eToro Money Wallet Tutorial: How to Use eToro Crypto Wallet?
One of eToro's newest features is their online wallet, which any active user can use to buy, sell, transfer or exchange from one cryptocurrency to another. This section describes everything you need to know about this wallet.
Do you want to open an eToro wallet?
If you are interested in opening a wallet with eToro, click the button to skip this article and go directly to the account registration steps.
Wallet service provider
The eToro Wallet service is operated by eToro X Limited, a subsidiary of the eToro Group, and is a licensed DLT provider regulated by the Gibraltar Financial Services Commission with license number FSC1333B. This information can be seen in the lower part of the wallet interface.
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Using the eToro Wallet
eToro foresees a future in which all assets will require tokenized investments, and the approach to using cryptocurrencies will be the first step in this transition.
This is where the eToro Wallet comes in, providing users of the app with a secure digital place to store their cryptocurrencies.
- Using the eToro wallet includes the following:
- Transfer cryptocurrencies like Bitcoin from eToro trading platform
- Send and receive cryptocurrencies to other wallets
- Conversion from one cryptocurrency to another (e.g. Bitcoin to Ethereum)
A point to note: eToro Wallet supports over 120 cryptocurrencies and features in-app conversion for up to 500 different cryptocurrency pairs.
View crypto transactions on the wallet
The wallet also allows you to keep an eye on your crypto trading portfolio. Just click on the "Trade" tab and you can see all the positions you have opened on the trading platform.
Clicking on each cryptocurrency will reveal the total number of units you hold and options to view or trade them.
How do crypto wallets work?
In particular, cryptocurrency wallets act as a link to the world of digital currencies; the blockchain. Crypto wallets allow users to manage their ledgers, record all cryptocurrency transactions, and provide access to their digital currencies.
Whether you're dealing with a Bitcoin wallet or Ethereum wallet or other cryptocurrencies, crypto wallets use "keys" using the same principles.
- Any method of digitally storing wallets has a public and private key and a public address.
- Send coins from eToro wallet to another wallet
- Sending coins from your eToro wallet to another wallet involves the following simple steps:
- Log in to your eToro wallet with your phone or device.
- In the "Balance" tab, select the cryptocurrency you want to send.
Click Send. Next, set the amount you want to send and enter the recipient's public address. Click the camera icon to scan the receiver's QR code.
- Double-check the address and click Submit.
- Wait for a text message with a confirmation code on your phone.
- Enter the confirmation code and click "Confirm".
But wait, what is a "public address"?
A public address is an "external-facing identifier" for your cryptocurrency wallet. It is the destination for any digital currency or cryptocurrency you buy. When you buy a cryptocurrency like Bitcoin, the seller sends a record of "ownership" to your "public address."
Basically, a public address works like your bank account details when you send a traditional money transfer through a bank.