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Thinking of using eToro? The popular trading platform describes itself as “the global leader of social trading”¹.
One of the first things you’ll need to get to grips with when using the platform for cryptocurrency trading is the eToro wallet. In this guide, we’ll take a look at how the wallet works and crucially, how you can top-up and withdraw from it.
Let’s start with the basics of using the eToro wallet.
The eToro Money wallet is designed specially for cryptocurrency trading. It’s a secure digital crypto wallet, accessed and managed through an app. From here, you can buy, receive, store and transfer cryptocurrencies. You can manage a huge 120+ cryptocurrencies using the eToro wallet. The list includes Bitcoin, Bitcoin Cash, Dash, Litecoin, Ripple and many more³.
Other eToro Money features include⁴:
- Unlosable eToro Money crypto wallet private security key
- Changing Crypto to Crypto - change any of 500+ crypto pairs to other crypto assets
- Accounts protected by high-level security features and industry-standard protocols- including DDos protection and multi-signature facilities.
- On-chain address - so you can store your cryptocurrencies anywhere on the blockchain.
To start using the eToro Wallet, you’ll first need to sign up for an eToro trading account. You can also use this for depositing funds and withdrawing trading profits.
Once you have an eToro account, you can login to the eToro Wallet using the same sign-in credentials.
Then, you can transfer cryptocurrency coins directly over from your account to your wallet. It’s important to note at this point that this is a one-way deal⁵. You can’t transfer coins back to your trading account from your wallet - we’ll cover what to do about transferring coins out again in just a moment.
You can top up your eToro Wallet by transferring coins from your eToro trading account. But you can also deposit directly, in the eToro Money app.
Follow these steps⁶:
- Log into your eToro Wallet via the app
- Choose a deposit amount and payment method - choosing from online banking, credit or debit card, PayPal, Skrill or another payment method
- Review the transaction and tap ‘pay’ to confirm.
Your account should be credited within minutes.
Now, how do withdrawals work on the eToro Money Wallet app? We’ve already mentioned that you can’t send coins back to your eToro trading account.
So, to withdraw cryptocurrency, you’ll need to send it to an external wallet. This is relatively straightforward to do within the app, but you’ll need to have an account on CEX.io or another cryptocurrency exchange site⁷.
Another option is to withdraw directly from your eToro Wallet, which you can do at any time. When you submit a withdrawal request, the funds are sent to the same account that you use to deposit in your eToro trading account⁸.
eToro doesn’t charge any fees for deposits, but you may have to pay a $5 (approx. £3.64) fee per withdrawal. There’s also a minimum withdrawal limit of $30 (around £22) and inactivity fee of $10 per month⁹.
The platform also charges fees for currency conversion unless you’re a Diamond member using these payment methods; bank transfer, iDEAL, Sofort, Trustly – Online Banking and PayPal in AUD, EUR and GBP.¹⁰
Before you get started, a really important thing to note about using eToro from the UK. The platform operates in USD only, which means currency conversion fees when withdrawing to your account in GBP.
You can get round this by Opening a multi-currency account with Wise to withdraw in USD so that you won't have to reconvert your money before withdrawing. You can do this just like a US local, thanks to the US account details you get when you open your Wise account. Simply use these for withdrawals to reduce the conversion costs.
When the money hits your Wise account, you can withdraw, hang onto it for future or spend it using a Wise Multi-currency account.
So, that’s pretty much it - everything you need to know about top-ups and withdrawals with the eToro Wallet. Before getting started, just remember that cryptocurrency trading can be complicated - so make sure you fully understand and are comfortable with the risks involved.
Sources used for this article:
- etoro website
- etoro customer service page
- etoro page - cryptocurrencies
- etoro crypto wallet
- etoro customer service page
- etoro faq page - deposit
- Cryptimi - etoro review
- Coinlist - etoro review
- etoro - trading fees
Sources checked on 31-March-2021.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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