Back in May 2018 eToro announced plans to create their own crypto wallet. On November 7th, 2018 eToro launched it.
At the moment, verified eToro users can send, receive and store Bitcoin, Ethereum, Litecoin and Bitcoin cash using their wallet.
eToro stated that they will be adding additional cryptocurrencies soon, but there is no date for this expansion just yet.
The wallet does about everything you’d expect from a cryptocurrency wallet. It enables offline storage, wallet-to-wallet transfers, two factor authentication, etc. eToro plans to add more functionality in phases.
Who Can Use It?
Verified users of eToro can log in to the wallet using their existing accounts and the wallet will automatically be synced to their trading accounts.
One downside so far: only Platinum Club members and above (traders who have more than $25,000 equity on their trading accounts) are able to transfer Bitcoin and Ether from eToro to this wallet. They have stated that they are planning to gradually extend this function to more users.
eToro said that there will be fees incurred from transferring cryptos to the wallet, both stemming from the blockchain platforms as well as eToro itself. However, eToro stated they will keep their fees competitive.
These fees aren’t new to brokers. They can be compared to the normal withdrawal or deposit fees you would usually incur when transferring funds from or to your trading account.
The wallet is available for both Android and iOs. It is only available in select few regions though: the European Union, Switzerland, and Gibraltar.
As with the extra wallet functionalities, eToro plans to gradually extend the availability to other countries.
If you’re interested in using this wallet, you can check out our review of eToro’s trading platform before making a decision.