π₯ eToro Wallet in the test: Our experiences & evaluation 2021!
If you use the services of the CFD brokers eToro, so you can immediately use the internal wallet to store the coins you have bought. The digital wallet was developed for the iOS and Android operating systems.
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The functions
eToro has equipped the wallet with numerous functions. So you can, as with any other wallet also receive coins or carry out a wallet to wallet transfer, including the transfer to crypto exchanges and hardware wallets, but also convert crypto to crypto and make deposits with fiat money. The eToro Wallet can also be used to pay in stores.
The transfer of crypto currencies from the eToro platform to the wallet works without any problems; Synchronizing with an existing account and converting from crypto to crypto also poses no challenges for the user. Since the wallet can also be used to pay in stores, the eToro wallet is more than just a classic storage facility for purchased coins from various cryptocurrencies.
At the current time, the eToro Wallet stands for the cryptocurrencies Bitcoin, Litecoin, Bitcoin Cash also for Ethereum to disposal. However, it is planned that further cryptocurrencies can be stored in the eToro wallet in the foreseeable future.
The eToro Wallet was developed by eToro X Limited. A regulated or licensed company based in Gibraltar and affiliated with eToro Europe Limited.
The eToro Wallet can then also be downloaded and installed on the smartphone completely free of charge in the Apple Store and the Google Play Store. Enter "eToro Wallet" in the search bar and the app will be displayed.
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The fees
If you use the app, please note that various fees apply. On the one hand, the fees incurred in the course of using the blockchain are passed on directly to the user (so-called miners fee), on the other hand, an internal fee is billed.
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Setting up the wallet - a step by step guide
If you have come to the conclusion that you would like to use the eToro wallet, it is necessary to register with eToro at the beginning.
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Step 1: the registration
The account opening is self a beginner who has never had anything to do with such a platform or with cryptocurrencies, do not face any challenges. On the home page you will find the button in the top right to then register. Now eToro requires some personal data - at the end of the day you have to agree to the general terms and conditions and the privacy policy. The account opening is now complete. The entire process ultimately takes less than five minutes.
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Step 2: the verification
You are now forwarded to the dashboard. In order for the digital wallet to be used, however, full verification is required. Thus the point βSettingsβ has to be called up and then one clicks on βAccountβ. The verification is prescribed on the basis of the regulation - eToro is regulated by several supervisory authorities and may not only be one of the most popular providers in German-speaking countries, but is also recommended due to the regulations by several state supervisory authorities, as you can be sure that fraudulent activities are here are not possible.
During the verification process, you not only have to provide your personal data (this includes your first and last name, address, date of birth, place of residence and citizenship), you also have to provide proof of identity (passport, driver's license or ID card) and proof of address (Consumer invoice, bank document). After the verification has been completed, it is possible to transfer purchased cryptocurrencies into the digital wallet.
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Step 3: the first deposit
Um To buy coins, a deposit is required. eToro scores here with a real variety of available deposit methods. For example, you can opt for bank transfer, use your credit card or use instant transfer or Skrill such as Neteller. In addition, eToro scores with the fact that PayPal is also accepted.
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The dashboard
After the login process, you will be redirected directly to the dashboard. Now a few options are available - you can add various crypto wallets to the dashboard or change the language. Simply click on the plus sign at the top right of the screen to add the crypto wallets that you want to use.
Now you click on the added wallet, in the current example it may be a Bitcoin Wallet act to be forwarded to the interface. various options are subsequently available. You can then receive bitcoins - that is, directly from another wallet or from the crypto exchange itself. You can also deposit bitcoins or transfer them to another wallet, such as the hardware wallet. Furthermore there is also the possibility that one Buy bitcoins using your credit card and can transfer it to the wallet.
The following functions are available.
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Send
If you click on the "Submit" button, the bitcoin stock will be sent directly to another wallet. Simply enter the amount to be transferred, the recipient's wallet address and the selected amount will be transferred.
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Get
On the other hand, if you click on the "Receive" button, you can deposit bitcoins into the eToro wallet. Scan using the QR code or directly copy the address of the wallet.
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Convert
In this case, there is the possibility that Bitcoins or any other digital currency that is offered can be exchanged for another crypto currency. Simply select the desired crypto currency, then enter the amount and convert - the process only takes a few moments.
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How to transfer bitcoins to your wallet
One has Coins of the cryptocurrency Bitcoin bought on the eToro platform, they can then be transferred to the internal wallet. Ideally, you should click on the βPortfolioβ menu item on the left-hand side of the menu. Here you can find all the trades that have been made. Now you have to click on the gear to get the purchased bitcoins into your digital wallet.
At this point, it should be noted that Bitcoins that have been sent to the wallet by eToro can no longer be deposited on the platform. Because a deposit with Bitcoin is - at the current time - not accepted.
If you clicked on the gear, a pop-up window opens. Now you can transfer the bitcoins to the wallet. It is important that you have fully verified yourself before starting this process. It is also necessary to have bitcoins. For example, if you have decided on CFD trading, there are no βreal coinsβ available, so that this step cannot be taken.
Now another pop-up window opens. On the one hand you can now find the available bitcoins that can be transferred to the wallet, on the other hand you can also find information about the processing fees and the net unit - i.e. the amount of coins that is transmitted minus the fees. In addition, the eToro wallet address is displayed, to which the crypto inventory is then transferred. At the end all you have to do is click on "Transfer" and the transfer will follow.
It should be noted at this point that the transfer can take around 24 hours. This means that the transfer is completed in around a day.
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The advantages and disadvantages of the eToro wallet
Before deciding on the digital wallet from eToro, you should take a look at the advantages and disadvantages.
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Advantages
In any case, the provider acting in the background speaks for the wallet - i.e. eToro. Because eToro is a regulated broker that is one of the most popular and well-known providers in German-speaking countries. You also score with the so-called conversion function. This means that there is the option of exchanging the purchased cryptocurrency for another cryptocurrency.
The digital wallet is also free, extremely user-friendly and very easy to set up, so that even beginners will have no difficulties.
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The disadvantages
However, there are also a few downsides that must not be ignored: On the one hand, only a few cryptocurrencies can be stored in the digital wallet, on the other hand, the coins transferred to the wallet cannot be used to make a deposit into the eToro account. If the coins are in the wallet, it is not possible to actively trade with them.
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The look at the safety precautions
Especially in the field of cryptocurrencies, the topic of security may be extremely important. Time and again, exchanges and brokers have been victims of hacker attacks - that means one should not underestimate the danger posed by cyber criminals. It is therefore important to familiarize yourself with the provider's security precautions in advance. Because if the coins are stolen, they are lost forever - there is no right to compensation.
As already mentioned, eToro may be a very trustworthy platform that is also regulated by various government regulators. In addition, the broker uses several security mechanisms, such as multi-signature technology, to protect the wallet and the private keys from attacks. The private keys will be, at least that will be done over and over again eToro emphasizes that it is protected by a market-leading security technology - For security reasons, however, the provider does not reveal any details here.
Two-factor authentication is also offered. This means that in the course of the login process, not only the user name and password are required, but also the smartphone, as a unique code is transmitted via SMS, which is then used when logging in.
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The conclusion
eToro scores with an internal wallet, so that you don't need an external digital wallet if you buy coins from crypto currencies through the provider. Due to the fact that various security mechanisms are used, it may be a trustworthy offer.