Is eToro Wallet safe? And what’s the fee when using this wallet?

BlogJanuary 6, 2022

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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.

Is eToro Wallet safe?

In this section, we will understand the security of the eToro wallet.

Like all exchanges, eToro pays excellent attention to its security for its entire ecosystem, from trading platforms to crypto wallets. eToro has obtained many certificates from prestigious organizations such as:

  • ICF certification (Investor Compensation Fund)
  • The platform is regulated by CySEC, the financial regulator of Cyprus
  • The Conduct Authority (FCA) for eToro operations in the UK
  • ASIC (Australian Securities and Investments Commission) regulates online brokerage activities in Australia.

In Europe, a regulated platform obliges eToro to comply with the Know Your Customer protocol. A particular policy helps secure the platform by fighting fraud or money laundering.

Private key security

What is the difference between eToro, eToro Wallet, and eToro X?
EToro and eToro wallets use a dual authentication system like many other platforms

This is a platform that ensures the security of private keys through advanced security technologies.

EToro and eToro wallets use a dual authentication system like many other platforms. The 256-bit SSL protocol helps encrypt user data, significantly reducing the risk of being hacked. But what is even more remarkable is that security protocols operate on the principle of machine learning. This leaves eToro with constant updates and improvements. This allows security protocols to stay one step ahead.

Fees and Commissions associated with eToro Wallet

What is the difference between eToro, eToro Wallet, and eToro X?

When a user transfers between the platform and the wallet, the platform does not charge a commission. This wallet will charge only a blockchain fee. For crypto conversions, eToro charges around 0.1% per transaction. When depositing money into the wallet, a summary screen will inform the transaction fees and the amount to be withdrawn.

Users should note that there are ceilings for sending crypto to wallets. For example, the maximum deposit amount is $50,000 per transaction. And $200,000 per day per cryptocurrency. Fees for conversion between one cryptocurrency to another are also regulated. As a result, users will not convert amounts less than $20 and more significant than $10,000 per transaction.

What is the physical wallet user can use on eToro?

The eToro wallet allows users to use other storage solutions such as physical wallets. You can transfer your funds to a physical device, such as wallets provided by Ledger or Trezor.

With eToro, you can also send crypto to other hot wallets. For example, you can send funds from your eToro wallet to your Binance account or a third-party account.

What is the difference between eToro, eToro Wallet, and eToro X?

All three apps are part of the eToro ecosystem. But their functions are very different.

On the eToro platform, users can invest in assets. Thus, through this platform, each trader will buy stocks and trade stock market indices like the CAC 40. Or invest in major crypto projects like Bitcoin and Ethereum. Users can also buy crypto via fiat currency on eToro. You can access the eToro platform from websites or mobile applications.

For all assets on eToro, leveraged trading does not allow you to buy tangible assets. Investors will invest in CFDs when trading with leverage. The purpose of a CFD is to copy the asset’s price it needs faithfully.

The eToro Wallet is a solution that allows you to store cryptocurrencies purchased on the eToro platform. Transfers are made systematically without leverage. Otherwise, you will not transfer cryptocurrencies from the eToro wallet to the platform. Through the eToro Wallet, you can also buy crypto with a bank card. This is an application available only on mobile phones.

Finally, eToro X allows you to interact with the eToro Wallet. Therefore, it is possible to trade one cryptocurrency for another through eToro X. You cannot do this with the eToro Wallet or the eToro platform. Those who want to buy cryptocurrencies through eToro and then transfer them to eToro X must first be transferred through the eToro wallet.

Investiki.com

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