eToro Wallet Review 2024
eToro Wallet is a widely used wallet in the crypto sector, as tokens are stored without third-party intervention. Learn more in this Tokize review.
Strong points
The eToro wallet is a go-to wallet for many crypto investors. Yet, how safe or efficient is it? Find out all you need to know from our eToro wallet review.
Admiral Markets
Admiral Markets
eToro Wallet is a popular wallet widely used by crypto investors. Integrated directly into the eToro site, the platform’s portfolio allows you to transfer your assets directly to the latter upon purchase. Thus, the acquired cryptocurrencies are placed securely without going through an intermediary.
Currently, the eToro crypto wallet allows, among other things, sending, receiving, and paying in cryptocurrencies. As we will see later in this article, this function is activated country by country. This means that some countries still need access to it.
The eToro crypto wallet, therefore, functions like a classic crypto wallet, except that it was initially linked to the platform of the same name. Today, the wallet has detached itself from the site and is now available in a standalone version. In practice, it is possible to own an eToro wallet without having an account on the trading site.
The eToro wallet is, therefore, positioned as an easy-to-use crypto wallet accessible to all. Its “one chain” operation allows you only to have a single address, thus avoiding errors during fund transfers. Your crypto wallet only has one public key, and it is thanks to this that you can receive cryptos from any blockchain.
The eToro wallet is available on Android and iOS. It is yet to be possible to find it on a browser or as a Chrome extension. The eToro wallet app can be found directly on Google Play and the App Store for iPhone owners. In addition, the website also offers to download the eToro wallet.
Since the eToro wallet is currently unavailable on mobile, you must understand it is a hot wallet. In effect, this means that your assets are always on the blockchain. The platform still needs to offer a cold wallet called a physical wallet.
However, the eToro wallet mobile application has enhanced security measures, which we will detail a little later in our review. In addition, accessing your tokens from your mobile represents significant convenience for most traders and investors.
Finally, note that the eToro Wallet app is available in several languages, including French. Furthermore, it is possible to identify yourself on the latter using the same identifiers you may already have to identify on eToro. Connection is, therefore, made easier, and registration is just as easy.
There are thousands of cryptocurrencies in the world. There are so many that it’s almost impossible to count them all. It is estimated that around 22,000 different cryptocurrencies have been created and are in circulation on blockchains. However, it would be almost impossible for a wallet to support them all.
Since the launch of the eToro wallet is relatively recent, the platform has decided to only offer six tokens for the moment:
Note that for most of these cryptos, it is possible to use send, receive, and convert operations. In the case of Tron and Cardano, it is possible to send and receive, but conversion operations are currently unavailable.
Subsequently, other cryptocurrencies will be added to the eToro wallet as it develops. Once more users decide to download and use the eToro wallet app, the number of supported tokens will increase.
Ultimately, the wallet will support the same cryptocurrencies as those offered on the eToro website, namely, just over 40 different cryptocurrencies. However, you will have to wait a little before the new additions.
The eToro wallet has yet to be made available in all countries. On the one hand, it is necessary to deal with international restrictions; on the other hand, it must be understood that the wallet is still under development and is an internal decision. Indeed, eToro has chosen to test its wallet country by country and expand its offering gradually.
To date, the eToro crypto portfolio is therefore available for download in the following countries:
Unfortunately, the eToro wallet is not yet available with other hardware wallets. Indeed, it is usually the wallets equipped with “Wallet Connect” that are capable of communicating directly with hardware wallets. In the case of eToro, the wallet still needs to be furnished with such technology.
However, sending and receiving funds to and from a hardware wallet is possible. To do this, use the public key of your hardware wallet to send funds. You must enter your eToro wallet’s public key to receive funds from a hardware wallet.
The eToro wallet offers several features. Thus, users can carry out different types of operations directly from their eToro crypto wallet.
eToro allows its users to send and receive cryptocurrencies directly from the application. If the functionality seems obvious and essential for a crypto-wallet, it nevertheless represents tremendous progress on the side of eToro. Indeed, previously, eToro users could only buy and sell their Ethereum and other cryptos on the site’s marketplace.
Today, thanks to the application, it is possible to buy assets on the site, keep them in your wallet, and use them as you wish. You can, therefore, send your assets to another wallet or use them to pay for services and goods on the Internet.
Conversely, suppose you need to receive a payment in cryptocurrency. In that case, you can provide the address of your eToro wallet to your debtor, who can then transfer the funds to your wallet in the same way as with any other crypto wallet.
Also note that when transferring cryptos, eToro emphasizes security. Thus, a secure confirmation will be necessary to approve each asset transfer to and from your wallet. Subsequently, you can dispose of your funds however you want and use them on the eToro platform like any asset.
eToro
eToro
One of the main advantages of the eToro wallet app is the possibility of carrying out swaps. A swap is the name given to a cryptocurrency conversion or exchange. In practice, the eToro wallet allows you to exchange BTC for ETH or XRP, for example.
This represents an exciting advantage. Indeed, users who observe a drop in the value of an asset often wish to reinvest in something else while avoiding having to go through the sale process. This usually avoids unnecessary costs as well as sometimes complex handling. This is where the eToro wallet comes in handy.
In addition, since it is available on mobile, an additional advantage is offered. Indeed, users can decide, at any time, to exchange one crypto for another directly from the application interface. No more waiting to be at home or in front of your PC to be able to carry out the asset movement.
Some fees are recorded during exchanges, but these remain relatively low and are used, obviously, to pay for the services offered by eToro. We will see these a little later in our eToro wallet review.
eToro is a general public site. It must, therefore, be simple to use by anyone. This is the reason why the eToro wallet works on a One-Chain system. Usually, when transferring crypto, it is necessary to specify the blockchain you want to transfer. In the event of an error, the funds can be lost or arrive a long time later, as with Metamask wallet, if misused.
This will only be ancient history with the eToro wallet since it chooses the suitable blockchain for you. So, whether you want to receive BTC, ETH, or even XRP, the address will be the same and will not change.
Your debtor knows your wallet’s public address and can use it to send you any crypto, provided that it is supported by the eToro wallet. Conversely, when sending funds from your eToro Wallet, you will not have to specify the destination blockchain either. eToro takes care of everything and will choose the appropriate blockchain for you.
By offering this service, eToro continues offering products for the general public and beginners. So, ease of use is the keyword here.
eToro charges some fees to users of its crypto wallet. Indeed, even though eToro is positioned as one of the best wallets of the moment, you will have to consider some additional costs.
When exchanging between two cryptocurrencies, the eToro wallet will charge a commission fee of 0.1%. On a transaction of €100, however, this only represents €0.10. Furthermore, these fees cannot exceed €10,000, depending on the transaction size. Also, note that it is impossible to make a transaction for an amount greater than €50,000 and that the maximum daily limit is €200,000.
Creating a wallet is free at eToro. Therefore, rest assured, you will not have to pay anything for opening your crypto wallet. This is entirely free, and nothing will be charged to you, even later.
Finally, you will also have to deal with blockchain costs. EToro does not govern these and even exists outside the platform. These are gas fees. Gas fees are transaction fees charged by the different blockchains to remunerate miners or validators.
These fees are generally meager and have little impact on the final transaction amount. In addition, gas fees are necessary for the security of different networks and the basis of the notion of security on blockchains.
eToro
eToro
Regarding security, the eToro wallet is the best crypto platform at the moment. Indeed, the platform has thought of everything and implemented numerous measures to guarantee maximum security for its users.
The eToro wallet application is firstly secure by a two-factor recognition system. This means that to identify yourself, you will need to confirm your identity. This can be activated or deactivated by the user directly from the application. However, it is advisable to leave this security measure in place.
EToro will send you a random code by email and SMS to ensure you are the wallet owner when you log in. You can also activate biometric recognition if your mobile is equipped with this technology.
The platform also wants to emphasize that the eToro wallet is protected against DDoS attacks. Without going into detail, this attack has, on multiple occasions, allowed malicious individuals to substitute funds from other platforms. At eToro, this is unlikely to happen since its wallet is ultra-secure.
Finally, the wallet also counts on the security offered by the blockchain. All data is visible to the public but encrypted in a way that is unbreakable by any hacker. As a result, your funds and your transfers are at no risk and are always safe.
As we have seen, the eToro wallet app is ideal for beginners. This lets you get a first wallet with essential functions without compromising security. Despite the low number of cryptocurrencies, the eToro wallet application is ideally suited to everyday use. As a result, it will easily find its place in the hands of novice users discovering their first crypto wallet.
eToro wallet is also suitable for users looking for a small, easy-to-use wallet to make purchases quickly and securely. Indeed, the application’s responsiveness makes the eToro wallet one of the best wallets on the market in terms of speed.
In either case, it will also suit users of the eToro platform very well. Indeed, the link between the wallet and the site is evident. Therefore, fund transfers between the two are high-speed and allow you to trade your crypto assets simply.
Furthermore, users wishing to explore new possibilities relating to cryptos could also find what they want with the eToro wallet. Ultimately, seeing the eToro platform wallet as a bonus function offered to its investors specializing in cryptocurrencies is interesting.
eToro
eToro
In a problem, it is essential to count on professional and competent customer service. It can be very frustrating not to find answers to your questions. This is why the eToro wallet has focused on the possibilities of contact between users and the wallet team.
If you encounter a problem or have a specific question, you can find eToro wallet customer service directly through eToro customer service. It is the same team since eToro Wallet is only an additional function offered by the famous social trading platform.
Here are the different ways by which you can contact eToro customer service or obtain a support request:
Our opinion on the eToro wallet is mainly positive. The platform, although simple, offers the essential services that every crypto wallet user expects. The number of supported cryptocurrencies is still low, especially because the application is still developing. eToro wallet, therefore, defends its place as the best wallet very well, which is why our opinion is what it is.
Beginners can get to grips with the application or make their first crypto fund transfers. Experienced users can find a practical extra wallet to take with them everywhere on their mobile. Furthermore, the platform has made relevant security choices to offer its users a stable and reliable environment.
eToro wallet is, therefore, one of the best wallets, according to what we saw in our review. During the following stages of its development, the application will offer even more supported tokens. New functions will eventually appear within the wallet. However, no information has yet been confirmed on this subject.
eToro
eToro
