eToro Wallet Review
The eToro Wallet allows you to hold different cryptocurrencies in one place: it supports Bitcoin, Bitcoin Cash, Ethereum and Litecoin. Easily transfer your coins elsewhere, to other wallets or offline storage for example.
What is a crypto wallet?
A cryptocurrency wallet is a digital wallet that is used to send and receive cryptocurrency. However, it does not store currency. Instead, it stores public and private keys and keeps a record of transactions. The private key is only known to you and your wallet. The public key is shared with the outside world, and is associated with a certain amount of currency.
Most cryptocurrencies have an official wallet. However, many also endorse third party providers. Wallets can come in many forms: websites, mobile apps and even hardware. Regardless of who you turn to, we recommend encrypting your wallet and making regular backups on different devices to protect your coins from loss or theft.
How is the eToro Wallet different?
The eToro Wallet allows you to hold different cryptocurrencies in one place: it supports Bitcoin, Bitcoin Cash, Ethereum and Litecoin. eToro has pledged to add support for additional coins in the near future.
At present, the eToro Wallet supports the transfer of coins purchased from the eToro platform. You may then transfer these coins onto other wallets or offline storage. As is the case with all wallets, transaction fees apply and are charged separately by the blockchain platform itself and eToro.
The eToro Wallet app is available for download from the Apple Store and the Google Play Store. To use eToro's Wallet, you will first need to open and verify an account on eToro.com.
Why use the eToro Wallet?
eToro is a global Fintech player with over 6 million customers. It was setup in 2007 as an online trading platform to facilitate the buying and selling of currencies. Since, it has expanded into a social trading network for investors. It pioneered cryptocurrency CFDs as early as 2013, and allowed investors to buy and sell Bitcoin and many other coins in 2017.
eToro Wallet is provided by eToro X Limited, a company incorporated in Gibraltar with company number 116348. At the time of writing, the company has received an approval "in-principle" from the Gibraltar Financial Services Commission in respect of its application for a Distributed Ledger Technology (DLT) Provider License Application.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% 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.
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.
Past performance is not an indication of future results.
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