless, eToro also allows you to trade cryptocurrencies with other cryptocurrencies in select markets.
In the cryptocurrency market dashboard, you will see two drop-down menus on the top navigation bar.
If you want to participate in a crypto-crypto trade, you must select the option “Crypto crossovers.” This will take you to the cryptocurrency trading pairs that are available. As of this writing, they are:
Again, clicking on the icon for each trading pair takes you to their dedicated page, where you can follow the instructions for trading BTC to execute the trade.
However, there are some differences. We select the ETH / BTC trading pair and open a trading window. It looks like this:
There are more options, such as Stop-loss, which will automatically close the trade if set if at any time your position is losing the amount you have specified on this tab.
The opposite of Stop-loss is the Take Profit option. However, if your position reaches the value set on this tab, the trade will be closed automatically with profit.
You can as well trade with leverage on margin positions. However, it is particularly important to be very careful, as leveraged trading carries higher risks.
Features of The eToro Wallet
eToro SOCIAL TRADING
Social trading is suitable for users who do not have enough trading experience. Beginners can copy trades from more experienced traders quite quickly and easily using the platform.
In the menu on the right side, you need to click on “Copy People.” Once you do this, a list of traders will appear, along with their 12-month returns. eToro will show the most successful traders first.
You will also see your current portfolio and specific recommendations if you want to copy them. Click the big blue “Copy” button, and you are good to go.
Cryptocurrencies Compatible With eToro
eToro currently supports a variety of different cryptocurrencies. As of this writing, which includes Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Dash (DASH), Litecoin (LTC), Ethereum Classic (ETC), Cardano (ADA). , IOTA (MIOTA), Stellar (XLM), EOS (EOS), NEO (NEO), Zcash (ZEC) and Binance Coin (BNB).
Also, cryptocurrency trading pairs you can participate in include:
• ETH / EOS
• ETH / XLM
• ETH / BTC
• BTC / EOS
• BTC / XLM
• EOS / XLM
eToro Rates
eToro offers a wide range of trading options, and as such, the fee structure varies from asset to asset.
Exiting a position in Bitcoin will lead to the imposition of a 0.75% fee, which tends to be higher than most other crypto-based exchanges. Other altcoins tend to trade at a rate that ranges from 1% to 3%. For the latest rates visit the rate page.
Withdrawals
The same method is used to withdraw funds from eToro, and they will be sent to the same account that was previously used to deposit. You can withdraw your funds using the following method: credit card, PayPal, and bank transfer, and the withdrawal fee are $5 per withdrawal. In addition to the withdrawal fee, there may be additional conversion fees for any withdrawals that are not sent in USD.
Cryptocurrency Withdrawals: The withdrawal fee for Bitcoin is 0.0005 BTC and Etherum – 0.006 ETH at the time of writing.
Customer Support
eToro has a dedicated customer service unit where users of their platform and non-users can submit tickets with their inquiries. They also provide a help center, which contains a list of frequently asked questions.
However, it is important to note that eToro is a fast-growing company that expanded tremendously over the past year with the growth in popularity of cryptocurrency trading. As such, it is natural to experience slight delays in communicating with customer service.
Conclusion
In conclusion, eToro remains one of the leading cryptocurrency trading platforms in the market. Backed by a growing team of experts, the platform attests to the reputation and credibility it aims to build so strongly. The trading experience is seamless and particularly easy to use. It’s easy and at the same time provides all the functionality that an experienced and professional operator would need.
Going further, it has a wide range of different investment vehicles, allowing novice and expert traders to diversify their investment portfolios and capture the highest value from the exciting cryptocurrency market.