What is the eToro Wallet?

eToro believes that in the future all assets will be tokenised and that crypto is the first step on this journey. We are hugely excited about the opportunities offered by crypto and have established the eToro Wallet as a means for securely storing cryptoassets. With the eToro Wallet, eligible users will be able to:

  • Transfer cryptoassets from the eToro trading platform
  • Send/Receive cryptoassets to and from other wallets
  • Convert one cryptoasset to another cryptoasset

 

The eToro Wallet is currently being rolled out on a country by country basis and is available via Play Store on Android and the App Store on iOS.

 

 

FAQ

 

What are the advantages of the eToro Wallet?

  • The eToro wallet comes from a company that has established a reputation for being reliable and secure. Therefore, you can rest assured that the wallet is operated according to security best practices.
  • The eToro wallet gives existing eToro clients easy access to the crypto market, using the same login credentials as their trading account.
  • If you have cryptoassets in your eToro Wallet, you can use the conversion feature to convert supported coins to one of the other available cryptoassets on the Wallet.

Please note, it is not currently possible to send coins from the Wallet to the eToro trading platform.

 

 

Which coins are supported?

Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP. Other coins will follow.

 

Where is the eToro Wallet available?

As of January 2019, the eToro Wallet is available in all EU countries, the UK, Switzerland, Norway, Singapore, South Africa, Mexico, Hong Kong, Brazil, Malaysia, Argentina, Taiwan, Saudi Arabia, the Philippines, Morocco, Chile, Qatar, Ukraine, Thailand, Bahrain, India, Oman, Jordan, Dominican Republic and Bolivia. More countries will follow soon.

 

Is the eToro Wallet regulated?

The wallet is provided by eToroX Limited ('eToroX'), a limited liability company incorporated in Gibraltar with company number 116348 and with its registered office at 57/63 Line Wall Road, Gibraltar. eToroX is a regulated DLT provider licensed by the Gibraltar Financial Services Commission under the Investments and Financial Fiduciary Services Act with licence number FSC1333B.

 

Where is my private key?

eToro secures your private key using market-leading security technologies. As per eToro’s security protocols, we do not share our wallet addresses, as doing so may expose our clients’ funds to potential attacks.

 

How are my coins secured?

The eToro Wallet is secured by multisignature and analytic behaviour machine learning. This is done in order to provide our clients with the best security possible and for us to be able to identify and prevent potential threats by malicious third parties.

 

Are there any additional fees?

All eToro fees are clearly specified on the transaction page of the app. The blockchain fee is determined at the time of the transaction and is independent of eToro.

 

Where are my coins held?

When the coins are in the wallet, they are stored on the blockchain (hot storage). Coins on the platform are held mostly in cold storage.

 

How can I see my eToro Wallet transaction history?

To get to the Transaction History tab, simply tap on the coin that you are interested in (e.g. BTC) to bring up the full history of all transactions.

 

TRANSFER

What does it mean to transfer a coin?

Transferring coins refers to an action of withdrawing coins from the eToro platform to the wallet. In order to transfer coins, you will need to open the Edit Trade window in the Portfolio. Under “Invested”, eligible users will have an option to transfer.

Positions will be closed once the transaction is completed. It may take up to one business day for the transfer to be processed on the side of eToro. From the moment that the transfer is processed it may take additional time for the coins to appear in the wallet. This additional time depends on the blockchain. While the transfer request is being processed on our side, the position will appear as Pending Transfer in the portfolio.

 

Who is eligible to use the transfer option?

We are rolling out the transfer feature to more and more users, and the first users to be able to transfer coins from their eToro trading accounts are users in eligible countries who are Club members at Gold, Platinum, Platinum + and Diamond levels. We will soon extend the coin transfer service to Club members at Silver level as well.

 

What coins can be transferred?

Currently, Bitcoin, Ethereum and XRP may be transferred. Other coins will follow.

 

Do I need to make a wire transfer in order to be able to transfer coins?

In order to transfer coins from the eToro platform to the wallet, the eligible account needs to be funded with wire deposits equal to or greater than either, the invested amount or the current value of the trade - whichever of the two is lower. 
 
Regardless of whether you have used other methods of payment to fund the account, as long as the amount deposited via wire transfer is equal to or greater than either the initial invested amount or the current value of the trade, the position will be transferable. 
 
As an example, let's say you deposited a total of $1500 via wire transfer and opened a Bitcoin position with $1000. The current value of the position is $2000. Even though the current value of the trade is higher than the amount deposited via wire, you will be able to transfer the position because the wired amount is greater than the initial invested amount. 
 
Alternatively, let's say you deposited $1000 via wire transfer, invested $1500 in a Bitcoin position and your position is now worth $800. You will be able to transfer the position because the wired amount is greater than the current value of the position. 

You may only transfer coins which are supported by the eToro wallet and cannot transfer coins from an eToro trading account to another wallet. 

 

- Example 1:

  • Deposited $5,000 with wire

  • Invested $4,000 in a crypto position

  • P&L: $10,000 (so the current value of the position is $14,000)

  • You can transfer the position, since the invested amount is lower than the total wire deposit.

- Example 2:

  • Deposited $5,000 with wire and $1,000 using another method of payment

  • Invested $6,000 in a crypto position

  • P&L: -$2,000 (so the current value of the position is $4,000)

  • You can transfer the position, since the current value is lower than the total wire deposit.

- Example 3:

  • Deposited $2,000 with wire and $2,000 using another method of payment

  • Invested $4,000 in a crypto position

  • P&L: $10,000 (so the current value of the position is $14,000)

  • You can’t transfer the position, since both the invested amount and the current value are higher than the total wire deposits. You would need to deposit at least $2,000 in order to transfer the position, so that the total wire deposit reaches the amount invested in the position.

- Example 4:

  • Deposited $1,000 with wire and $5,000 using another method of payment

  • Invested $6,000 in a crypto position

  • P&L: -$2,000 (so the current value of the position is $4,000)

  • You can’t transfer the position, since both the invested amount and the current value are higher than the total wire deposits. You would need to deposit at least $3,000 in order to transfer the position, so that the total wire deposit equates to the current value of the position.

 

How much does it cost to transfer cryptoassets from my eToro trading account to the eToro Wallet?

Please note that there is both a crypto transfer fee charged by eToro and a blockchain fee.

The eToro fee can be found on our fees page. Since the blockchain is external and variable, we can only give an estimation.

The fees will be debited from the user’s balance in the same asset that is being transferred. For example, if you want to transfer Bitcoin, you will need to have the necessary percentage of Bitcoin available in your balance. 

Please note that to create an XRP Wallet there is an additional cost of 45 XRP. For example, if you were to transfer 100 XRP from the platform to the Wallet, you would receive 55 XRP in your wallet. As a limited time promotion, eToro is waiving the 45 unit fee for the first 25,000 customers or until 31st January 2019. Click here for the promotion's Terms and Conditions.

 

Can I transfer part of a trade/investment?

At this stage, it is not possible to partially transfer coins. A position may be transferred in its entirety or not at all.

 

Why can't everyone use the Transfer feature yet?

The Wallet is being rolled out gradually, and currently the transfer feature is available to Club members in eligible countries at Gold, Platinum, Platinum + and Diamond level only. We value the security of our customers’ assets and these users have an Account Manager which is an important part of our checks and balances. 

 

Why can I only transfer coins up to the value of my wire deposits?

At launch, we are only enabling the transfer function for coins purchased via wire transfer. This is a risk management decision based on several factors including the fact that funds sent by wire are more secure and have a higher level of customer due diligence, as the source is a regulated bank.

 

Why can’t I transfer from eToro Wallet to the eToro trading platform?

We are launching the Wallet as a phased rollout, and we will of course communicate with our users if and when we are able to offer such an option in the future.

 

How long does it take for the transfer to be completed?

It takes one business day for us to process the transaction. This is because all transfers are subject to a manual review. After the transaction is completed on our side, the length of time depends on the blockchain and is beyond eToro's control.

 

Are there limitations on the amount I can transfer?

Yes. Please see the permitted minimum and maximum transaction sizes for each coin below:

Minimum transfer amount (in units):

  • BTC - 0.008
  • ETH - 0.26
  • BCH ABC - 0.52
  • XRP - 133

Maximum transfer amount per single transaction (in units):

  • BTC - 2
  • BCH - 50
  • LTC - 200
  • ETH - 70
  • XRP - 22500

Maximum transfer amount per day (in units):

  • BTC - 10
  • BCH - 250
  • LTC - 1000
  • ETH - 350
  • XRP - 112500

 

SEND/RECEIVE

Will I be able to send coins to the Wallet which are not currently tradable on the eToro trading platform?

You will only be able to send coins supported by the Wallet. Currently, the Wallet supports Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP. The list of coins will grow over time.

 

Can I send/receive cryptoassets to and from the Wallet freely?

Yes, you can send/receive cryptoassets to and from other wallets, provided they are supported by the wallet and in line with the applicable Terms and Conditions.

 

How can I see my public address?

Every wallet has its own public address, which is your address on the blockchain for a specific coin. In order to see the address you may click on the coin that you are interested in (from the list of available coins) and you will see the link “View your XXX public address”.

 

How can I be sure that my public address is valid?

The validity of an address can be checked online. In order to check whether the address is valid, simply take the public address and search for it in the relevant blockchain explorer. 

For example, you can find scanners here: https://etherscan.io/ (Ethereum), https://explorer.bitcoin.com/bch (BCH/BTC) and https://live.blockcypher.com/ (LTC and more).

 

How much does it cost to send/receive cryptoassets to or from other wallets?

Please note that eToro does not charge for sending/receiving transactions on the wallet.

However, there is a blockchain fee. Since the blockchain is external and variable, we can only give an estimation.

 

CONVERT

What does it mean to convert a coin?

Converting coins means changing one type of cryptoasset into another cryptoasset. In order to convert cryptoassets, you will need to choose the coin that you wish to convert from, and the coin that you wish to convert to. You will then be asked to enter the required amount in units.

 

How much does it cost to convert one cryptoasset to another cryptoasset?

Please note that there is both a conversion fee charged by eToro and a blockchain fee.

The eToro fee is 0.1%. Since the blockchain is external and variable, we can only give an estimation.

For example, if you wish to convert BTC to ETH and the BTC/ETC rate is 10, we will take 0.1% off the current rate. This means that you would receive 9.99 units of ETC. Conversion rates are eToro market rates.