eToro Cryptocurrency Wallet Review
Social trading platform eToro released its cryptocurrency wallet on November 6, 2018, to much fanfare. The company, which only last month became the first platform to list Binance Coin (BNB) outside of the Binance ecosystem, has already promised to roll out additional features to the wallet, with the initial release coming with a few limitations.
The eToro wallet will give users the ability to transfer their Bitcoin tokens from the trading platform, and it also allows for transferring digital assets to other wallets (and even offline cold storages.)
To wit, we took a look at the wallet to see some of its features that might serve to attract people:
Registration on the app is easy. Users can register with their email addresses or use the Facebook or Google option to sign into the app. New eToro users will have to confirm their email addresses and phone numbers to trade on the platform.
To get started, you can decide to trade with your cash (by depositing funds) or by trading with virtual cash. Real Portfolio allows you to trade with your money. Virtual Portfolio, on the other hand, will enable you to purchase assets with virtual money.
Once this is sorted, you can deposit funds through a range of options, from credit card to PayPal and wire transfer
The app's menu options include:
3. More (Settings)
Contains everything required to purchase cryptocurrencies. There are three other sub-menu options here:
c. News Feed
a. Watchlist: This section contains a list of assets that you are following along with their SELL and BUY prices. The default list includes commodities, cryptocurrencies, fiat currencies, ETFs, indices, and stocks. The new eToro wallet opens up a new world of possibilities to the trader. Users can trade ForEx like the EUR-USD pairs, Bitcoin and stocks from major exchanges around the world.
b. Portfolio: The portfolio section allows you to explore the investment opportunities of others by mirroring their moves.
c. News Feed: The News Feed feature has become a mainstay for eToro. Being a social trading platform, it was built around some of the features that make social media so unique. News Feed allows you to track what others are saying about assets they are monitoring or trading on.
Gives you a regularly updated diary of what's happening in the market. With this option, you can check trade markets, copy the investment strategy of others or invest in eToro's CopyPorfolios. CopyPortfolios is a portfolio management product that allows investors to copy other traders based on a predetermined strategy.
3. More (Settings)
This is the last section on the mobile app. You can invite your friends, check out the Help section, Withdraw Funds out of the app, change your Settings and Logout.
For Support issues, you can chat with eToro's customer care line from the app.
The eToro Professional Account
eToro classifies investors into two categories: retail investors and professional investors. A retail investor, on eToro, can trade on the platform and access the Copy Trader feature, though there are restricted from accessing certain features on the app.
Professional clients, on the other hand, receive the full range of eToro advantages. From high leverage trading to negative balance protection and zero restrictions on using leverage, being a professional client is worth it.
To become a professional client, you’ll need to follow these steps:
- Click on “Apply Now,” and put in your details.
- A list of criteria will appear. Check the boxes near the requirements that apply to you.
- Submit your application and wait or further instructions that will come later.
Also, note that to be an elective professional, you will need to pass a test to determine your level of suitability.
With the economic calendar, you will be able to take advantage of upcoming events that could as well have effects on some of the currencies, stocks, and commodities that you’re following. The market is always moving, and it is important that you stay up-to-date on the current events and happenings around you. With the eToro economic calendar, keeping updated is as easy as it gets.
To use the economic calendar, follow these steps:
- Choose the dates and time zones that will affect your trades.
- You get to see the events that could have a possible effect on your trades.
- Watch the potential impact of each event on your trade.
- Plan your strategy with this new-found information.
eToro Copy Trading
The eToro Copy Trader gives a trader an opportunity to mirror the moves and plays of the best traders. To make use of this feature, open the app, and search for a trader. When you get a top trader that you’ll like to copy, set some funds aside, and click 'Copy Trade.' If you’d love to trade like the pros without going through all the hassles, Copy Trading is what you need.
How to Deposit
Making a deposit is as simple as it gets. The eToro Wallet provides a wide array of payment options for you to choose from. Selecting your preferred payment option is easy. You can follow these steps to get started:
- Log into your account.
- There’s a section tagged “Deposit Funds.” Click on it.
- Out in the amount of money that you’ll like to deposit.
- Select your preferred payment method and make payment.
How to Withdraw
You can make withdrawals from your eToro Wallet anytime. When you request for withdrawal, your funds would be sent to the same account used to deposit funds into your trading account. The funds can be withdrawn up to the amount of money that is left in your account, but not that a margin used will also be deducted.
To sum it all up, the eToro wallet has much promise, with its standout feature being its seamless user interface that will prove interactive enough for newcomers and veteran traders as well. It allows for transferring digital coins to other wallets, and the platform also provides two-factor authentication for maximum security.
The major limitation is in the range of cryptocurrencies it offers. However, the company’s leadership is already exploring the possibility of adding more coins in the nearest future.