The Bottom Line: eToroX is a new kind of crypto exchange and wallet available to everyone, without compromising on security or quality. An exchange that is pushing the industry forward and redefining crypto for retail prosumers and corporate customers.
The evolving world of cryptocurrencies is such that cannot be ignored as new investment vehicles are established around the globe.
Apart from the commodities, futures and forex markets, crypto today commands attention as a legitimate means to make money in more than 100 countries globally.
Closely knit with cryptocurrencies is blockchain, which is the medium of governance for every issued token or coin.
Investment in blockchains is a proven pathway to revolutionizing existing industries and processes in today’s world.
In recent years, bitcoin alone has witnessed a magnificent rise in price that was just a few basis points away from 20,000 percent mark as of December 2017.
There have been peaks and valleys in the price movement of bitcoin and the altcoins in the 24 months to November 2019 that show the ROI potential of cryptocurrencies.
As an investor, it is important to know the possibilities of eToroX, how to use it, who is behind it, and what to expect.
Since making money with crypto is no longer a point of dispute, how to optimize it is worth considering. All these are covered in the subsequent sections.
Minimum Deposit: $0
Fees: .12% - .24% (depending on order size)
Promotion: No current promos
What is eToroX?
The eToro Group has been at the forefront of online and digital investment forays for more than a decade.
eToroX was launched in 2018 and it got its due licensing and regulatory nod in the Isle of Gibraltar in April 2019.
Ever since, it has continued to add more trading pairs to its cryptocurrency trading basket along with the implementation of safeguards and activating of a well-funded blockchain lab.
Operational spread and strength
eToroX operates as a global digital assets and cryptocurrency company with its coverage extending to more than 100 countries.
It's operations are, however, restricted in the United States, Canada, and a few other territories.
Beyond providing a platform that allows users to buy, sell, and trade cryptocurrencies, the company is also investing in crypto labs, so that blockchain solutions and technologies can become globally accessible.
Payment Methods and Fees
eToroX is robust in terms of accepted payment methods on the platform. With its integration to Simplex, credit and bank cards can be used to make deposits.
So, your leading card issuers like Mastercard, VISA, and Maestro are usable here.
In addition, once your account is live, you can also deposit your leading cryptocurrencies to your wallet on the platform.
Deposits do not attract fees on eToroX, and this works as an incentive to users of the platform who might be looking to avoid losing any part of their trading capital.
Anyone will be glad not to pay deposit fees and avoid some charges.
Rates for withdrawals and deposits
Rates charged by eToroX are competitive and largely aligns with what other competitors offer.
When making withdrawals, you should expect. Fees can be as low as 0.00060 for Bitcoin withdrawals.
Rates for buy/sell transactions
eToroX also has a system of maker and taker fees for transactions on its platform.
The range is 0.03 to 0.10 percent for Maker fees in respect of transactions from as high as $10m to less than $100,000.
Taker fees are also in the range of 0.12 to 0.24 percent for transactions as high as $10m to lesser than $100,000.
Methods of deposit
The two basic means to fund your eToroX account at present is through fiat and crypto deposit.
Fiat methods listed presently on the website is restricted to debit and bank cards.
For crypto deposits, the applicable tokens and coins are also specified.
The easiest way to make a deposit on eToroX is to send a crypto to your exchange wallet.
However, before this can happen, you need to verify your account.
Other acceptable tokens are added from time to time. Only verified account holders are able to make deposits on the platform.
The good side to crypto deposits is that there are no minimums specified, and as such, you can deposit any amount in your wallet.
In addition, with Simplex, you can fund your account using a Mastercard, VISA, or Maestro cards.
As to bank transfers and other deposit methods like PayPal, Yandex, Skrill or Giro, you need to use the customer support help, and this is considered on a case by case basis.
Methods of withdrawal
On eToroX, the withdrawal method presently supported is that of crypto assets.
So, you can only withdraw your balances to a specified crypto wallet and not by fiat or bank transfer.
It would appear that other withdrawal methods might be added as time goes on.
A look at the platform’s knowledge base shows that other withdrawal methods are not yet listed.
Transaction completion periods
Transaction completion time on eToroX could be anything from immediate to a few hours.
The reason for this is largely due to the crypto to crypto pattern it presently operates.
If you are depositing or withdrawing Bitcoin, you should expect the transaction completion to be limited by the blockchain transaction turnaround time.
In this case, it can take up to 30 minutes or an hour to have your crypto delivered to your intended wallet.
If you are using Ethereum, Ripple, or BCH, expect a faster transaction completion period.
If you are making a deposit, since the processing of fiat via bank or credit cards are routed through a payment processor, as soon as you complete your purchase, your new balance should be updated on eToroX.
As a first-time user of Simplex, you might be subjected to additional user verification before you are allowed to complete your transactions.
This advisory is also stated on eToroX new user FAQs to guide compliance as you register for a new account.
In all, credit card transactions are known to process quickly, and as such, forbearing any red flag on your end, in a few minutes, your transactions should sail through.
Operations and Dashboard
The user interface of eToroX is simple and quite well-laid out. This is one of the leading eToroX advantage that users can enjoy.
You do not need to be a cyber guru to be able to navigate the platform.
From account opening to processing transactions, the walk-through layout is easy to understand.
You can simply follow the user prompts to get what you want done at any time.
If you are stuck, send an email and a customer service representative will contact you and address your concerns.
A customer can access eToroX on both mobile and desktop devices. Online, you can download the eToro X wallet from your Android and iOS stores respectively.
As it is commonly advised, you should only store online the crypto you are actively trading.
Otherwise, if you are not intending to transact any business any time soon, soon your coins and tokens should be stored offline for security purposes.
Security and Customer Insurance
In the absence of any stated customer insurance, eToroX has invested in rare security measures to safeguard the platform and its users.
The security rating of eToroX is considered top-notch by industry experts. This rating did not come easy and some of the sterling areas have to do with the following:
Staff Vetting: All workers are required to pass the necessary background checks before they are recruited
Unique Infrastructure: The platform uses a native algorithm for safeguarding workstations. These embeds deception and traps which weans out any possibility of staff compromise
2FA Authentication: Customer accounts are mandated to implement 2FA otherwise, platform access will be limited
Multi-level Custody: The platform boasts of multilevel custody environment that eliminates the probability of any huge loss at any time.
There are a number of other platforms safeguards that eToroX have implemented to preserve platform and user account integrity.
Account opening requirements
To trade on eToroX, customers need to adhere to guidelines that will be expected of a regulated exchange.
While it is easy to carry out transactions on some exchanges without a validated account, it is impossible to do so here.
As a world-class platform, the very least to expect is that every user needs to play by the rules. Any slant to the contrary will limit your access to this global crypto platform.
To open an account on eToroX, you need to provide an email address, personal data as well as comply with a range of Know Your Customer requirements.
Who you are, where you live, and what you do is captured by most KYC checklists.
In this regard, you need to provide a means of identification-normally a national ID card, Drivers’ license or International Passport.
In addition, to use a credit or debit card, you need to provide a recent bank statement that might cover the last three months of transactions.
While in some cases a bank statement might suffice, you might also need to provide some form of utility bill in order to ascertain where you live.
In fairness to regulated platforms, since their operations these days are largely akin to that of banks, you should expect that they have enough information on you before you can use the platform.
User authentication not only safeguards the customer, but also the interest of the platform itself.
This is as failure to demand user details could lead to a loss of its operational license in some jurisdictions.
Verifying your account
As stated earlier, opening an account is easy on eToroX. However, using the platform requires up to level 3 verification.
The first level of verification is to click on the verification link sent to your email address in order to validate your new account opening.
The second level of verification is to provide your personal means of identification. Your data will be reviewed to ensure consistency before you pass this verification level.
The third level of verification is the 2-factor authentication. Here, you will be required to provide a phone number to which a code will be forwarded.
You will have to enter the code in the column specified on your user dashboard for this to take effect. Once completed, you are free to buy, sell, and trade cryptocurrencies on eToroX.
Another in-built verification element is when changes need to be made to your existing account.
Here, a dual level verification must be completed before such is completed.
For example, you might be requested to provide details of your last transaction on the platform, submit a bank statement and/or take a selfie image of you holding your means of personal identification.
How a typical transaction works
Making a deposit
To fund your account on eToroX, there is no specified minimum deposit, and this is very much like most of the leading global crypto exchanges.
However, before this can be done, you need to first make sure that your account is verified.
This verification will be communicated to you by email after you submit your personal identification details.
To access your crypto wallet, navigate to your account dashboard, access your balance and click on the symbol of the crypto you desire to deposit.
Once this is done, the wallet address will be displayed, and ready to be copied. Copy this address and enter same in the recipient column on the platform you are using to fund your eToroX account.
Once you click ‘submit’, expect to see your new balance reflect within 30 minutes to 1 hour.
Fiat deposits are possible using the Simplex processing platform. Once you click on fiat deposit in your eToroX account, you will be redirected to Simplex to create your fiat wallet.
You need to also complete a user verification on Simplex by providing your credit card billing statement, account holder address, and personal identification.
Note that your user address must be same as the credit card billing address otherwise, your order cannot be processed.
On Simplex, within an hour of providing your details for verification, you should expect a response.
Otherwise, within 24 hours, you will be contacted. It is only after your verification is completed that you can go ahead with your fiat deposit.
You will need to specify on the Simplex dashboard how much you want to deposit in EUR or GBP.
In addition, you will be prompted to enter your credit card number, and three-digit authentication code, after these, click on submit.
You will be redirected to your eToroX fiat wallet after this step, and if your deposit was successful, your fiat deposit will reflect in your wallet balance.
You can now go ahead to your cryptocurrency balances, click on the symbol of the token you are buying, fill in the amount you are buying and submit for processing.
The good thing about eToroX is that at this stage, your order is completed immediately, and you will see your new balance reflected in your crypto wallet.
How Trading Works
To trade on eToroX is stress-free. The leading highlight here is speed of trading.
There is enough liquidity in the platform to back whatever crypto you are trading as long as it is among the listed 90 trading pairs.
Whether you are merely buying your crypto to hold or speculate in, you have enough tools to help you realize your objectives on the platform.
For investors who love to go the unique trading route, you are free to set your trading preferences as the assets’ index gives you a ready link to do so.
In addition, eToroX provides a pictorial representation of each available crypto’s trading history that can serve as a decision-making guide. This is also an attraction that help users of the platform as they navigate the world of crypto trading.
eToroX is renowned for helping newbies and experienced traders with tools to make their experience worthwhile.
Institutional users of the platform can make use of AlgoX Prime tool, which provides colocation and up-to-date data on the best trading spreads to the minute on a 24/7 basis.
AlgoX Prime is a subscription-only feature with a huge ROI reputation.
Making a withdrawal
Withdrawals are processed rapidly on eToroX. You need to access your user dashboard, check your balance to be sure of what is available before you proceed.
It is also worthwhile to close any open orders in case your withdrawal amount might be too big to be accommodated by your existing balance.
So, click on the symbol of your crypto as you desire to withdraw, enter the wallet address you are withdrawing to, and click to submit.
In a few minutes, your eToroX balance will be debited and your destination wallet will reflect the amount you withdrew.
If you are making a withdrawal up to 10 Bitcoin, your withdrawal fees will be 0.00060. Other crypto withdrawal fees can above
A process description when withdrawing is described here:
- Log in to your account dashboard on eToroX
- On the top right corner of your account dashboard, click on ‘balance’
- Click on the symbol of the crypto you are withdrawing
- The pop-up will appear, and here, select ‘withdraw’
- Enter the amount you are withdrawing in the column provided
- Go to the withdrawal recipient ID and paste the wallet address (note that pasting is advised to avoid missing out a digit of your recipient address)
- You will be prompted to provide a 2FA code- this can either be a Google Authentication Code or a code sent your mobile device
- Enter the 2FA code and submit
- Your destination wallet will be updated with the amount withdrawn.
For account holders, customer support can be accessed using email only.
This is perhaps a sore point that the platform might want to improve upon as its operations grow.
However, if you want an instant chat, you will not get one on eToroX just yet.
You can expect replies depending on the complexity of the issue you want to address within 24 hours.
Pros & Cons
eToroX is a new kind of crypto exchange and wallet available to everyone, without compromising on security or quality. An exchange that is pushing the industry forward and redefining crypto for retail prosumers and corporate customers.
Should You Use eToroX to Purchase Crypto?
eToroX is committed to the growth of the digital economy and this is shown by its foray into blockchain and cryptocurrencies.
The platform already has shown its support early by introducing its EVM compatible Lira programming language to the world.
Having a reach beyond 100 countries on earth means that more can be expected of eToroX in the years ahead.
As to the efficiency of the platform, there is no doubt that since crypto trading is largely a numbers game, more tools and customer -friendly props will be launched with the passage of time.
The range of security features presently available are laudable, and users can have some peace of mind as far as this is concerned.
The world of cryptocurrencies will deepen and gather more clout in the days and years to come.
With recent pronouncements by the Chinese governments to support the development of cryptocurrencies, it is clear that adoption levels will soar around the world.
If eToroX continues to optimize its services, its place in the cryptocurrency trading and investment market will surely be solidified.
Asif is a cryptocurrency enthusiast and journalist who’s been writing on the subject since 2014. He also has a keen interest in social engineering and cybersecurity. When not busy writing about cryptocurrency, he can be found reading books and listening to music. He holds an M.Sc in Life Science and an MBA in Finance & Banking.