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 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 premium users can send from the eToro trading account to their wallet, but not there other way around.
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.
- 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.
Wallet and Exchange services provided by eToro X Limited (‘eToro X'), a limited liability company
incorporated in Gibraltar with company number 116348 and with its registered office at 57/63
Line Wall Road, Gibraltar. eToro X is a regulated DLT provider licensed by the Gibraltar Financial
Services Commission under the Investments and Financial Fiduciary Services Act with licence
Disclaimer: eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.