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eToroX Exchange Review & Tutorial 2021

eToroX Exchange Review & Tutorial 2021

The eToroX exchange is aimed at slightly more experienced traders as the exchange platform itself is more advanced compared to the eToro trading platform.  But if you are new, you’ll find that once you get your head around it there’s a wider range of crypto assets and stable coins with more competitive fees and trading options available to you.

In this eToroX exchange review for 2021, we’ll take a look at the exchange, fees, supported cryptocurrencies, and support.

What is eToroX?

eToroX was launched in 2019 and is the crypto subsidiary of eToro. Built almost as a bridge between the traditional financial sector and the crypto space. eToroX offers cryptocurrencies such as  Ripple, Ethereum, Bitcoin, Bitcoin Cash and Litecoin. Plus they have a number of stablecoins, which are pegged to various world currencies and gold and silver.  Which include like GBPX, EURX, GOLDX, etc.

eToroX Exchange

To get started, you’ll need to have completed the verification process in your eToro trading account. Then you can sign into eToroX Exchange using your eToro username and password.

To sign-up to eToro Trading Platform and start trading cryptocurrencies, click here.

eToro Wallet

You can transfer your crypto between your eToro Wallet and eToro’s advanced crypto exchange, eToroX.

eToro’s own wallet is custodial, therefore you won’t have access to your private keys, nor full control of your funds. Therefore eToro will ultimately control your funds. But their wallet supports over 120 cryptocurrencies. You can easily store, receive and transfer your crypto into their wallet, as well as swap.

eToro Wallet

eToroX Fees

eToroX fees are all based on your monthly volume and on a maker/taker model. In tier 1, you’ll be paying 0.10% for maker orders and 0.24% for taker orders.

You’ll come across maker and taker fees a lot in exchanges. So in case your not aware of what these are, I’ll quickly explain.

Fees with EToroX

If I place an order at the current market value and is therefore completed immediately, I am deemed as a taker of the market as I am taking the current market price and my fee is therefore 0.24%.

However, if I were to become a maker of the market and define a new price that is not immediately matched by an order on the order book than I will pay less, at 0.10%.

Deposit and Withdrawal Fees & Limits

eToroX allows deposits in crypto, stablecoins (that are pegged to various world currencies) and USD. However, for those who aren’t day traders (like myself) it might not work for you as the minimum deposit is $10K. Plus, the same applies for withdrawals too so just be aware of that before you start trading for USD then get your funds stuck.

For crypto assets, there is no minimum deposit required and the likes of Bitcoin can be deposited using a QR code and wallet address.

In terms of withdrawals, the fees that you’ll be paying are based on the asset your withdrawing. You can check out their withdrawal fees and limits on their fees page.

eToroX Withdrawal Fees

eToroX Supported Cryptos

eToroX supports the likes of Bitcoin, Stellar, XRP, Tron, Cardano, EOS, Litecoin, Ethereum, Dash, ZCash, Neo, IOTA, Binance Coin and many different stablecoins.

Stablecoins

eToroX is mostly just crypto to crypto exchange. You can deposit US Dollars but only amounts greater than $10K. Rather than use FIAT currencies to trade with, eToroX uses stablecoins pegged to various world currencies and metals including ; EURX (Euro) , GBPX (Great British Pounds), CADX (Canadian Dollars), NZDX (New Zealand Dollar), GOLDX (Gold), SILVX (Silver), etc.

These ERC20 tokens are issued by eToro Digital Assets Ltd. (an eToro subsidiary).

eToroX stablecoins

eToroX Support

One of the biggest downfalls is eToro’s support, with no live chat, any issues can potentially take days to resolve.

I personally had an issue when depositing my BTC into eToroX. After a few days of my funds not appearing I had to contact support for help. So with no live chat, I contacted customer support via email (through their site) which provided me with a 7 day response time. Unfortunately, this was over the Christmas period and I didn’t receive a response within the 7 day period.

eToroX Support

I did however get a quicker response from eToro via Twitter. Although eToro will respond quicker via Twitter, they are limited in what they can do and will refer you to their online customer support. However, they did manage to escalate my query because it had taken over two weeks for a response.

Not having your issues resolved in a reasonable timeframe can quickly lose the support and trust of a customer, however small that query may be. This is something eToro will need to resolve if they want to become a major player in this market.

etoro twitter support

Is eToroX Safe?

The eToroX exchange offers a trusted and secure crypto trading platform. They are licensed and regulated by the Gibraltar Financial Services Commission under the Investments and Financial Fiduciary Services Act (licence number FSC1333B). 

is eToroX safe?

eToroX vs Coinbase

Similar to the likes of Coinbase, eToroX offers a range of products under its belt. This includes eToro, the trading platform, the eToro Wallet, plus the eToroX exchange.

eToroX offers lower rates in terms of trading fees with rates at 0.10 to 0.24% vs Coinbase fees at 0.5%. However with Coinbase you can deposit FIAT currencies such as GBP and Euros with no minimum deposits. Plus you’ll also find that trading volume is higher and there’s more liquidity and trading pairs with Coinbase Pro.

Coinbase vs eToroX

Conclusion

Rating: 1.5 out of 5.

eToroX is a good alternative to eToro for those looking for more advanced trading options and lower fees. Although I feel that it is still in its infancy and needs more trading pairs, and the ability to fund with FIAT. Having to add $10,000 as an entry point would put off a lot of users. If eToroX alternated this to no minimum deposits this would definitely attract a lot more users to the platform. I also found that the 24hr volume was low. But obviously, this will change depending on market conditions.

The support would really benefit from adding a live chat feature to increase support response times. I personally had a few issues with eToro while making these videos. Depositing Bitcoin took over 2 weeks to resolve. Plus I also sent a bank deposit of £400 which was rejected and a, still waiting for it to be returned 2 months later. When you check the online reviews, Trust Pilot gives eToro a generous 2.3 rating.

eToro Trust Pilot Review

So will I be using eToroX to buy my Bitcoin and Cryptocurrency? The simple answer is No! I would prefer to use the likes of Binance Exchange or FTX. eToroX fees are is generally high and the support is awful. I will keep my stocks portfolio with them, but I won’t continue to add to the platform in the future.

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eToro Crypto Review & Tutorial 2021

eToro Crypto Review & Tutorial 2021

eToro, which is trusted by millions of users, is a user-friendly platform and enabling anyone, anywhere, to buy cryptocurrencies within just a few clicks. With eToro you can purchase cryptocurrencies such as the likes of Bitcoin, Ethereum, and Ripple as actual tokes. Or you can trade CFDs based on the underlying cryptocurrency price.

Depending on local regulations in your country of residence, you can do one or both on the eToro platform. Obviously, there is a lot more to eToro than trading crypto, and it has more than 2,000 other financial instruments to choose from if you wanted to expand your trading and investment horizons. 

What is eToro?

eToro is the trading platform which has a nice and simple interface and is more aimed with the beginner in mind. You can buy and sell crypto instantly. There are hassle-free deposits and withdrawals, you can track real market data and follow each coin’s trends. Plus one of the unique features with eToro is the ability to copy other crypto traders. So If you know nothing of crypto and would like to dip your toe in the water, you can also copy more experienced traders.

etoro trading platform

What is eToroX?

eToroX is the exchange, aimed at the more experienced traders. The exchange is more advanced, there’s a wider range of crypto assets and stable coins, deep liquidity, and tight spreads with competitive fees.

What is eToroX Review 2021

eToro Wallet

The eToro wallet is secure, fully regulated and supports over 120 crypto assets. With the eToro wallet, you can exchange crypto to crypto and keep on top of your eToro crypto trades.  Plus you can even purchase crypto with a credit card using Simplex.

Now an important question here is where is your private key? Well, the wallet is custodial and eToro state that they secure your private key using market-leading security technologies. 

buy crypto with etoro Wallet

However, you can also use the wallet to receive crypto and also send your crypto across to another external wallet such as a hardware wallet where you’ll have control over your crypto with access to your private keys.

It’s important to note that coins that are transferred from the eToro trading platform to the eToro Wallet cannot be transferred back.

eToro Crypto Fees

When trading cryptocurrencies within eToro, the platform does not charge any trading fees in the way regular crypto exchanges do. eToro does not charge any deposit or trading fees other than something called “spreads”. This is the difference between the buy and sell prices of a certain asset. These fees are clearly set out on the Etoro fees page and are set by each different cryptocurrency available. An example of this is Bitcoin where there is roughly 0.75% spread.

If you are transferring your crypto from the platform you charged a fee which will vary depending on each blockchain provider. Again, an example of these fees are shown on the eToro fees page.

Withdrawing from the platform does incur a fee but this is pretty low at $5.00 and there are no clearance fees.

eToro Fees

How to Withdraw Crypto from eToro

If you want to withdraw your Bitcoin or other cryptocurrencies from eToro, a couple of different rules apply. First, you need to actually own the cryptocurrency. Meaning you must own the underlying asset and not as part of a CFD. You own the asset when you have created a buy order without leverage.

If you want to withdraw to the eToro wallet, the method that you deposited with is important. If you transferred using credit/debit card or PayPal you’ll have to wait for 180 before you can do so. Although this does seem excessive eToro have put this in place to protect themselves from credit card fraud (such as stolen credit cards and chargebacks). Also, there are minimum withdrawal amounts that apply to transferring funds as well as fees. All of which can be found on the eToro fees page.

It’s important to note that coins that are transferred from the eToro trading platform to the eToro Wallet cannot be transferred back.  However you can transfer your crypto between your eToro wallet and the EToroX exchange for trading, plus you can also send from the eToro wallet to another wallet.

Providing you have used the correct deposit method and have above the minimum withdrawal amount available you can withdraw very easily to the wallet. Simply click onto the trade that you want to transfer and on the edit trade screen you’ll see the option for “Transfer to Wallet” if its available. You’ll then have then option to review your transfer which will display the fees as mentioned.

Once your funds have been transferred, they will take at least 1 business day to transfer and appear in your eToro wallet. This is because all transfers are subject to a manual review.

sending crypto from eToro

eToro vs Coinbase

Both eToro and Coinbase are great places to start for those wanting to trade cryptocurrencies. Coinbase is one of the largest exchanges in terms of volume with 35 million users across 100 different countries. Whereas eToro is the world’s largest “social trading” platform with millions of users in about 170 countries. 

Both platforms have a suite of products for different trading levels and also a wallet app for storing cryptocurrencies. Coinbase has Coinbase.com for simple buys and trades, Coinbase Pro the exchange for more experienced traders and then the Coinbase wallet for storing your crypto. eToro on the other hand has eToro the trading platform, eToroX for advanced crypto traders and the eToro wallet for storing cryptocurrencies.

Unlike Coinbase, cryptocurrency is not your only market option with eToro and users have over 2000 instruments to trade with. However, where eToro really stands out is with its CopyTrader feature which is unique to crypto exchanges and trading platforms. Allowing users who would like to try out crypto to follow some of the most experienced traders.