How to open eToro Wallet – step by step guide

The eToro trading platform is known all over the world. This exchange can support users to trade more than 2,000 different assets, including more than 20 digital currency projects. The eToro platform also offers the option to invest in ETFs or buy commodities. The exchange is famous for its copy trading functionality and its extensive portfolio. In addition, the eToro ecosystem of many applications serving this exchange also plays a vital role in its success.

The wallet is the specialized solution in crypto.

This series of articles will describe in detail the various features available on the eToro wallet. We will also describe how to open your wallet or transfer funds from the eToro platform to the eToro crypto wallet. Finally, we will look at the main advantages and disadvantages of using hot wallets.

How to open eToro Wallet?

To access the eToro wallet, users must have an account on this exchange. Here are the four steps that users need to follow to open an eToro wallet:

1 – Open an account on eToro

2 – Verify your account

3 – Top up your eToro account

4 – Open your eToro wallet

Here are the step-by-step instructions on what to do:

1 – Open an account on eToro

Opening an account on eToro is the first step needed to access your wallet. Users need to visit the eToro website, then click the “Join Now” button. Next, you will have to enter some basic personal information such as username, password, email address. In addition, the user must read and accept the general conditions of use of this exchange.

2 – Verify your account

After creating an account, new users need to complete a more detailed profile. Users also need to answer a number of questions to add personal information. In addition, you also need to answer questions related to the level of knowledge of trading.

After you’ve completed the process of adding your personal profile, you can begin the account verification process. This process will include two steps.

The first is to verify the phone number you entered. The system will send an SMS to the device containing the registered phone number

As a second step, you need to verify your account by uploading two identity documents:

1. A valid identity document

2. Document indicating the address of the place of residence. For example, electricity, water, internet bills (except for mobile phone bills) for a period of less than three months. The lease will also be an acceptable document.

Using the eToro wallet requires an account validated by the broker’s team. To find out if your account is authenticated, you need to log in to your profile. The green check mark next to your nickname confirms that the account is permanently authenticated

3 – Make your first deposit to your account

If you want to buy cryptocurrencies through eToro and then transfer them to the eToro wallet, you need to make the first deposit on the trading platform. This step is simple. On the home page of the website, users need to press the blue “Deposit” button displayed at the bottom of the page. Then the following window will open:

Next, the user will have to choose several factors:

Deposit amount: On eToro, the first deposit must be greater than or equal to $200, or any other equivalent for accepted currencies

The platform accepts payments in euros (EUR), US dollars (USD), Australian dollars (AUD) or even in British pounds (GBP). But for currencies other than US dollars, the user will incur a currency conversion fee. This fee depends more or less on the user’s currency as the base currency. And these fees are expressed in pips.

Deposit Methods: eToro accepts a variety of payment methods. For example it is bank transfer, top-up by debit or credit card, PayPal and Sofort. Other payment methods such as Skrill or Neteller are available but only from the second deposit.

4 – Open your eToro wallet

The eToro wallet will allow you to transfer digital assets from the eToro platform to this wallet. Access to the wallet via mobile download app. You will then need to enter your eToro account details and make sure it is authenticated.

How to transfer your cryptocurrency to your wallet?

As we have seen, the eToro wallet allows the transfer of cryptocurrencies purchased on the platform of the same name. Only cryptocurrencies traded with a leverage of 1 can be transferred to the wallet. With a more significant leverage of 1, then you are trading CFDs. Users can only transfer the underlying assets to the eToro wallet.

The procedure for transferring assets to the wallet is quite simple:

1 – Download the eToro wallet app on your phone or tablet. Then link it to the eToro account.

2 – Go to the eToro platform and go to the “Wallet” tab to transfer one or more cryptocurrencies

3 – Click on the cryptocurrency you want to transfer to your wallet, then click “Transfer to Wallet”.

After this step, you will be able to preview a summary of the transaction made, such as the number of cryptocurrencies transferred and the associated costs. These fees include platform fees and blockchain fees. The remittance address is also indicated. As shown in the image below:

Good to know: When you buy cryptocurrencies with a credit card on this platform, you will have to wait 180 days after purchase before you can transfer the digital assets to your wallet. The reason for the long wait is to make sure that the card is not used illegally. Therefore, we recommend that you use a bank transfer to transfer funds to your eToro account. The procedure will be faster.

Please note that you cannot send funds from the eToro wallet to the eToro platform.

Leave a Reply

Your email address will not be published. Required fields are marked *

invest 00015

MT4 Chart: How to Open It on All Devices

invest 00020

Forex Charts on MT4: What They Are and How to Read Them