What is eToro Money and How Does it Work?
eToro Money is an e-money account that connects seamlessly with your eToro investment account. With the eToro Money mobile app, you can easily manage your account and enjoy free and instant deposits with no conversion fees. Plus, there is also a Visa debit card available to club members in various regions. Whether you’re looking to invest in stocks, cryptocurrency, or other assets, eToro Money makes it easy to get started. In this article, we’ll take an in-depth look at eToro Money and what it has to offer.
What are the Advantages of eToro Money?
eToro offers a wide range of assets to trade, including stocks, indices, ETFs, currencies, commodities, and crypto assets. This gives traders a lot of flexibility in terms of what they can trade and how they can diversify their portfolios. Another big plus is that eToro is very user-friendly, making it a great platform for both experienced traders and beginners.
It offers some great tools and resources to help traders make informed decisions, such as live market data and analysis, charts and indicators, and a newsfeed. All of these factors make eToro a great choice for anyone looking to trade a variety of assets.
The eToro Money account is a great way to manage your money. Here are some of the benefits of using this account:
You can make instant deposits into your account, which is great if you want to quickly invest in something
There are no conversion fees when you deposit money into your eToro investment account
You can also make instant withdrawals from your account, which is handy if you need to access your money quickly
The account comes with a personal sort code and account number, so you can easily send and receive money
The debit card that comes with the account is accepted anywhere that Visa is accepted, so you can use it to easily pay for things around the world.
You pay 0% Forex fees on all deposits
The account is free to set up for all traders on eToro, and there are neither hidden costs nor subscriptions
Overall, the eToro Money account is a great way to manage your finances and get access to great rates.
eToro Fees and Commissions ReviewStep-by-Step Guide to Transferring Crypto to eToro Money
Transferring crypto from eToro to your wallet is a process called ‘transfer.’ To do this, follow these steps:
In “portfolio,” open the Edit Trade window.
Under “Invested,” click on transfer.
Select the crypto you want to transfer
Enter your wallet address
Review the transaction and click ‘Confirm’
So what crypto assets can you transfer from the eToro investment account to your eToro Money? You can transfer Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar, Tron, Cardano, and XRP to your eToro Money.
However, there is a bit of a downside because it can take up to five business days for eToro to process the transfer request, and requests are not processed on weekends and/or national holidays. There is also a waiting period of 7 calendar days for all deposits via online banking. Read more in the article: How to buy bitcoin on eToro.
eToro Crypto Transfer Fees
The fee model for transferring crypto assets from eToro’s investment platform to its eToro Money crypto wallet is dynamic. Basically, the crypto asset transfer fees are calculated based on the size of the position. For example, if you’re transferring a small position, the fee will be relatively small. However, if you’re transferring a large position, the fee will be larger. So, it really just depends on the size of the position that you’re transferring.
For larger positions, the fee is capped at 2% of the transaction size, with a minimum fee of $1 and a maximum fee of $100. BTC, ETH, XRP, LTC, and BCH, among other cryptos, all get a $1 minimum fee.
Please note that the final fee amount will be determined when your request is processed. The transfer fees are deducted in units, but traders should note that there’s also a blockchain fee. However, eToro only gives an estimate of this fee, so you’ll know for sure after the transfer.
eToro Crypto Transfer Requirements
If you’re looking to transfer your crypto holdings from your eToro investment account to your eToro Money wallet, there are only a few requirements you need to meet. First, you can only transfer BUY (long) positions backed by real crypto - so any CFD positions won’t be eligible. Additionally, any assets held in CopyTrader or Smart Portfolio positions also can’t be transferred.
Other than that, you’re free to transfer any amount you’d like. If you’re a new eToro user, there’s just one more requirement. Your remaining equity must be equal to or greater than the total amount of deposits made using certain payment methods, including credit and debit cards, PayPal, Trustly, eToro Money, and Sofort. This limit only applies for a certain number of days after your first deposit into eToro, and your eToro Club level also plays a role in how long this limit lasts.
How to Download the eToro Money
Looking to manage your eToro investments on the go? The eToro Money app is the perfect solution, and it’s available for both iOS and Android devices. Here’s how to download the app:
For iOS, simply head to the App Store and search for “eToro Money.” Once you find the app, click “GET” and log in with your existing eToro account credentials. You’ll then need to enter an SMS code before you can start using the app.
For Android, go to the Play Store and search for “eToro Money.” Click “INSTALL” and again log in with your existing eToro account information. As with the iOS app, you’ll need to enter an SMS code before you can start using the app.
The downside to this app, though, is that most users seem to give it a negative rating. On Google Play Store, the eToro Money App has a 3.2 rating, and on Apple Store, the app has a 1.7 rating.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
"Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more"
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
FAQ
What is eToro Money Wallet?
eToro Money is an e-money account that connects to your eToro investment account for easier transactions. The wallet is available for both Android and iOS devices.
How do I download the eToro Money App?
The eToro Money app is available on both Android and iOS. All you have to do is head over to the Play Store or Apple Store, search for the app and hit INSTALL/GET.
What cryptocurrencies can I store in my eToro Money Wallet?
eToro Money Wallet currently supports Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar, Tron, Cardano, and XRP. More cryptocurrencies will be added in the future.
How do I add money to my eToro Money Wallet?
You can add money to your eToro Money Wallet using various payment methods, including credit or debit cards.
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Team that worked on the article
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
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). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.