eToro Crypto Wallet: what it is and how it works

A crypto wallet is software used to store cryptocurrencies. In particular, cryptocurrency wallets maintain the encryption of public and private keys, making it possible for traders to trade cryptocurrencies. The cryptocurrency market is growing, so the need for cryptocurrency security is also the most worrying. Cryptocurrency exchanges are all looking to develop wallets for their clients, and eToro is no exception. This article helps you learn more about the eToro e-wallet.

Does eToro have a Crypto Wallet?

eToro believes that all assets will be tokenized in the future, and cryptocurrencies are the first step in this journey. As a result, eToro’s team of experts believes in the opportunities of cryptocurrencies for investors. He set up the eToro Money e-wallet to store cryptocurrencies securely.

eToro Money is one of the most secure digital wallets available, with many high-level security features against unauthorized access, including multi-signature features, DDoS protection, and standardized protocols. Once the coins are in the wallet, they are stored on the blockchain (hot wallet).

With eToro Money, eligible users can:

  • Transfer cryptocurrency from the eToro trading platform.
  • Send/receive cryptocurrencies to and from other wallets
  • Trade cryptocurrencies.
  • Buy crypto assets

eToro Money is now available in many countries. eToro customers can download eToro Money to their phones using the Play Store on Android or iOS devices.

What types of assets does eToro Money offer?

Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar and XRP are all allowed to transfer, send, receive, buy and convert.

Tron is authorized to transfer, send and receive in the following countries: Austria, Belgium, Denmark, Finland, Ireland, Malaysia, Norway, Portugal, Romania, Singapore, Spain, Switzerland, United States, United Arab Emirates.

How to transfer cryptocurrencies to eToro Money?

Step 1. In the trading platform, click the Wallet tab.

Step 2. Select the cryptocurrency you want to transfer.

Step 3. You will then see all your trades open for that cryptocurrency. Click on the specific trade you want to transfer to eToro Money.

Step 4. On the “Edit Trade” screen, click “Transfer to Wallet”.

Step 5. Check the money transfer details again. Click on “Transfer” to continue.

Note: It can take up to one business day to transfer cryptocurrencies from the eToro trading platform to eToro Money.

Step 6. Complete the money transfer. Then you will receive a notification to confirm that your request has been sent. The transaction row will show “Pending Money Transfer”. You can cancel the transfer request until the transfer is complete.

After your cryptocurrency has been transferred to the eToro wallet, you can convert it to another cryptocurrency or deposit it in another wallet.

Is it possible to transfer money from eToro Money to an eToro account?

eToro’s security protocol only allows transfers from the eToro platform to a wallet. In other words, once the cryptocurrency is transferred from the eToro wallet to their eToro wallet, it is not possible to transfer them back to the eToro trading platform.

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