eToro Wallet (Is It Safe & Legit?)

The eToro Wallet is a multi-cryptocurrency mobile app crypto wallet that is easy to use and secure. You can use it to buy, store, receive, and transfer many different types of cryptocurrency. 

In this article, we'll break down everything crypto traders need to know about eToro's wallet.

But first…

What is eToro? 

Etoro is a CFD (Contract for Difference) crypto trading platform that gives you access to over 500 cryptos to trade and has a robust social trading platform and community to copy trade professional traders with ease. With eToro, you can trade with leverage, go long or short (buy/sell from the market), and trade a variety of assets like ETFs, stocks, cryptocurrencies, indices, and more.

Etoro lets you get started with a $100,000 trading demo account, has great customer support, and is free to sign up. If you need a more in-depth guide on eToro itself, check out our review of eToro.

What Is the eToro Wallet?

With the eToro Money Crypto Wallet, you've got a built-in, secure place to store your crypto assets on the eToro trading platform right on your mobile phone. It has an ever-growing list of assets you can swap with more than 500 pairs available. You can download the app on iOS and Android to use on your mobile device.

The eToro Wallet also has a private key (security key) service to help you recover access to your crypto wallet if necessary. 

What is a cryptocurrency wallet?

A cryptocurrency wallet is a digital place for you to store, receive, and send your cryptocurrencies. Cryptocurrency wallets let you store your crypto assets on the blockchain. You need a cryptocurrency wallet if you want to own or use cryptocurrency.

Who Is Eligible To Use The eToro Crypto Wallet? 

You can check the eligible countries page on eToro.com to see which countries are eligible to use the eToro wallet, and which countries are blocked. 

You’ll also need to verify your phone number with eToro before you can use the wallet.

How to Use the eToro Money Crypto Wallet

The eToro Money Crypto Wallet is easy to use! Just follow these simple steps:

First, create an account on the eToro platform. Then, deposit money into your account using one of the many payment methods available. 

Once you have deposited money into your account, you can then go to the "Wallet" tab and click on "Deposit." 

From there, select which cryptocurrency you want to deposit into your wallet and follow the instructions. Once your cryptocurrency has been deposited into your wallet, it will appear in the "Crypto Assets" section under the "Wallet" tab. 

To transfer cryptocurrency out of your wallet, just click on the "Withdraw" button and follow the instructions. You can also exchange one cryptocurrency for another right from your wallet! 

Just click on the "Exchange" button and select which two cryptocurrencies you want to exchange. Then, enter the amount of each cryptocurrency that you want to exchange and confirm the transaction. 

Open an account with eToro here.

Storing, Receiving, and Transferring Cryptocurrency with the eToro Wallet. 

With the eToro wallet, sending, storing, receiving, and transferring cryptos like Bitcoin is easy. 

If you want to store your cryptos, simply let them stay in your wallet, or you can always transfer them to a cold storage wallet like a Ledger.

To transfer cryptocurrency from your eToro wallet to another wallet (on eToro or off), follow these steps: 

1. Log into your eToro wallet via your mobile device
2. Go to your “Balance” tab and select the crypto asset you want to transfer
3. Tap on “Send”, you’ll then select how much to send and input the recipient's address. You can type it in or scan a QR code.
4. Make sure it’s the correct address and then tap “Send” again to initiate the transaction.
5. You’ll receive an SMS with a verification code. Enter the code in the provided space and tap “Verify.”
6. You’re all done. You’ll get a confirmation screen and you can check on the status of your transaction from the “Transactions” screen.
7. View transaction history from the “Transaction History” tab

To receive crypto in your eToro wallet, follow these steps: 

1. Log into your eToro wallet via your mobile device
2. Go to your “Balance” tab and select the crypto asset you wish to receive
3. Copy your address and provide it to the sender

eToro Wallet Features

• Easy to use iOS and Android apps.
• Buy, store, receive, and transfer 500+ popular coins and tokens including BTC, BCH, ETH, and Shiba Inu, and more. See our eToro SHIBxM guide for buying Shiba Inu with the eToro wallet, or our guide to buying Dogecoin on eToro. 
• The eToro Wallet also has an “unlosable” private key (security key) service to help you recover access to your crypto wallet if necessary. 
• Buy cryptocurrencies with your credit or debit card (offered via Simplex).
• Zero fees to send or receive cryptos, however you’ll still pay blockchain or network fees or trading fees
• Easily swap crypto to crypto between 500 pairs.

eToro Wallet Fees

Fees are minimal with the eToro wallet. You’ll mostly be paying whatever blockchain fee is required per each trade. eToro itself doesn’t charge fees for sending or receiving transactions. 

eToro Transaction Limits 

eToro does have transaction limits. For most crypto assets, you’ll be able to send up to $2,999 per transaction, with a maximum limit of $200,000 per 24 hour period. For many crypto to crypto conversions (swaps), you’ll need to swap a minimum of $20, and a maximum of $10,000.

Crypto Transfer Fee

eToro charges a small percentage fee per asset when you are sending funds from the eToro trading platform to the eToro wallet. The fees can vary per asset, but seem to mostly be a 2% fee, with a minimum fee of $1, and a maximum fee of $100. They also require a minimum withdrawal amount which varies per asset. 

The eToro Wallet Private Key Service 

The eToro Wallet has a private key (security key) service to help you recover access to your crypto wallet if necessary. 

You can store, receive, and transfer your cryptocurrency anywhere on the blockchain with your personal, unique on-chain address using the eToro Wallet.

FAQs

Conclusion 

With its many features and easy-to-use mobile app, the eToro wallet is a great way to store and manage your cryptocurrency and works flawlessly with the eToro trading platform, so if you’re trading on eToro, download the wallet to manage your assets.