eToro Wallet: How To Transfer Cryptocurrencies And Save On Fees
eToro Wallet is a multi-currency wallet that supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, allowing users to manage their assets easily within the app. Transfers from the trading platform to the wallet are subject to a fee structure, with a 2% fee applied to most transactions. The wallet also supports crypto-to-crypto conversions for over 500 different pairs, offering users flexibility in managing their assets.
eToro Crypto Wallet is a digital solution for storing and transferring cryptocurrencies, which supports popular assets, including Bitcoin, Ethereum, and others. Users can transfer funds from a trading account to the wallet via a simple mobile application, which makes asset management convenient and secure. To avoid unnecessary costs, it is important to understand the mechanism for calculating fees for each transaction. Transferring cryptocurrencies from the platform may be associated with various fees, and knowing these nuances allows you to reduce financial losses. Saving on fees can significantly improve trading efficiency, especially for active transactions, which is what we will discuss in this article.
What is eToro Wallet and how does it work?
eToro Crypto Wallet is a multi-currency wallet that allows you to transfer crypto from your eToro trading account to your eToro Money wallet. You can manage your assets through the mobile app and the web interface, accessible through the eToro platform.
However, it is worth noting that the eToro web interface is limited in functionality compared to the eToro Money mobile app. The eToro web platform allows you to manage your assets and initiate cryptocurrency transfers. However, features such as direct management of cryptocurrency wallets, sending assets to other external wallets, and more advanced crypto asset operations are only available through the eToro Money mobile app.
When choosing a wallet format, you should consider your goals: for active traders, the web interface is suitable, as it is more focused on trading and monitoring positions. While the mobile app provides users with full control over their crypto assets. It also supports additional security measures such as two-factor authentication (2FA).
How to transfer cryptocurrency to eToro
Transferring cryptocurrency from an eToro trading account to an eToro wallet is the same in both the web interface and the mobile app. For illustrative purposes, we used the web interface. Similar steps are available on a mobile device.
Step 1: Open the eToro Money app on your mobile device. Use the login and password that match your eToro platform credentials.
eToro login
Step 2: Go to the "Portfolio" section of the app. All your open cryptocurrency positions will be displayed here. Select the cryptocurrency you want to transfer, such as Bitcoin, Ethereum, or other supported assets.
eToro portfolio
Step 3: Click on the "Edit Trade" button and select the "Transfer to Wallet" option. Carefully check all the details: the transfer amount and possible fees.
eToro transfer
Confirm the transfer by clicking "Transfer". Your request will be marked as "Pending Processing".
eToro transfer confirmation
Step 4: eToro will notify you when your transfer request has been accepted.
eToro transfer details
The transfer process may take up to 5 business days. During this time, your position will remain active and you will be able to adjust your Stop Loss or Take Profit settings.
Transfer fees and how to save on them
eToro charges a fixed percentage for transferring cryptocurrencies from the trading platform to the eToro Money wallet. The fee amount depends on the type of cryptocurrency and the amount of the transaction. It is also worth remembering that in addition to the eToro fee, there is a blockchain fee for the value token. It may vary depending on the network load.
eToro crypto transfer fees
| Cryptocurrency | Minimum Withdrawal | Transfer Fee |
|---|---|---|
Bitcoin (BTC) |
0.0086 BTC |
0.0005 BTC |
|
Ethereum (ETH) |
0.3 ETH |
0.006 ETH |
|
Ripple (XRP) |
133 XRP |
0.25 XRP |
|
Litecoin (LTC) |
0.68 LTC |
0.001 LTC |
|
Bitcoin Cash (BCH) |
0.18 BCH |
0.001 BCH |
|
TRON (TRX) |
130 TRX |
1 TRX |
|
Dogecoin (DOGE) |
100 DOGE |
5 DOGE |
|
Uniswap (UNI) |
12 UNI |
0.02 UNI |
|
Zcash (ZEC) |
0.2 ZEC |
0.001 ZEC |
How to minimize fees:
-
Time your transfers. Blockchain fees can fluctuate significantly depending on current network activity. Scheduling transfers during off-peak times can help reduce these additional costs.
-
Avoid small transactions. Since blockchain fees are fixed for each transaction, it is a good idea to consolidate small transfers into one larger transaction to minimize costs.
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Use cryptocurrencies with low fees. Whenever possible, choose cryptocurrencies with lower fees for transfers, such as Litecoin or Stellar, which are cheaper to use compared to Bitcoin or Ethereum.
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Monitor blockchain fees. Blockchain fees charged for each transfer depend on the current state of the network. These fees can vary in real time, so monitor the network and make transactions during off-peak times to avoid overpayments. Some wallets and exchanges provide an estimate of these fees before confirming a transaction, allowing the user to make more informed decisions.
eToro Wallet transfer security
eToro uses multiple layers of security to ensure the safety of cryptocurrency transactions. One of the main measures is two-factor authentication (2FA), which adds an extra layer of protection. After entering your password, you are required to enter a code received via SMS or a special authenticator app, such as Google Authenticator. This reduces the risk of unauthorized access, even if your password has been compromised.
Another security measure is the use of multi-signature. This technology requires multiple keys to confirm transactions, which prevents hacking even if one of the keys is lost. This approach is especially useful for protecting corporate accounts or joint investments.
How to protect your crypto wallet
-
Secure passwords. Create passwords at least 10 characters long, using capital letters, numbers, and symbols. Do not use the same passwords for different services and never share your password with third parties.
-
Regularly update the software. Keep your eToro app and your device's operating system up to date to ensure the latest security measures are in place. This helps avoid vulnerabilities that could be exploited by malicious actors.
Some research can save you big bucks
If you're just starting with eToro Wallet, one often overlooked tip is to pay attention to the spread fees when swapping between cryptocurrencies. Instead of using the built-in swap feature right away, check the rates on other exchanges first. Sometimes, doing the extra research can save you from paying more than you need to. Also, try making fewer, larger transfers to cut down on transaction costs. The spreads can get expensive, so it’s worth waiting for moments of lower market volatility to make your transfers cheaper.
Another good piece of advice is to focus on coins that give you more options, like Ethereum (ETH) and Solana (SOL). They’re useful beyond just holding because you can use them for staking or decentralized finance (DeFi) projects. This way, you’re not just hoping the price goes up—you can earn rewards by actively participating in other crypto applications, which helps offset the fees eToro charges when you transfer or convert funds.
Conclusion
The eToro crypto wallet is a fairly efficient way to manage assets. Proper planning of transaction times and choosing suitable cryptocurrencies with low fees can significantly reduce the cost of transfers. Remember that each transfer is accompanied by a blockchain fee, which depends on the network load. The convenience of the eToro wallet also lies in its ability to quickly exchange cryptocurrencies and withdraw them to third-party wallets for further use. Thus, the wallet is a universal tool for both short-term transactions and long-term storage of assets.
FAQs
Is it possible to reduce transaction waiting time when transferring cryptocurrency?
Yes, it is possible. To speed up the transfer, you can choose networks with higher throughput that offer fast transactions. In addition, some wallets allow users to increase the fee to speed up the transaction. However, this method does not always guarantee a significant reduction in time and may not be economically feasible.
What are the ways to increase the anonymity of cryptocurrency transfers?
To increase the anonymity of transfers, you can use wallets with the function of hiding transactions, where the amounts and participants are not displayed. You can also use mixers - services that mix cryptocurrency, making it difficult to track the source and destination of funds. However, it is worth considering that such methods may raise questions from regulators.
What level of fees can be expected when using different blockchains?
Fees depend on the specific blockchain and its load. For example, fees on the Bitcoin network can be higher during peak periods, while less loaded networks such as Tron or Stellar offer lower transaction fees, which makes them attractive for frequent transfers.
How to avoid losing access to cryptocurrencies when changing devices or losing access to your wallet?
When changing devices or losing access, you need to have backup copies of your secret keys or seed phrases. Use reliable storage methods, such as offline paper media or specialized devices. If recovery data is lost, access to cryptocurrencies may be irreversibly lost.
Team that worked on the article
Maxim Nechiporenko has been a contributor to Traders Union since 2023. He started his professional career in the media in 2006. He has expertise in finance and investment, and his field of interest covers all aspects of geoeconomics. Maxim provides up-to-date information on trading, cryptocurrencies and other financial instruments. He regularly updates his knowledge to keep abreast of the latest innovations and trends in the market.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).