Trading Platforms UK
Search TradingPlatforms
Home » etoro money review
Disclosure Fact Checked

With hundreds of crypto wallets available, most new investors have a hard time understanding and choosing which one to use. Will the reliable and well-regulated 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.

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 eT0r0 Money card review, we found the recent release of the eToro Money debit card UK in December of 2021.

etoro money review

Cryptocurrencies are highly volatile assets. You should consider whether you can afford to take the high risk of losing your money. 

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.

etoro money card review

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

What we like

  • Easy-to-use application
  • Android and iOS mobile app
  • Registered as a Money Services Business with FinCEN
  • Regulated by the Gibraltar Financial Services Commission (GFSC)
  • 24/5 customer support
  • Available in many countries
  • Secured by multisignature and analytic behavior machine learning.

What we don’t like

  • Can’t store tokenized smart contracts
  • No desktop wallet available

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

etoro money app

Cryptocurrencies are highly volatile assets. You should consider whether you can afford to take the high risk of losing your money. 

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

etoro money crypto wallet

Cryptocurrencies are highly volatile assets. You should consider whether you can afford to take the high risk of losing your money. 

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

etoro money review

Cryptocurrencies are highly volatile assets. You should consider whether you can afford to take the high risk of losing your money. 

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

etoro money card review

Cryptocurrencies are highly volatile assets. You should consider whether you can afford to take the high risk of losing your money. 

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

etoro money app

Cryptocurrencies are highly volatile assets. You should consider whether you can afford to take the high risk of losing your money. 

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.

 

Fee Type
Fiat to Crypto Conversion Rate 1% eToroX fee;

4% Simplex fee 

Crypto to Crypto conversion fee 0.1% eToroX fee
Crypto commission 0%
Crypto spreads Varying; 0.75% BTC, 1.9$ ETH

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.

etoro money crypto wallet

75.26% of retail investor accounts lose money when trading CFDs with this provider.

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. This is as easy as heading 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.

75.26% of retail investor accounts lose money when trading CFDs with this provider.

eToro Money Crypto Wallet Account Types 

According to our eToro Money review and eToro Money card review, there are no different account types on the eToro Money app aside from country-based variations. As an eToro account is needed for the eToro Money crypto wallet, we have a below table of the account types of eToro.

Features Standard Account  Professional Account
Leverage 30:1 maximum leverage 400:1 maximum leverage
Minimum deposit $10 Portfolio exceeding $500,000
Dedicated account manager Yes Yes
Exclusive webinars Yes Yes

eToro Money Crypto Wallet Mobile App Review

etoro money 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 easy to use.

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.

75.26% of retail investor accounts lose money when trading CFDs with this provider.

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 $10, 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. 

etoro money card review

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. 

As the eToro Money crypto wallet is serviced under eToroX, you may optionally go to the eToroX support service as well. Their support, however, consists of a ticket system. Luckily, eToro has an excellent help center with a complete FAQ list. Their articles have been reviewed properly and can give you the necessary information regarding your platform issues.

Is eToro Money Crypto Wallet Safe?

The eToro Money app is provided by eToroX Limited which is a company incorporated in Gibraltar. They are licensed under the Gibraltar Financial Services Commission (GFSC), ensuring that the blockchain processes for the app are safe and secure.

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

etoro money app

75.26% of retail investor accounts lose money when trading CFDs with this provider.

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

etoro money crypto wallet

Next, you'll need to verify your identity as eToro is an FCA-regulated platform and requires that even users are well monitored for protection. 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

etoro money review

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 such as a bank card, Neteller, Skrill, or wire 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

etoro money card review

75.26% of retail investor accounts lose money when trading CFDs with this provider. Your capital is at risk.

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 easy to use. eToro was founded back in 2007 and has become one of the top trading platforms especially as it has been built well for beginner traders. 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 money app

Cryptocurrencies are highly volatile assets. Your capital is at risk.

FAQs

What is eToro Money Crypto Wallet?

eToro Money Crypto Wallet is the eToro broker’s own crypto wallet that allows eToro users to transfer specific crypto they purchased on their trading platform to their respective money crypto wallet. The eToro Money Crypto Wallet is like other crypto wallets wherein you can send and receive cryptocurrencies.

What is cryptocurrency trading?

Cryptocurrencies are digital assets backed by the blockchain and are used as a transfer and store of value. Crypto trading is the buying or selling of these virtual currencies in real-time.

What crypto assets can I store in eToro Money Crypto Wallet?

You can store Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Stellar (XRM), and Bitcoin Cash (BCH) on the eToro Money Crypto Wallet.

Can I do crypto trading on eToro Money?

Can I open an account with eToro Money Crypto Wallet in the UK?

Yes, you can! Sign up first for an eToro account if you haven’t already. Then download the eToro Money app and connect your account.

aquinoapa@gmail.com'
About Jose Rafael Aquino
About Jose Rafael Aquino

Jose Rafael Aquino is a Filipino writer and entrepreneur that specializes in finance, technology, cryptocurrency, and sports. Versed in the startup tech space, he has written for websites such as The GUIDON, StockApps, and BuyShares.

Scroll Up