With cryptocurrencies growing in popularity over recent years, crypto enthusiasts now have more choices than ever when it comes to wallets, exchanges, and many other services. Now, social trading platform eToro has rolled out a cryptocurrency wallet of their own that’s available for download on the Google Play Store and Apple’s App Store. With wallets being one of the most important items cryptocurrency traders and investors need, it’s one area that should not be overlooked. But what kind of features does the wallet offer? Is it secure? And how user-friendly is it? Let’s take a closer look at the new cryptocurrency wallet to see all that it has to offer and find out if its the right fit for you.
eToro
Before looking into the wallet itself, we should look at the source it’s coming from. eToro is a social trading platform that supports a variety of assets including not only currencies and equities but cryptocurrencies as well. The company has been a mainstay in the cryptocurrency space for quite some time with a long track record of supporting cryptocurrencies early on. In fact, eToro first rolled out bitcoin trading on the platform at the beginning of 2014 — well before the 2017 crypto mania. eToro is a pioneer in “social trading” which allows users to follow and replicate the trading patterns and styles of the top traders on the platform. Through social trading, users can automatically copy the same trading strategies that the best traders on the platform are using to improve their own performance. With that in mind, it makes sense that the company would extend its services to include cryptocurrency wallets; let’s take a deeper look.
The in-depth guide to using bitcoin wallets
Supported Assets
For now, eToro’s new wallet only supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC); however, the team announced its intentions to increase the number of supported crypto assets over time just as they’ve increased the number of cryptocurrencies on their trading platform. This appears to be pretty standard practice for many new wallets and exchanges supporting cryptocurrencies to first focus on the core currencies their user base uses and then expand to cover a wider variety of crypto assets. When eToro first expanded into the cryptocurrency space, it began with just bitcoin, now the platform supports 14 different cryptocurrencies. We can expect that those will likely be rolled out in the near future.
Security Features
Next up, we need to look at the security features of the new wallet. While the wallet itself is operated by eToroX, it is linked with the eToro exchange, meaning users can login with their existing eToro account, mitigating the need for excess passwords and login credentials. However, as added protection for users, the wallet also supports 2-factor authentication (2FA) and multi-signature security to ensure the secure holding of your assets. (If you’re not already using 2FA whenever you can, then you certainly ought to be.) The result is a high level of security while also offering top-notch ease of use.
Important Features
Besides the basics like different language options to choose from, there are many other factors to consider when looking at a cryptocurrency wallet and eToro has made sure to include some extras that we think are great for crypto enthusiasts regardless of skill level. Security is always at the top of our list, so seeing multi-signature support and 2FA included is always a plus, but there’s more beyond logging in securely. eToro’s wallet allows moving cryptocurrencies to other wallets as well. That means that users aren’t tied to storing their cryptocurrencies only with eToro. Instead, users can send their cryptocurrencies to other wallets, exchanges, and even into cold storage if they’re looking at a long term solution for holding their assets.
In addition, the wallet supports a variety of languages to choose from, just like the eToro trading platform, so users aren’t limited to one language. Since the wallet works with the eToro platform, users can easily take advantage of the other features of the eToro app to work in conjunction with their wallet. After getting market updates and checking their newsfeed in the eToro mobile app, users can then easily switch to their wallet to move and receive funds. At the end of the day, perhaps the biggest advantage of the wallet comes down to simplicity. The wallet is easy to use and can be set up in no time, especially for those who already have an eToro account.
Pros vs Cons
Pros
- The wallet comes from a trusted name in the cryptocurrency space that has over 10 million registered users
- Top-notch security options to secure your holdings
- User-friendly and easy to use with an intuitive user interface and experience
- Support for the top cryptocurrencies in the market right now
- Variety of languages to choose from
- Automatically syncs with users existing eToro account
- Available on both iOS and Android mobile devices
- Low trading fees, as with eToro’s trading platform
Cons
- Not yet available universally, individual users will need to check if it’s available in their country
- Only available on iOS and Android devices — no desktop or laptop options yet
- Currently only supports four cryptocurrencies, though more to come in the future
The Bottom Line
There are a lot of factors to consider when looking at different cryptocurrency wallets, but eToro provides a solid option on all fronts. While the platform’s cryptocurrency wallet may not be available in every country yet, our opinion is that it is certainly one of the best options for traders in the locations it’s currently available in. Between the high level of security, ease of use, and the trusted company behind the wallet, eToro’s cryptocurrency wallet is a good choice for anyone in the markets, regardless of their skill level.
