eToro Money Review 2024 – Pros & Cons

With hundreds of crypto wallets available, most new investors have a hard time understanding and choosing which one to use. Will the eToro Money crypto wallet establish itself as one that you should use?

In this eToro Money review, we’ll go through the main eToro Money app features, advantages, and user experience as well as showcase our eToro Money card review.

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What is eToro Money Crypto Wallet?

The eToro Money crypto wallet is the eToro company’s first step on its journey to a believed future of tokenized assets via blockchain technology. We reviewed the eToro money app website and found through our eToro Money review that the broker is looking into the opportunities offered by cryptocurrencies and created the eToro Money crypto wallet in response.

After the eToro company acquired Marq Millions, an e-money UK services company, back in 2020, they established eToro Money and subsequently the eToro Money crypto wallet. From our eToro Money card review, we found the recent release of the eToro Money debit card UK in December of 2021.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more’ (linking to https://www.etoro.com/customer-service/terms-conditions/trading-restriction/)

To better understand why eToro has invested in creating an eToro Money app and eToro Money crypto wallet, first, we need to understand what exactly crypto wallets are. Much like physical wallets, crypto wallets allow for the storing and sharing of cryptocurrencies just like cash. However, crypto wallets are much safer and much more permanent.

Generally, crypto wallets are just a public key and private key stored in either software or hardware and allow for sending and storing crypto. Crypto wallets that use hardware are known as cold wallets as they are usually offline and are often used for large amounts of crypto to hold. Hot wallets like the eToro Money crypto wallet are software-based crypto wallets that are used to trade and transfer crypto many times.

The eToro Money app has a lot more to offer than being just a crypto wallet, which is why we did the eToro money review and eToro card review.

eToro Money Crypto Wallet Pros & Cons

Which Cryptocurrencies Can You Store in eToro Money Crypto Wallet?

We found in our eToro Money review that six cryptocurrencies can be stored in the eToro Money crypto wallet. Here are five of the cryptocurrencies which can be viewed on the eToro Money app.

Bitcoin

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As the first cryptocurrency to hit the market to kickstart the digital currency craze, Bitcoin has kept its place as the frontrunner in blockchain coins despite many more cryptos establishing themselves in the world of finance.

Bitcoin was built as a decentralized currency back in 2009 by an entity known as Satoshi Nakamoto. It was the first of its kind as unlike fiat currencies that were kept in people's wallets, cryptocurrencies were and still are not maintained by a centralized power such as the government or a bank.

Known today as crypto gold, Bitcoin (BTC) was the first to be stored in virtual wallets with the trades being verified and recorded on a public ledger known as the blockchain. If you wish to buy Bitcoin through the eToro Money app, simply look for the Bitcoin wallet section in the Cryptos tab and choose how much you wish to purchase.

Bitcoin Cash

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Years passed after the creation of Bitcoin and the cryptocurrency community grew with the popularity of the digital asset. As more and more people understood the technology, they found that the Bitcoin blockchain was limited in size as transaction speeds slowed down. Transaction fees also increased rapidly - all contributing to scalability issues in Bitcoin.

Bitcoin Cash is the first fork of the original Bitcoin and was minted in August of 2017. The birth of Bitcoin Cash with ticker BCH stemmed from a group in the Bitcoin community wanting to increase the block size of the original Bitcoin.

Bitcoin Cash did not become the gold cryptocurrency like its predecessor but Bitcoin Cash did achieve lower transaction fees, faster transaction times, and increased block sizes of 8MB from the Bitcoin original 1MB only. The end goal of BCH developers remains with not just surpassing the original BTC but also payment providers like Visa in terms of transaction speeds.

Those looking to buy Bitcoin Cash through the eToro Money app can do so with the exchange rate offered in the application. From our eToro Money card review, the minimum amount to buy BCH is £93.

Ethereum

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Second to Bitcoin, Ethereum is considered a top cryptocurrency in terms of market capitalization. Given its position, it’s often considered the silver of cryptocurrencies. Nevertheless, Ethereum was built to be something entirely different from what Bitcoin has to offer as it became a peer-to-peer blockchain network with the token Ether (ETH) as its currency.

Launched in 2015, Ethereum was developed by Vitalik Buterin as an alternative to Bitcoin. The goal was not just a copy of the leading cryptocurrency but an entire ecosystem built around blockchain. Buterin made it so that code known as smart contracts can be run in the Ethereum network. Through this, the use of decentralized apps (dApps) was born.

To buy Ethereum and store it on the eToro Money crypto wallet, first, open an ETH position on the eToro trading platform. Once this is made, you can transfer the position to the crypto wallet. Based on the eToro Money review, this should take five business days or less.

Litecoin

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Aptly named for its similar but more efficient nature to Bitcoin, Litecoin is one of the top 20 most popular cryptocurrencies today. The cryptocurrency was founded by Charlie Lee, an ex-Google engineer who saw the potential to create a faster, cheaper, and more decentralized currency compared to Bitcoin.

Litecoin uses the same consensus model of Bitcoin, the Proof of Work (PoW) protocol. This means that Litecoin (LTC) can also be mined although the process of mining Litecoin is different as it uses a different hashing algorithm. One of the advantages of this new algorithm is the ability to perform something known as merge mining. This is where two coins can be mined at once with the same processing power. For example, Litecoin can be merged mined with the popular meme token Dogecoin - creating a parallel and efficient mining process.

If you wish to buy Litecoin through the eToro Money app, simply go to the Litecoin wallet on the application and exchange your pounds to the crypto. The amount to buy is based on market rates, blockchain fees, and other fees that we will go through in this eToro Money review and eToro Money card review.

Stellar

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One of the oldest and most well-known cryptos out there, XLM Stellar Lumens is a unique cryptocurrency that aims to bridge the gap between crypto and fiat currencies. Stellar is the name of the blockchain network that uses Lumens as its token currency. XRM is the ticker symbol that is seen in crypto exchanges and trading platforms like the Binance exchange.

Stellar does not look to replace good old-fashioned fiat currencies but rather brings them to the decentralized sphere. Co-founded by Jed McCaleb, former Ripple founder, and Joyce Kim, the Stellar network was launched in 2015 which is even earlier than Ethereum. It allows its users to send US dollars, Euros, Philippine Pesos, and potentially any other fiat currency with a Stellar address.

Transaction fees on the Stellar network are surprisingly low and are quick. The minimum fee for transactions on the Stellar network is only 0.00001 XLM which is virtually zero. This makes the Stellar blockchain extremely ideal for micropayments.

Although 100 billion XLM tokens were created upon the launch of Stellar, the number of coins was reduced to about 50 billion and no new tokens will be created. If you’re looking to buy XLM and add it to your eToro Money crypto wallet, simply head to the eToro Money app and buy Litecoin with a minimum transaction of £93.

eToro Money Crypto Wallet Fees & Commissions

From our eToro Money review, it's important to know the different fees and commissions that come with the use of the eToro Money app. Below is a table of these fees that will be relevant in your use of the eToro crypto wallet.

eToro Money Crypto Wallet User Experience

The eToro Money crypto wallet was built only for mobile devices, so this eToro Money review will focus on the mobile user experience. As such, the eToro Money app was designed to be minimal in a good way and built to be very usable.

The dashboard shows all the cryptos that are currently being held in the wallet as well as the total value in fiat currency so that you can keep track of how much your wallet is currently worth.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more' (linking to https://www.etoro.com/customer-service/terms-conditions/trading-restriction/)

Every time you log in on the eToro Money app, a two-factor authentication check is required. This process sends an SMS message to your mobile phone with a code that has to be inputted upon logging in on the app. We were very pleased to find this through the eToro Money review and eToro Money card review as it added an extra security measure.

When transferring the crypto from the platform to the crypto wallet, eToro mentions the process can take up to five business days to complete. The transfer request might additionally require more documents in some cases as well. Also, when the request is processed, it can take additional time for the coins to appear on the eToro Money app.

In our eToro Money review, it took only about two business days for the cryptos to appear into the eToro Money app from the trading platform. When transferring from the crypto wallet to another wallet, it took mere minutes.

eToro Money Crypto Wallet Features

In this section of the eToro Money review, we go through the different key features of the eToro Money app.

First, the eToro Money crypto wallet allows for the transfer of crypto from the eToro trading platform. How this is performed based on our eToro Money card review is by withdrawing current crypto long positions in your eToro account. Note that these crypto positions should be backed by real crypto and not be CFD crypto positions. In order to transfer a crypto position, simply head over to your portfolio and look for the crypto positions in your account.

Users can also send and receive crypto to and from other crypto wallets. This process can take just minutes and you’re given the option of giving or using your public address as well as your QR code or the recipient's QR code. Either way, with public keys you can easily send and receive crypto

Additionally, you can convert one crypto to another crypto. User can head to the Crypto tab on the application and selecting which crypto you wish to convert. Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar, and XRP are available to transfer, send, receive, buy and convert.

Lastly, you can buy crypto assets on the eToro Money app. Buying crypto assets occurs through the eToro trading platform or through the exchange. For example, if you want to buy XRP you can head to the XRP wallet on the eToro Money app. When you tap on the Trade button, you will be redirected to the eToro trading platform to perform the trade.

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eToro Money Crypto Wallet Mobile App Review

No eToro Money review or eToro Money card review is complete without showcasing the mobile app. Available on Android and iOS devices, the eToro Money app is simple, secure, and user-friendly.

From our eToro Money review testing, the application was very responsive and consistent. So far, no issues or bugs have been encountered or found when using the software.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more' (linking to https://www.etoro.com/customer-service/terms-conditions/trading-restriction/)

The eToro Money crypto wallet claims to be one of the safest crypto wallets available owing to the lengths that the company has gone to secure their software. The eToro Money app platform has several high-level security protocols to protect against unwanted access. Some of these safety features include multi-signature facilities, DDoS protection, and standardization protocols.

eToro Money Crypto Wallet Deposit and Withdrawal Methods

Although the minimum deposit for standard accounts in eToro is $50, we found based on the eToro Money card review that the eToro Money card can store in GBP. You can fund your eToro Money app just like in the trading platform, through a bank card, wire transfer, e-wallets, and online banking.

A great feature that we found on our eToro Money card review is that users can send and receive funds to any bank account. You can convert to USD for free and save up to £5 for every £1,000 you deposit according to their site. Withdraw funds instantly from your eToro trading account.

Note that withdrawing from the eToro trading platform will incur a $5 fee.

eToro Money Crypto Wallet Contact and Customer Service

As part of the entire eToro ecosystem, customer support for the eToro Money app can be directed to the main platform. Our eToro Money review found that eToro has customer support that operates 24 hours a day, 5 days a week. You can contact the support team via their live chat facility which is accessible by logging into your account.

It is important to note that higher-tiered accounts have access to a dedicated account manager that one can personally email and schedule calls with, confirmed by review eToro.

How to Start with eToro Money Crypto Wallet 

After getting to know the eToro Money app and all its key features in this eToro Money review, we’ll now go through how to use the application. This step-by-step guide will give you everything you need to know to get started and start storing crypto.

Step 1: Open a Trading Account

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If you don’t have an eToro account already, you’ll need to open an account. If you have an existing verified eToro account, you may proceed to steps 3 and 4.

First, head over to the eToro website and press the Join Now button at the upper right-hand corner of the site. Then, fill in a username and password to be used for your account or optionally sign up with an existing Facebook or Google account.

Step 2: Verify Your Identity

Next, you'll need to verify your identity as eToro requires full KYC for UK customers. You'll need to upload a clear copy of a valid ID such as a passport or driver's license. After this, you'll need to upload proof of address as well in the form of a recent utility bill or bank statement dated within the last six months.

Step 3: Deposit Funds

Once your account has been activated, you can now proceed to fund your account. Click the Deposit Funds button at the bottom left corner of the site and choose a payment method. Clients in the UK can deposit via debit card or bank transfer. After specifying the amount you wish to deposit, tap on the Deposit button to complete the transaction.

Step 4: Store Your Cryptos with eToro Money Crypto Wallet

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more' (linking to https://www.etoro.com/customer-service/terms-conditions/trading-restriction/)

If you don’t have any crypto in your eToro trading account, then you’ll first need to buy them on the platform. Once you do, you can transfer your crypto from the trading platform to the eToro Money app. To do this, simply head to your portfolio, then to your crypto asset position, then click the Transfer to crypto wallet option.

Alternatively, you can buy crypto directly via the eToro Money app by going to the Crypto tab and selecting the crypto you wish to buy. Then simply press the buy button, select the currency, then select the amount you want to buy the crypto for.

eToro Money Crypto Wallet Review - Conclusion

We’ve established through this eToro Money review that the crypto wallet is simple, secure, and user-friendly. eToro was founded back in 2007 and has become one of the best trading platforms in the UK especially as it has been built well for traders of all levels. Whether you’re a new crypto trader or a long-time crypto investor, the eToro Money crypto wallet is a great option for storing BTC, BCH, ETH, XRP, LTC, and XLM.

If you want to start storing, sharing, and buying cryptocurrencies with eToro and the eToro Money app, simply follow the link below and create an account with eToro today!

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. 76% 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. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

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.

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