How to open eToro Wallet?

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 possibility 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 solution specializing in crypto.

This series of articles will 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 see 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 users need to take to open an eToro wallet:

1 – Open an account on eToro

2 – Verify your account

3 – Top up your eToro account

4 – Open eToro wallet

Here are detailed instructions on what to do:

1 – Open an account on eToro

Opening an account on eToro is the first necessary step to accessing your wallet. Users need to visit the eToro website, then click on the “Join Now” button. After that, you will need to enter some basic personal information such as username, password, email address. Also, the user needs to read and accept the general terms of use of this exchange.

You can also register on eToro with your Google account or Facebook account.

2 – Verify your account

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

After completing the personal profile addition process, you can begin the account verification process. This process will include two steps.

The first is to verify the entered phone number. 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 showing the address of the place of residence. For example, electricity, water, internet bills (except mobile phone bills) for a period of fewer than three months. The tenancy agreement will also be an acceptable document.

You will find the section to upload these documents in the personal area.

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

3 – Make the first deposit to the account

If you want to buy cryptocurrencies through eToro and then transfer them to the eToro wallet, you must make the first deposit on the trading platform. This step is straightforward. On the website’s homepage, 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: at 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 is more or less dependent 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 is bank transfer, top-up via debit or credit card, Paypal, and Sofort. Other payment methods like Skrill or Neteller are available but only from the second deposit.

4 – Open the 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 have to enter your eToro account details and ensure it’s authenticated.

How to transfer your crypto 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 leverage more significant than 1, then you are trading CFDs. Users can transfer only the underlying assets to the eToro wallet.

The procedure to transfer assets to the wallet is quite simple:

1 – Download the eToro wallet app to 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 the 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 as well as blockchain fees. The remittance address is also indicated. As shown in the image below:

Good to know: When purchasing cryptocurrencies with a credit card on this platform, you will need 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 your card is not being used illegally. Therefore, we recommend using a bank transfer to transfer funds to your eToro account. The procedure will be faster. 

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

Refer to the article Who should use eToro Wallet?

Refer to Should I use an eToro wallet? Is eToro wallet reliable?

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