eToro Wallet Review – A Multicurrency Crypto Wallet
- Wallet name: eToro
- Coins accepted: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. More currencies following soon
- Linked Exchange: The eToro platform
- Countries: Most European countries. Rolled out on a staggered basis
- Languages: 18, including English, French, Italian, Spanish, German
- Mobile compatibility: Yes
- Wallet Rating: 4.5/5
- Wallet Type: Mobile Android / iOS app
What is the eToro wallet?
The newly launched eToro wallet features in the latest of our in-depth crypto wallet reviews. It is a recent addition to this popular social trading platform. The wallet can be used by any existing and verified member of eToro, as it is synchronised with the site’s accounts. Using this wallet app, users can buy or sell assets, transfer assets between wallets or change one type of crypto coin to another. They can also use the wallet as simply a place to keep their digital coins safe.
At the wallet’s launch in early November 2018, an eToro statement mentioned that they will be “adding a whole host of additional functionality” shortly. At the time of writing our eToro wallet review, the ability to transfer Bitcoin from an eToro account to the wallet is limited to eToro Platinum, Platinum+ and Diamond club members.
It’s now time for our eToro wallet review to look at what it offers and whether it is worth using.
The eToro wallet, released in November 2018
eToro wallet features
Choice of coins
The initial offering of the Bitcoin (BTC) , Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) digital coins compares favourably with many of the other crypto wallets on the market. The promise of more crypto currencies being added means that eToro is planning to beccome one of the most comprehensive crypto wallets around. Certainly, the fact that eToro as a broker exchange deals with 13 currencies means that we expect this wallet to accept a similar number of coins eventually.
Mobile & Desktop
The eToro wallet can only be used on Android and iOS mobile devices.
eToro wallet fees
No exact figures have been made available yet, but the company’s announcement points out that the eToro wallet fees will be “competitive”. The brokerage platform is known for offering reasonable fees, so it is likely that this wallet is equally fair when it comes to pricing.
eToro wallet security
Users log in to the app using their existing eToro credentials to avoid the risk of any extra passwords being needed. Advanced security features such as two factor authentication and multi-signature security are available to make this a completely safe environment. Because eToro is a name well-known in cryptocurrency investor circles, its wallet carries the advantage of being associated with a trusted brand right from its launch.
Pros and Cons of eToro wallet
- Part of the highly reputable and fully regulated eToro platform
- A good initial selection of coins, with more currencies to come
- High level of security
- Supports numerous languages, just like the main eToro platform
- Easy to use interface makes getting started a simple task
- It is synchronised with user’s existing eToro account for ease of access
- Not available for desktop or laptop users
- Not all cryptocurrencies are included
Guide to Opening an eToro Wallet
Opening an eToro wallet is very easy to do. There is no need to be an internet expert or crypto genius to do so safely and swiftly. As mentioned earlier, the eToro wallet is available to any verified user of the eToro platform. So, if you haven’t yet signed up then you should do this before opening a wallet. If you are an existing user, then you can open a wallet immediately.
How to log into your eToro wallet
You need to look for the app on the App Store or Google Play Store, according to the device that you want to use it with. If you can’t see your country app then it may be worth checking with eToro, to see when the wallet is going to become available to you.
Once it is available where you live, you can safely download eToro wallet app to your mobile device and then sign in using your existing credentials. You can start using it and moving money right away, as the slick interface is user-friendly and intuitive.
Is the eToro wallet a scam?
But is the eToro wallet really safe to use? We believe so, and here is why.
The eToro platform is highly regarded and has been around for a long time without any major issues or hacking incidents being reported. Therefore, there are no reasons to believe that this new eToro wallet is a scam of any type, nor that the brand doesn’t protect its users.
eToro is fully regulated and has upwards of 10 million registered users. It has been in business since 2006 and is one of the most widely trusted names in the crypto industry. The fact that the new wallet uses the same security details as your main account should increase your confidence that it is a wallet that can be trusted. The eToro wallet is a safe and trustworthy place to keep cryptocurrencies.
The eToro wallet is available for Android and iOS devices
Is there a better alternative to the eToro wallet?
There are cryptocurrency investors out there who prefer to avoid the need for wallets and opt for CFD options instead. This is sometimes due to worries about potential security issues they might encounter. As we have seen in this new eToro wallet review, however, there are few fewer concerns like these to worry about in this case.
However, it is still worth remembering that it is also possible to operate an account with eToro without a wallet of any type. You can read our main eToro review to find out how that is done on the platform. For some people, this is the best option for a simpler life, while others prefer to see their digital assets sitting in their own wallet on their phone.
The eToro wallet app allows crypto investors to handle their coins in the way that best suits them on the go. If you prefer the flexibility of seeing your coins in a wallet directly on your phone or tablet then this is a smart option. Alternatively, you can carry on using eToro without a wallet if that suits your needs better. There is no obligation to use the wallet even if you are an eToro member.
If you decide to go ahead and open this type of wallet then you will find that it is a fast and easy process. Above all, it is a secure and easily accessible wallet that has been designed to make it simpler for you to invest in cryptocurrencies without any fuss. The overall opinion of this eToro wallet review is that this is a useful service that could be of great benefit to many investors.
When can I open an eToro wallet?
The app was rolled out across Europe on a country by country basis. It started with the launch in Switzerland, Austria, Netherlands, Denmark and Norway. If you find that it’s not available in your country yet, check back and we’ll report when it is.
Do I need to open a wallet to use the eToro services?
No, you can still use eToro without having their wallet. It is purely a personal decision whether you want to use the wallet or not.
Can I convert from one type of cryptocurrency to another?
Yet, this is one of the key features of the eToro wallet app.
Is using a crypto wallet like this expensive?
There are two types of fee you need to be aware of when using this wallet, although neither is typically very expensive. The first one is charged by eToro. The other cost is the charge made by the blockchain platform for the transaction, which varies from one currency to another.
Does the wallet support fiat currencies as well?
Yes, it does.
What other functionality is planned for the wallet?
eToro has promised that the wallet will soon have additional functionality such as added currencies and the option of paying in stores. We are awaiting further details and dates for these extra functions.
What other cryptocurrencies will be added?
This hasn’t yet been confirmed. However, since eToro currently supports 13 cryptocurrencies, it seems safe to assume that additional currencies would come from this list. For instance, eToro as a broker also offers Dash (DASH), Ripple (XRP), Stellar (XLM) and the Binance coin (BNB).