eToroX Review – Not a SCAM but how SAFE is This Exchange?

eToro wallet is one of the few regulated crypto wallets on the market, which is its huge advantage.

Before you can use the eToro Wallet, you must fully verify your eToro trading account.

Another important advantage is the quick and simple way to set up an eToro wallet. It’s also important to note that, with the eToro wallet, you only need to enter your eToro user data to be able to buy different cryptocurrencies.  You can also use the login data from Google or Facebook for this, which means that you can’t use the wallet without having an eToro account. 

Can you transfer coins from eToro to eToro Wallet?

Only BUY (long), non-leveraged positions are backed by real coins on eToro and those can be withdrawn to the eToro Wallet. Additionally, Margin Trades cannot be sent to the eToro Wallet.

How to send from eToro wallet to other wallets?

To send coins to your private wallet, please follow the steps below:

1. Log into your wallet account via your mobile device.
2. Under the ‘Balance’ tab, tap the type of cryptocurrency you wish to send.
3. Tap ‘Send’. On this page, you will select the amount to send and input the recipient’s public address. Type in the public address or tap the camera icon to scan the recipient’s QR code, which will input the public address automatically.
4. Make sure that the address has been input correctly and then tap ‘Send’.
5. An SMS with a verification code will be sent to your mobile phone. Enter the code you receive and tap ‘Verify’.
6. That’s it! A screen will appear, confirming that your send request has been received. You can check on the status of your request by going to the ‘Transactions’ screen.

eToroX wallet – supported coins

At the moment, the wallet supports deposits for:

• Bitcoin
• Bitcoin Cash
• Ethereum
• Ripple
• Litecoin
• Stellar
• OmiseGO (OMG)
• Maker (MKR) stablecoin
• Basic Attention Token (BAT)
• EURX stablecoin
• USDx stablecoin

It’s also important to note that the wallet supports the purchase of cryptocurrencies using credit card.

How to Set up eToro Wallet

• Step 1: Register with eToro
• Step 2: Download the eToro app from Apple’s App Store or the Google Playstore.
• Step 3: Once the registration and verification process is complete, users will be able to see the available crypto credits and can view your own crypto trades.

eToroX Wallet Fees

eToro does not charge any fees for depositing, but different other fees are charged when using the app. On the one hand crypto owners have to reckon with the fees incurred on the block chain, on the other hand the broker himself charges fees for trading with the eToro wallet.

Crypto-to-Crypto conversion fees

eToroX charges a conversion fee of 0.1% for exchanging from one crypto currency to another, and conversion rates are set according to eToro market rates.

• Crypto/Crypto costs
• Conversion fee 0.1%

Fiat to Crypto Conversion Fees

eToro Wallet transaction fees for Fiat to crypto currencies are structured differently, and the majority of eToro Wallet transaction fees consist of the fees of the third-party provider Simplex, which account for 4%. The eToro wallet fees are rather low at 1% of the transaction amount, which means that the eToro Wallet transaction fees from Fiat to cryptocurrencies amount to 5%.

• Simplex fee 4%
• eToro fee 1%
• Total 5% of

Different payout fees depending on coin/currency:

Cryptocurrency Costs:

• Bitcoin (BTC): 0.001
• Litecoin (LTC): 0.01
• Bitcoin Cash (BCH): 0,02
• Dash (DASH): 0.04
• Ripple (XRP): 8.5
• Ethereum (ETH): 0.025

In addition, there are special eToro fees to be paid for transactions.

Fee Type Costs

• Maker fee 0,005%
• Taker fee 0.05%

The eToroX Fees and Limits

There are no deposit fees when using the exchange. On the other hand, there are eToroX withdrawal fees, which differ for each digital asset and are payable in the same currency:

​eToroX follows a Maker/Taker fee structure, and the trading fees follow a tiered structure with each tier having a different Maker/Taker fee percentage. Makers are people who add limit orders to the order book. They are charged with a fee between 0.1% – 0.03% depending on their order size. Takers are people who fulfill existing orders from the order book. They are charged with a fee between 0.24% – 0.12% depending on the order size. 

Note that all trades use the first tier (under a monthly volume of $100,000) by default. When the monthly trading volume grows beyond Tier 1, a rebate will be applied during the first week of the month. Also, depending on the Tier Level, the rebate will be calculated based on the percentages in the following table:

The traders get rebates as rewards for their monthly trading volume, which is calculated per calendar month and is paid in ETH during the first week of the month.

eToroX Supported Currencies

Although the Gibraltar-based exchange was launched recently, it offers a good selection of crypto assets, which is expected to expand in the future. More specifically, clients of eToroX can trade around 20 digital currencies with over 100 ERC-20 tokens scheduled to be incorporated in the near future.

eToroX supports the following cryptocurrencies:

• Bitcoin 
• Ethereum
• Ripple
• Bitcoin Cash 
• Litecoin 
• Stellar 

There are also 71 trading pairs currently available, and eToroX also incorporates ten branded stablecoins – cryptocurrencies that is pegged to a financial asset – that allow traders to protect themselves from the volatility of the market without having to “cash out” into fiat.

The branded tokens pegged to fiat currencies include:

• USDEX (pegged to the US Dollar) | Total supply: 500,000
• EURX (pegged to the Euro) | Total supply: 1,000,000
• GBPX (pegged to the British Pound) | Total supply: 500,000
• JPYX (pegged to the Japanese Yen) | Total supply: 56,000,000
• RUBX (pegged to the Russian Ruble) | Total supply: 500,000
• CADX (pegged to the Canadian Dollar) | Total supply: 500,000
• CNYX (pegged to the Chinese Yuan) | Total supply: 500,000
• AUDX (pegged to the Australian Dollar) | Total supply: 500,000
• NZDX (pegged to the New Zeland Dollar) | Total supply: 500,000
• CHFX (pegged to the Swiss Franc) | Total supply: 500,000
• GOLDX (pegged to gold) | Total supply: 390
• SLVRX (pegged to silver) | Total supply: 33,700

The incorporation of these digital assets helps eToroX to remain a crypto to crypto exchange.

The eToroX app

eToro’s website is responsive by itself. However, the company has built a convenient app with Android and iOS versions that enables most of the features of the website to mobile users. The app allows users to trade supported cryptos and view asset balances.

The eToroX Referral Program

This exchange’s has very interesting referral program that provides great rewards. Here you can refer your friends and you will get paid when they trade. Payments are made once a month and the money will be credited to your eToroX account, in the same currency in which the fees were paid. Check the Refer a Friend page if you need more information.

Is eToroX safe?

eToroX is part of the eToro group which has been operation since 2006. It is one of the more reputable and regulated organisations currently active in the crypto space and they have invested in rare security measures to safeguard the platform and its users.

The security rating of eToroX is considered top-notch by industry experts and there are a number of safety features on the platform that are worth consideration:

• Email Verification – When a user signup for an account, the verification system sends an email to the registered email ID and users cannot access the trading platform until this email is verified.
• Two-Factor Authentication – eToroX users require 2FA to log in to accounts meaning that users have to go through a double check before accessing accounts.
• Unique Infrastructure – The platform uses a native algorithm for safeguarding workstations, which is based on N.N machine learning algorithm which assists in decision making, and incorporate multiple PT and Code reviews as well as a bug bounty program.
• Staff Vetting – All eToroX employees are required to pass security clearance before being hired. Also, all employee workstations are protected and verified based on multiple security mechanisms that include deception and traps.
• Multi-level Custody – The exchange’s custody solution is based on a three level military grade FIPS140 custodian process with multi separation between the different environments, including a warm environment, or process engine secured solution, a cold, secured isolated gap environment, and a deep, military grade secured isolated environment.
• KYC/AML requirements – Who you are, where you live, and what you do is captured by most KYC checklists, which means that you need to provide a means of identification-normally a national ID card, Drivers’ license or International Passport.

Also, to prevent service disruption due to DDoS attacks, eToro has deployed Incapsula’s Infrastructure DDoS Protection. The traffic directed to eToro is filtered by Incapsula which forwards valid requests and takes out spam. Also, the headers are left unaltered in order to ensure source IP address visibility.

User Experience

The web trading platform is really well-designed and user-friendly and for users who are already familiar with the handling of social networks, the operation is particularly easy. The platform offers a built-in search function, which works without any problems. Here you can type in any product you are looking for. 

For anyone completely new to the world of crypto trading, the team offers tutorials, live training (phone), economic tools and a comprehensive FAQ. They can be contacted by email as well as across their various social media accounts.

eToroX Account Verification

eToroX is indeed regulated under the Gibraltar Financial Services Commission (GFSC) and their requirements ensure that each new account must be verified as part of the registration process. It’s important to note that the team behind the exchange aims to simplify the verification process as much as possible.

After new users submit all their information and upload all the necessary documents, it can take up to 48 hours to verify their account. Opening and funding a trading account will require the following documentation to be supplied to them:

Proof of Identity (POI) Document – This document must clearly show the following: your full name, your date of birth, expiration date and a clear picture. Accepted forms of POI documents include a passport, national ID Card and a driving license. Note that POI document must have a minimum validity of 6 months before the expiry date.

Proof of Identity and Selfie (POIS) Document – A POIS document must be uploaded. The document must show the client holding the POI document uploaded to the platform.

Proof of Residence (POR) Document – This document must clearly show your full name and your address of residence, which should match the address you entered during your account registration. Your POR document must be a clearly legible copy of any of the following:

• A bank or credit card statement
• A utility bill for one of the following: water, electricity, phone or gas
• Council, State or Country Tax Bill

POR document must be dated within the last 6 months.

The last step in the verification process involves completing a financial questionnaire, which is made up of nine 9 questions and takes just a few minutes to complete. The questionnaire covers your financial suitability for investing. 

eToroX Lira

Lira is an open source project maintained by eToroX Labs, a developer team supported by eToro Group. The aim of the project is to build the future of decentralised finance. Lira will be “domain-specific,” programming language, meaning it can only describe and perform a limited set of instructions. Lira’s only function is to enable counterparties to write, verify, and collect on the terms of a self-executing contract. eToro open-sourced the programming language to encourage community development of “anything from simple futures contracts to complex exotic contracts,” like collateralized loan obligations (CLOs). Further, the lab intends for the language to be deployed for other decentralized finance (DeFi) projects across different blockchains.

eToroX Tokens

Tokenization is a process by which a representation of a real-world asset is created using a digital token, which is made available on the blockchain. We believe any asset has the potential to be tokenized – from property to commodities to paintings.

The tokens are representations of underlying real-world assets which seek to broadly replicate the economic exposure of holding the underlying asset. The value of the tokens is pegged by reference to the value of the underlying asset, however the tokens do not give tokenholders any rights in relation to the underlying asset and they are not securities, derivatives, electronic money or any other kind of regulated instrument.

The eToroX Customer Support

Good customer support is a must for many customers. Customer support should be friendly, fast and competent in their own language to ensure that a broker gets the best possible rating. Newcomers value quick answers to basic questions, while experienced traders want to have an accessible contact person at hand, especially when technical problems arise.

For account holders, customer support at eToroX can be accessed using email only, which is perhaps a sore point that the team behind platform might want to improve upon as its operations grow. This makes it difficult to get immediate response to urgent queries, so sometimes eToroX complaints may take longer than expected to get resolved. Customer support at eToro is generally available Monday to Friday 24 hours, and you can expect replies depending on the complexity of the issue you want to address within 24 hours. 

Which countries does eToroX support?

eToroX supports users from all around the globe. The eToroX Exchange currently supports the following countries: 

The following countries do not support eToroX at the moment:

Conclusion

eToroX is a newly-launched crypto exchange and it is extremely useful for anyone interested in trading or investing in cryptocurrency. eToroX includes many of the features expected of a high level crypto exchange and has all the required ingredients to become a hugely successful crypto exchange, such as an intuitive user interface, comprehensive charting tools and a mobile app.

Besides, the platform is a part of a group with global presence that is well-established in the trading world, and has over ten years of experience, which is rare in the rapidly emerging crypto exchange space. This translates into an exchange that makes use of cutting edge security protocol. Other advantages of the broker are the European regulations, the extremely comprehensive educational offer, the range of security features and the fast, automated order execution on the trading platform. 

This site is great for those looking for a mix of convenience, security, and transparency.