Finally, eToro launches a highly anticipated eToroX Wallet

eToroX Wallet

If you have been trading with eToro you probably would know that the company was storing your cryptocurrency on their accounts and there was no way of transferring it in and out of the platform. Well, this is changing now as they launch their – eToroX Wallet mobile app.

The eToroX wallet is a mobile application available via Google Play and the Apple App Store. It provides an easy to use customer interface and enhanced security. Multi-signature* security gives users the ability to see their on-blockchain transactions and balances without the fear of losing their private key**.

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eToro is launching its crypto wallet on a phased basis both in terms of users, with a country by country roll out, and functionality.

At launch, users will be able to store Bitcoin, Bitcoin Cash, Ethereum and Litecoin in their eToro wallet. The number of supported cryptos will increase over time just as eToro has increased the number of cryptos available on its platform.

Initially, the ability to transfer crypto from eToro to the wallet will be available to Platinum Club*** members for Bitcoin. This will gradually be extended to more users and a greater number of crypto assets.

eToroX Wallet Main Functionalities:

  • wallet-to-wallet transfers, alongside new features
  • ability to interface with the existing eToro platform.
  • eToro’s reputation as a trusted, secure and regulated trading platform

What makes the eToro wallet unique?

eToro has been at the forefront of cryptocasset integration into the mainstream trading world, by enabling its clients to buy and sell Bitcoin as early as 2013. As the platform’s allure among cryptoasset traders and investors grew, an increasing number of cryptocurrency was added to its offering, and enabling more investors to access to the rapidly developing crypto market became a top priority for eToro.

Subsequently, eToro launched its crypto wallet, which, for the first time ever, enabled its clients to transfer their cryptocurrency from eToro and store them. The wallet launch is another step in bridging the gap between would-be crypto investors and the crypto market and is part of eToro’s vision to make the market accessible to anyone, anywhere.

eToro wallet features

  • Transfer of cryptoassets from the eToro platform to the wallet
  • Wallet-to-wallet transfers
  • Synchronisation with existing eToro accounts
  • Easy and secure access (no need to remember public and private keys)
  • Two-factor authentication
  • Supported coins: Bitcoin, Ethereum, Bitcoin Cash, Litecoin (more coming soon) • Crypto to crypto conversion

At launch, the eToro wallet supports the transfer of Bitcoin from the eToro platform. In addition, the wallet can hold other cryptoassets, such as Ethereum, Litecoin and Bitcoin Cash, with more cryptos to be added in the future. The eToro wallet enables the transfer of cryptoassets to offline storing and to other wallets.

The wallet offers multiple security features, with an intuitive interface, and prevents many of the hassles associated with crypto trading, such as remembering public and private keys. The eToro wallet enables any eToro users to use their existing credentials to securely log into their accounts, convert one crypto coin to another, and is accessible in multiple languages.

Fees

Like any cryptocurrency platform, transferring crypto coins using the eToro wallet incurs transaction fees. The fees exist on two levels, as there’s a separate fee charged by eToro and by the blockchain platforms for each crypto. However, eToro has said it is committed to maintaining its portion of the fees competitive.

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Advantages of the eToro wallet

Unlike some other solutions out there, the eToro wallet comes from a company that has established a reputation for being reliable and secure. Therefore, crypto traders and investors can rest assured that the wallet is operated according to security best practices. In addition, the eToro wallet enables existing eToro clients easy access to the crypto market, by using their account to log into the wallet.

Who can use the eToro wallet?

The wallet is available to any verified eToro user. eToro users will be able to enjoy the full extent of its features, due to the wallet’s interface with the eToro trading and investing platform. eToro Platinum, Platinum+ and Diamond clubs members can transfer Bitcoin from their eToro accounts directly to the wallet. eToro wallet users can transfer cryptoassets to one another and to other wallets, exchange different crypto assets, and store their cryptoassets in a safe environment.

Notes:

* Multi-signature – refers to requiring more than one key to authorise a bitcoin transaction.

** Private key – A secret key, which combined with an algorithm allows you to encrypt or decrypt ‘content’

*** Platinum Club – clients with over $25,000 in equity on the platform.

 

 

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