eToro Wallet Review (version 4.0.1)
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The article is penned by Itamar Meimon, Tel-Aviv based finance expert, entrepreneur, and Cryptocurrency enthusiast. Fascinated with current opportunities in blockchain as well as the latest advances in smart mobility.
The eToro wallet was recently released in multiple countries, currently with 5 cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). It is based on secure multi-signature technology, although the user does not have access to his private keys (there are pros and cons to this method).
Multi-sig basically means you need 2 out of 3 signatures (or private keys) to send crypto elsewhere, making it quite secure. It’s a safe solution for securing large amounts of cryptocurrencies. This method enables the eToro wallet to spare users from the hassle of remembering and managing their private key.
In some other wallets, the account holder has access to one of the private keys, while one key is shared. This gives more control to the user, but can also result in lost funds if the key is misplaced or due to other mistakes by the user. To recap the security aspect, the eToro wallet is more user-friendly especially for the non-experts among us – being both secure and hassle-free.
Adding a wallet for an additional currency in the wallet app is quite straightforward using the + symbol in the top right corner. It then takes a few seconds to create the wallet, showing as pending until you pull to refresh and creation is complete. When you see $0 as the balance of the added currency or a green checkmark after pressing the + sign, it means the new wallet was created successfully. Once a currency appears in the main screen, sending and receiving it could be initiated either by pressing it or the sleeker way of swiping it right (for sending) or left (for receiving). According to eToro, it is expected to support more blockchains and tokens in the future.
The eToro wallet is seamlessly connected to your eToro account – so logging in and out is achieved in one click if you are using the same device which is already logged into your eToro account. Pressing on your profile picture in the top left and going to “Account” takes you directly to your eToro account to manage security settings such as 2FA (two-factor authentication) – should you wish to activate it – and the verification process. In this way, the two products are seamlessly integrated and synced across all devices.
Another inherent connection between the wallet and your eToro account is the ability to see your crypto portfolio on the eToro platform – including amount and value of crypto assets – directly inside the wallet (via the Trades tab). Even if your eToro portfolio includes crypto assets not currently supported in the wallet, such as IOTA, they also show up in the Trades tab. One of the nice features is the ability to go back and forth between the wallet and the platform in order to view your historical trades and even trade directly via the eToro platform – all seamlessly integrated into the wallet. Trading can be achieved by pressing on the selected cryptocurrency or the sleeker method of swiping it left (both ways redirect you to the relevant screen in the eToro platform). Some selected eToro clients can even move crypto-assets directly from the eToro platform to their wallet, and this feature should be rolled out gradually to other users.
One click inside the wallet will take you directly to the relevant link in the eToro platform – whether it is to view or trade on your account. Whenever entering the eToro platform via the wallet, whether for account settings or trading, there is always an easy way to go back to the wallet by pressing the Done button in the top left corner.
By far, one of the coolest features in the wallet is the ability to convert between cryptocurrencies directly within the wallet – without an exchange! Just go in the main menu (reached via the top left profile picture) and click on Convert Crypto. This feature will become even more useful when additional cryptocurrencies are added, but it’s nice to see eToro is forward thinking in accommodating for the needs of the average cryptocurrency user.
Overall, the interface of the eToro wallet is extremely user-friendly and the experience is very inviting for use. Its simplicity and minimalism are probably one of its main advantages. If you are an eToro customer, it’s an obvious choice not only due to current integration with the platform but also due to future plans of eToro with regards to the release of its own exchange – eToroX. The flexibility achieved for eToro customers when using the eToro wallet, while eToro is also their broker – and soon to be an exchange – makes it a one-stop shop and holistic solution for all their trading and general crypto needs.