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eToro Wallet - Learn How to Store Your eToro Crypto

eToro is an online trading platform which offers trading and investing opportunities in stocks, cryptocurrencies, and CFDs. The eToro wallet is a new feature on the online platform that allows users to buy, sell, convert, or transfer cryptocurrencies. The wallet offers a safe digital location for users to store crypto assets. Through the eToro wallet, users can transfer crypto from the trading platform, transfer or receive from other wallets, and convert one crypto asset to another. The wallet supports more than 120 cryptocurrencies and it includes a conversion feature that supports various cryptocurrency pairs.

How to Use and Install

To use the eToro wallet, you must reside in a country where eToro is supported and you must also have a verified account. If you have registered successfully on the eToro platform previously, then you can login into the wallet using the current details on the trading platform. You can access the wallet by downloading the app on your device. 

If you do not have an account and you want to use the wallet feature, then you can sign up on eToro’s website or sign up by downloading the wallet app. To create an account on the wallet app, you will be required to input a username, password, and other necessary details. You can also register through your Google account, Facebook account, or Apple ID. 

If you are a new user and you do not have a verified trading account, you’ll be required to verify your identity before you can use the wallet. You’ll be required to submit a scanned copy of your national ID card, passport, or driving license. You may also need to verify your phone number by entering the verification code sent to your mobile phone. Lastly, you may need to submit a proof of residence, either through a copy of your utility bill or a bank statement.

After creating an account, you can then transfer crypto from your trading account to your wallet. It is important to note that it is impossible to return crypto assets to the eToro trading platform once you send it into your wallet. You can also deposit directly into your wallet through the money app. You’ll need to choose the amount and payment method, such as online banking, PayPal, credit or debit cards, and then confirm the transaction. eToro wallet provides support for cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin cash, Stellar Lumens, and Ripple. For users who forget their login credentials, eToro wallet provides a key recovery feature to help regain access to the wallet.

The wallet is a different application than the eToro app. If you want to buy or sell cryptos, you will need to install the eToro app or do it on your computer.

How to Transfer from eToro Wallet

To transfer crypto coins from your wallet to another wallet, follow the steps below:

  • Sign in into your wallet through the eToro wallet app on your device.
  • Open the balance tab and select the coin you wish to transfer.
  • Choose the Send option and select how much you want to send. Then enter the public address of the wallet you wish to send to. You can also scan the QR code of the receiver’s public address through the camera icon.
  • Crosscheck the amount and the wallet address and click Send.
  • You will receive an SMS containing a verification code on your registered phone number. Input the verification code to activate the transfer. 

While there are no fees for making deposits into your wallet, you may pay a $5 fee for each withdrawal you make. 

How to Transfer Crypto to eToro Wallet

If you have an account on the eToro trading platform, you can transfer coins directly to your eToro wallet. The first step is to log in to your account either through the eToro app or through a web browser. 

Then open the ‘Portfolio’ tab on the left menu. Your crypto assets will be displayed alongside the open trades available. Choose the trade you wish to send to your eToro wallet. After the ‘Edit Trade’ screen opens, you can then select an option to transfer to a wallet under ‘Invested’. 

After confirming the details, you can then authorize the transaction by clicking ‘Transfer’. You will receive a notification that displays your request. While the transfer is pending on the trade line, it is still possible to cancel the transaction. 

It may take some time before the transaction is complete. It is important to note that you’ll need to meet the minimum money requirement before you can transfer from your trading account to your eToro wallet. Also, Smart Portfolio and Copy Trading crypto assets are not available for transfer.

Remember that when you store your cryptos in your wallet you cannot earn staking rewards on eToro.

Conclusion

The eToro wallet is a secure place to store your crypto assets. It supports various digital currencies at an affordable fee structure for transactions.

To learn more about this broker, read our eToro review.

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