Exhaustive eToro Wallet Review: legit or scam?
You'll inevitably come across the eToro Wallet if you're a crypto beginner looking for a simple crypto wallet. Integrated with the popular online broker, investors can store, send and receive over 100 cryptocurrencies. More than 500 crypto pairs can even be traded directly in the app at minimal fees.
Newcomers often have questions about the eToro Wallet: How does it work? What features are offered? What about security? Costs and fees? Are there better alternatives?
We present the eToro Wallet in detail and compare it with other popular wallets.
What is eToro Wallet?
In addition, the eToro Wallet supports over 100 leading cryptocurrencies, which can be securely and conveniently received and stored here or also transferred from here to other wallets.
One of the biggest advantages of the eToro Wallet is the clear presentation and high level of user-friendliness, with which the wallet can be operated by beginners and crypto veterans at any time.
Set up eToro Wallet: Here's how
Setting up the eToro Wallet only takes a few minutes and can be done in these 4 simple steps on any iOS or Android smartphone.
Step 1 - eToro registration and eToro wallet download
Registering the account with eToro
First of all, investors must open an eToro account through which they will trade with the broker. To do this, the desired user name and a secure password must be entered in the registration form.
Download the eToro Wallet
The eToro Wallet is installed directly on the smartphone, it can be downloaded from the iOS Store or the Android Store.
Simply open the App Store, search for "eToro Wallet" and install the app on your local device within a few seconds.
Step 2 - Fund your account
eToro depositNow you can deposit money into your eToro account in order to buy cryptocurrency. To do this, open the trading platform in the browser and click on "Deposit money" below the navigation bar on the left-hand side.
The deposit menu appears and one of the numerous supported deposit methods can be selected. Many investors prefer credit card, PayPal or instant transfer because the money is credited immediately.
Select the deposit method from the drop-down list, enter the desired deposit amount and complete the missing payment details. Click on the "Deposit" button to initiate the transfer.
Step 3 - Buy cryptocurrency
Finally, investors can buy the desired cryptocurrency. To do this, enter "Bitcoin" in the search bar at the top of the screen on the desktop platform in the browser and click on the search result that appears to go to Bitcoin.
Then click on "Trade" at the top right to open the buy menu. The following buy menu appears, where you enter the investment amount and select the option "x1 leverage" below it to buy real cryptocurrency, in this case real BTC.
Clicking on the "Open trade" button completes the purchase of the cryptocurrency.
Step 4 - Transfer cryptocurrency to eToro Wallet
At eToro, the purchase of cryptocurrencies is initially mapped with a trading position in the "Portfolio" menu item, which ensures that the cryptocurrency can be traded more easily. However, if you would like to have the cryptocurrency transferred to the eToro Wallet, this is very easy to apply for.
To do this, click on the trading position in the portfolio and then click on "Transfer to your Wallet" to get the crypto tokens into the eToro Wallet.
This process is usually completed within 1-2 hours at the most. The balance can then be viewed in the eToro Wallet on the smartphone.
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eToro Wallet functions + special features
The central advantage of the eToro Wallet is that you can order cryptocurrencies directly via the popular CySEC-regulated broker into the user-friendly mobile wallet.
However, it is worth taking a closer look at the wealth of functions and special features that have made the eToro Wallet so popular. These include high security, a wide range of supported cryptocurrencies, ease of use and more.
Multi-crypto wallet compatibility: over 10 cryptocurrencies
With the eToro Wallet, users can store, manage, exchange and send or receive more than 10 leading cryptocurrencies through a single smartphone app. No multi-crypto wallet is as easy and clear to use as the eToro Wallet.
It supports leading cryptocurrencies as well as some DeFi coins, dApp platforms and emerging coins. Tokens can be easily received and sent via the on-chain wallet.
Private on-chain address
For each separate crypto wallet within the eToro Wallet, you as a user have your own wallet address on the respective blockchain, in other words: for example, the Ethereum wallet that is integrated into the eToro Wallet has a private wallet address assigned on the Ethereum blockchain.
Conversion directly in the crypto wallet
With the eToro Wallet, over 100 cryptocurrencies can be stored, but also exchanged or converted directly against other cryptocurrencies. Currently, over 500 cryptocurrency pairs are already supported by the app, with new ones being added all the time.
Users can therefore exchange or trade the crypto tokens directly via the mobile wallet; no transfer back to the eToro broker or any other crypto exchange is required. With the eToro Wallet you literally have a comprehensive crypto exchange in your hand.
When designing the eToro Wallet, great importance was attached to a simple and intuitive user interface that can be easily operated by both beginners and experienced users.
Many crypto wallets confuse the user with unnecessary buttons or additional information on the start screen, the eToro Wallet offers a streamlined, clear user interface with which all functions can be opened in 2-3 taps.
Because the eToro Wallet is integrated with the eToro user account, you can also view your current trading positions (crypto CFDs) with the broker and monitor their performance directly via the eToro Wallet.
This also gives you an overview of the credit balance of tokens already in the wallet that you could still transfer from the broker.
For each cryptocurrency, the entire history of all previous transactions - whether received or sent - can be displayed directly in the wallet. The amount sent, the block fee, the receiving or sending address, the execution date and the exact time are displayed.
By tapping once, you can immediately access the blockchain explorer, where all the details of the transaction are displayed in detail.
Where can I download the eToro Wallet?
eToro WalletThe eToro Wallet is a mobile wallet that can be installed on Android and iOS smartphones. Consequently, the wallet can be downloaded and installed directly from the respective app store on the smartphone.
Admittedly, the app does not have the best ratings in any of the app stores, but one should not be discouraged by many a disappointed user. The reviews show that users have chosen to download the app with false expectations about non-existent features, which is bound to lead to disappointed users.
The eToro Wallet app delivers what it promises and is probably the best and most user-friendly mobile wallet of all, especially for beginners.
Immediately after the download, the installation on the system is started and then you can open and run the app. It is necessary to log in with the access data of your eToro account in order to be able to use the individual sub-wallets such as the eToro Btc Wallet or Ethereum eToro Wallet.
Which coins does the eToro Wallet support?
The eToro Wallet is a multi-crypto wallet, i.e. it supports the storage of several cryptocurrencies in this wallet. This is done via subwallets, because each individual token needs its own wallet, and these subwallets can be organised and managed well via the eToro Wallet app.
The eToro Wallet currently supports 120 cryptocurrencies, whereby most of the cryptocurrencies that can be traded at the broker eToro are supported, as well as some others that cannot be traded at the exchange in the form of a crypto CFD.
The list of cryptocurrencies currently supported in the eToro Wallet includes:
Ease of Use
eToro Wallet vs. other crypto wallets
If you are looking for a crypto wallet, you are literally spoilt for choice: the eToro Wallet is just one of numerous popular crypto wallets. So which one should you choose? We will present three other crypto wallets here (Exodus, MetaMask, Ledger Nano S) and distinguish or compare the four crypto wallets in the dimensions of user-friendliness, functionality, costs and fees as well as security.
Costs and fees
In the dimension of user-friendliness, you want a wallet that is easy and intuitive to use. Whether in the browser, desktop software or mobile app, there should be a clear user interface where all functions are easy to find and use.
As a popular mobile wallet, Exodus Wallet has a solid user interface that allows essential functions to be carried out with little typing. Overall, however, the interface is a bit cluttered with buttons and lettering that are a bit of a deduction. Compared to the eToro wallet, the operation is less intuitive, but we like the chart display for each coin.
The MetaMask Wallet is an online wallet that can only be operated in the browser and via a browser plug-in. Because a long seed phrase is required for registration, even getting started is difficult. Transferring cryptocurrencies requires a connection to a decentralised exchange, and the process is long and cumbersome. In addition, the user interface is overwhelming; in this dimension, the popular Ethereum wallet only performs moderately.
Because the Ledger Nano S is a hardware wallet, the user-friendliness is very low. Without reading the guide for hardware wallets or the user manual, it is impossible to think of operating it. However, it is clear that this is the biggest shortcoming of all hardware wallets.
In this dimension, the eToro Wallet has to contend with fierce competition, yet the wallet also performs very well here. All four wallets fulfil a core function: as multi-crypto wallets, the eToro Wallet, Exodus, MetaMask and the Hardware Wallet support a variety of cryptocurrencies.
The eToro Wallet stands out with the function of exchanging cryptocurrencies within the wallet, only the Exodus Wallet also offers this function, but at significantly higher fees. The MetaMask wallet must be connected to a decentralised exchange such as Uniswap in order to exchange tokens.
A shortcoming of the eToro wallet is that the private key is managed by the provider, i.e. eToro X, which means an increased security risk and less control. Exodus stands out positively here, the user-friendly mobile wallet is nevertheless a private wallet, the private key is under the control of the user. MetaMask and the Ledger Nano S are also managed entirely and exclusively by the user.
The eToro Wallet convinces with the unique feature that cryptocurrencies traded at the CySEC-regulated broker can be transferred directly to the eToro Wallet. Not even the Exodus Wallet offers such integration.
First of all, it should be noted that both the eToro Wallet, Exodus and the MetaMask Wallet can be created and used free of charge, while the Ledger Nano S hardware wallet costs around EUR 60. More important, however, are the costs or fees that arise when trading cryptocurrencies within the app.
However, the advantageous integration of the eToro Wallet with the eToro trading platform offers the disadvantage that there is a minimal transfer fee when transferring the tokens to the wallet. However, this also makes it easier to bring cryptocurrencies that have already been purchased into the wallet than with Exodus or MetaMask, for example.
When it comes to transaction fees, eToro is the clear winner because it is possible to exchange within the app for minimal fees of around 0.1%. With Exodus, on the other hand, these fees can be between 0.5 - 1%. Trading with the MetaMask wallet via a decentralised exchange suffers from the enormous transaction costs of the Ethereum blockchain, which can amount to between EUR 25-50 (!).
In terms of security, the eToro wallet is satisfactory - the password must be entered each time the app is opened, and the private key and wallet addresses are secured with multiple, state-of-the-art security measures - but somewhat inferior to other competitors.
This is because the private key of the wallet is managed by eToro X, i.e. the provider, which is why a hack of the Exchanges could also lead to a hack of the crypto wallet and token theft.
Here, Exodus convinces with the fact that with the mobile wallet, only the customer has the private key, which, however, leaves the residual risk of token loss if the mobile phone is stolen or broken; secure storage of the seed phrase and key is essential.
Of course, the Ledger Nano S hardware wallet triumphs in this dimension, however, because it is an offline (cold) storage of cryptocurrencies, hackers cannot possibly get hold of these tokens. It is therefore all the more important that the owner stores his hardware wallet in such a way that nothing happens to the device.
The MetaMask wallet is also very secure because only the owner has the seed phrase and private key. However, it should be warned that hackers often simulate a website similar to the MetaMask website in order to obtain the user's wallet data via a phishing attack.
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eToro Wallet vs. Exodus vs. MetaMask vs. Ledger Nano S in comparison
Ledger Nano S
Trading costs & fees
eToro Wallet Costs & Fees
There are no fees for deposits in the eToro Wallet, but the transfer of crypto assets from the eToro account to the wallet is not free of charge. These fees consist of transaction fees and mining fees, the latter of which go directly to the miners of the respective blockchain.
If you want to send crypto tokens from the eToro wallet or trade them within the wallet, you will of course also incur costs and fees.
When crypto tokens are transferred from the trading account at eToro to the wallet, crypto transfer fees apply on the one hand, which differ depending on the cryptocurrency. It is also important that a minimum withdrawal amount is applied, which is approximately the same EUR value.
If you want to exchange between individual cryptocurrencies in the eToro Wallet, you will incur a so-called exchange fee of 0.1%. For example, if you want to exchange an amount of 0.1 BTC for ETH, the exchange fee is 0.0001 BTC.
- Crypto vs. Exchange fee - 0.1 %
The blockchain fee, part of the eToro wallet cost, is not charged by eToro itself but by the respective blockchain network for the execution of a single transaction (this is used to pay miners of the network). Each exchange of a cryptocurrency or sending of a crypto amount to an external wallet will trigger such a blockchain fee.
The amount of the blockchain fee is determined at the moment because it depends on the current workload and the mining complexity of the respective blockchain. For each transaction, the blockchain fee incurred can be viewed individually with a single tap on the transaction.
eToro Wallet advantages and disadvantages
eToro AppThe eToro Wallet has several advantages, first and foremost the simple and intuitive operation of this mobile wallet, which gives beginners in particular a good start in the world of cryptocurrencies. The multi-crypto wallet is also impressive, with more than 100 cryptocurrencies currently supported and more being added all the time.
Other reasons to use the eToro Wallet include the ability to trade cryptocurrencies within the app, with reasonable and competitive fees being charged for this.
What also sets the eToro Wallet apart from competitors is the fact that eToro is a regulated broker, which means strict requirements and guidelines regarding transparency and company processes.
However, there are also disadvantages to the eToro Wallet. Although the management of the private key by the end user ensures high security standards, a mobile wallet can of course never achieve the level of security of a hardware wallet, which we recommend for the long-term storage of large crypto amounts.
In addition, the eToro wallet is available as a mobile wallet for iOS and Android, but not also as a desktop or online wallet, which can be operated via the computer, which means security, but also somewhat less user convenience.
Although the CySEC-regulated broker eToro offers excellent customer support overall, including in German, the customer support for its eToro Wallet is very limited so far and we would like to see a bit more instructions and guides on the manufacturer's website.
Is the eToro Wallet secure?
eToro Wallet secureSecurity is of course the be-all and end-all of a mobile wallet, after all, you may be storing large amounts of cryptocurrencies here. eToro as a company has a first-class reputation as a reputable, reputable and industry-leading online broker, so just as much effort goes into the security of the eToro Wallet.
The eToro Wallet is a mobile wallet whose private key is managed by eToro itself and not directly by the end user. This, it could be argued, makes it less secure than a non-custodian wallet where only the user has the private key.
However, eToro safeguards itself with numerous industry-leading security standards and protocols, as well as encryption methods, to ensure that users' private keys cannot be accessed under any circumstances. Yes, even the public wallet addresses are protected with multiple measures and are not shared with external parties under any circumstances.
The security of the eToro Wallet is also enhanced by the fact that the password of the eToro account must be entered every single time the app is opened on the smartphone. The eToro Wallet is provided by eToro X Limited, which is a company based in Gibraltar and regulated and licensed here by the regulatory authority, the Gibraltar Financial Services Commission under licence number FSC1333B.
Is there an eToro Wallet customer service?
In general, the eToro Wallet is particularly user-friendly and easy to use, so even crypto beginners should be able to find their way around the wallet straight away. However, there may be questions regarding some functions, fees or a transaction, which is why you would like to have eToro Wallet customer service.
Customer service for the eToro Wallet can be accessed directly via the app with two taps. As a first point of contact, there are detailed guides and instructions to choose from, which should cover the most frequently asked questions.
Open questions can then be directed to a customer service representative via the support chat, with questions usually being answered within 6-12 hours. However, a contact option by e-mail or even telephone hotline is unfortunately not provided.
Is there a better alternative to the eToro Wallet?
Etoro Logo TransparentNaturally, there are many crypto wallet providers on the market, either in the form of desktop wallets, online wallets, mobile wallets or even some hardware wallets. The eToro wallet is one possible option, but other wallets may also be recommended depending on the investor and their preferences or goals.
In principle, we recommend the eToro Wallet as a secure mobile wallet over all desktop wallets because these are particularly susceptible to possible hacks and token theft once a virus or malware has been installed on the user's PC.
Likewise, we would prefer the eToro Wallet over virtually all online wallets because unfortunately these online wallets are also at risk of being hacked either by malware infestation and spying on access data or attacks on the provider. The eToro wallet as a mobile wallet, on the other hand, is extremely secure as long as you as a user manage your login data securely.
For long-term crypto investors who want to keep their crypto tokens for several months or even years without using them as a means of payment or in crypto trading, hardware wallets can actually be a better and even more secure alternative. These devices, which are often similar to USB sticks, are also called cold or offline storage because you cannot access the tokens via the internet. That is why we already have a list of recommended hardware wallets in the test report.
Conclusion of the eToro wallet test and comparison
We recommend the eToro Wallet to both crypto beginners and experienced crypto fans who own several popular cryptocurrencies and would like to trade or use them as a means of payment. If you want to store large amounts of cryptocurrencies for a long time, a hardware wallet can be useful as a supplement.
To download and use the eToro wallet, investors should first create an eToro account and buy cryptocurrencies there, for example in the form of Bitcoin or Ethereum.
The eToro Wallet is installed via the App Store. As a user, you log into the eToro Wallet - a mobile wallet - with your eToro account details. Over 100 cryptocurrencies can be stored, received, sent or exchanged for each other in the eToro Wallet. A transfer of crypto coins from the trading account with the broker to the eToro account is possible.
The eToro Wallet is a mobile wallet where users always have to log in with their access data. The wallet is managed by eToro X and the private key of the wallet is protected by multiple security measures. The eToro wallet is very secure, but a hardware wallet with offline storage offers even more protection.
Yes, the eToro Wallet is indeed a mobile wallet, it can be installed on iOS and Android devices. However, not only can over 100 cryptocurrencies be stored and sent or received, directly in the wallet you can also trade between cryptocurrencies - at minimal trading fees.