The Cash Diaries

My experiments investing and copytrading

First Look at the eToro Crypto Wallet

The long awaited crypto wallet from eToro has arrived.  The mobile wallet lets you store a number of popular cryptocurrencies for storage or trading.

The wallet is available on both iPhone and Android devices.  I took a look to see how eToro’s continued push into the world of cryptocurrency is coming along with their newest product:

How it Works

The eToro Wallet stores a number of popular cryptocurrencies.  You can send cryptocurrencies to and from your wallet from other exchanges/wallets etc. and also see your crypto assets that you are trading on eToro.

eToro is starting out small with a limited number of cryptocurrencies supported by the wallet:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash

eToro plans to add more cryptocurrencies as time goes on.  They offer more cryptocurrencies to trade on their investment platform, and I’m sure we’ll see these added to the wallet soon.

Currently, Platinum eToro members can also send Bitcoin from their etoro crypto wallet into eToro.  I’m not entirely sure how this works – whether it gets converted into USD for trading on eToro or stays as Bitcoin.    eToro says they plan to role this feature out to more customers in the future.

eToro is simplifying Cryptocurrency

What I like about the wallet and eToro’s direction is they are simplifying cryptocurrency for people.  eToro is already one of the easiest places to trade cryptos online.  You can trade them alongside more traditional assets like forex and stocks.   They offer an easy to use and intuitive interface which is just so much nicer than most cryptocurrency trading platforms.  The crypto wallet offers the same clean and easy to use design which is going to appeal to regular people, not just tech savvy crypto enthusiasts.

Why I like eToro’s Crypto Wallet

Here are some quick takes about what I like about the wallet:

  • It’s Mobile – most people use a smartphone.  It makes sense to keep your crypto wallet on your smartphone.  Furthermore, most people automatically backup their smartphone (for example iCloud automatically backs up your iPhone each night) so you’re not risking suddenly losing your portfolio.
  • Finally able to deposit cryptocurrency on eToro – I’m not sure how this works, but platinum members can transfer bitcoin to etoro from the wallet.  I’ve always wanted to be able to deposit on eToro using cryptos.  So excited to be able to try this.
  • You have control over the cryptocurrency – unlike a cloud wallet, you have control over the coins (i’m pretty sure).  I can’t confirm whether or not you have access to the private keys from within the app.

This is just the beginning

eToro’s CEO has made it clear that there is a lot more coming to the wallet:

The eToro wallet today is just the beginning and we will adding a whole host of additional functionality which will include supporting additional crypto and fiat tokens, crypto to crypto conversion, the ability to deposit fiat, payment in store and more.”

This is good news.  At the moment, the eToro crypto wallet is a nice product but doesn’t do much more than other competing apps.  When eToro adds the ability to deposit fiat to buy coins and in app conversion of cryptocurrencies – this will make it a much more compelling product.

Will I one day be able to buy Bitcoin through the app using my credit card, transfer it to eToro trading platform and buys stocks?  This would be huge.

What I love about eToro is they are bridging the gap between traditional investing and cryptocurrency.  I can’t wait for a future where everyone has a crypto wallet which they use for banking, trading and investing.  That future isn’t too far away and obviously eToro wants to be the platform to make it happen.

The app is rolling out to limited countries to begin with.  At the moment I can confirm it is in the U.K app store.  I’ll update this post when it is available in more countries.  You’ll also need a verified etoro account to use the wallet.    You can grab a free eToro account here.

You can download the app on the Apple App Store here and Google Play Store here.

 

 

 


2 Comments

  1. If I buy Bitcoin on eToro will it show up in the wallet

    • Yes. When you trade Bitcoin and other cryptocurrencies on eToro they act as the custodian. So these trades are seperate from your crypto wallet balance. They still show up, but on the “trades” screen

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