eToroX Crypto Exchange Review
In this post we give a non biased review of eToroX Crypto Exchange and share details about features, fees and an overview of their site.
Disclaimer: Under NO circumstance should this review be interpreted as a recommendation to trade or an endorsement of a trading platform, supplier or of a specific cryptocurrency.
ESMA Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. xx% 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.
eToroX Crypto Exchange Review – QUICK NAVIGATION
QUICK FACTS – eToroX Crypto Exchange
Type: Trading platform/crypto exchange
Founder: Yoni Assia, Guy Hirsch (USA)
Headquarters: San Francisco, USA
eToroX Crypto Exchange Review:
Overview of eToroX
eToroX was launched in 2019 and in its mission statement, it states that it seeks to act as a bridge between the traditional financial sector and the fast-growing crypto space. Actually, it’s the cryptocurrency subsidiary of eToro which claims to be the ‘largest social trading platform’ around.
The eToro financial platform recently celebrated a decade of existence and was hugely popular during the cryptocurrency boom in late 2017/early 2018. It reputedly has no less than 10 million users and is globally regulated so it has an excellent reputation for safety and compliance.
As at the time of writing, eTorox has 32 digital assets listed and is registered and licensed Gibraltar. It has a distributed ledger technology (DLT) license under the GFSC
eToroX is not available in these restricted countries:
Afghanistan, Albania, Belarus, Bosnia and Herzegovina, Botswana, Brunei, Burundi, Canada, Chad, Congo Republic, Cuba, Ethiopia, Guinea, Guinea Bissau, Guyana, Iran, Japan, Laos, Libya, Mali, Mynamar, Namibia, Nicaragua, North Korea, Palau, Puerto Rico, Samoa, Serbia, Somalia, Sudan, Syria, Turkey, Uganda, United States, US Virgin Islands, Yemen.
Crypto Exchange: Getting Started & Signing up to eToroX
Registration
To start trading on the eToroX platform, you will need to follow 3 steps:
- Provide a user name and password. If you already have an etoro account you can use that account to login
- Verify your email
- Verify your identity – this is triggered upon you verifying you email and will require you to share a photo of yourself to confirm its you!
One can also use the eToroX exchange as a web-based platform or as a mobile app, whichever you prefer with no substantial differences between the two.
The signup process for eToro is fairly simple with the usual onboarding KYC methods. This means that the site will ask you to prove your identity, usually being that they will ask for a copy of your id or passport, a utility bill to prove your address and they may also ask you information about your financial status/income.
Deposit Methods
Payment methods:
Online Currency: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, dogecoin..
Crypto Exchange Bonuses: Sign up bonus
eToroX Sign up Bonus
eToroX offers a similar referral bonus to Coinbase in that for every friend you refer, you get a 50% revenue share on all trade fees.
Trading on crypto exchange: eToroX
eToroX offers 32 Markets, to mention the core cryptocurrencies for example: Bitcoin/BTC, Ethereum/ETH, Litecoin/LTC, Ripple/XRP,Dash/DASH, Bitcoin Cash/BCH, Stellar/XLM, Ethereum Classic, NEO, EOS, ADA and Zcash; with more available in the near future.
How to place a Trade
To buy and trade cryptocurrency on eToroX you just need to follow the next steps:
- Login to your eToroX account
- Select the digital asset you wish to trade
- In the pop up menu enter amount that you want to purchase
- enter your card details on the interface (if you don’t already have a balance in your account) and
- confirm via the ‘BUY’ button.
At present currencies offered are GBP and USD only.
Special Feature: Copy Trading
eToroX allows their special ‘copytrading’ feature that they are famous for on the eToro platform. eToro Copytrading is the ability for users to allocate funds for automatic, proportional trading to the portfolio of another user allowing access and exposure to successful trading strategies.
Traders can allocate their funds through a select trading strategy, curated by eToro’s experienced analysts, that bundle together crypto assets.
The multi-signature wallet supports BTC, ETH, LTC, BCH, XRP and XLM for easy transfers of coins from trading accounts, and conversion between different coins.
At the moment eTorox doesn’t offer margin trading.
Fees
Trading always comes at a cost. EtoroX base their frees and taker fees on the volume you trade. The more you trade the less your fees.
| Monthly Trading Volume | Fee | Taker Fee |
|---|---|---|
| Less than $100,000 | 0.10% | 0.24% |
| Less than $500,000 | 0.09% | 0.22% |
| Less than $1,000,000 | 0.08% | 0.20% |
| Less than $500,000,000 | 0.07% | 0.17% |
| Less than $10,000,000 | 0.06% | 0.15% |
| Over $10,000,000 | 0.03% | 0.12% |
Withdrawal on eToroX
Withdrawal is quite straightforward and only take a few minutes. However there are withdrawal limits and withdrawal fees, which need to be paid. Rates are subject to the crypto you withdraw.
Fees are calculated at the end of the calendar month and a rebate is given at the start of the month.
User Experience on eToroX
Navigation
It is quite easy to get around the platform although there is no demo account at present.
Chart Interface
The user interface includes charts and these are similar to the ones on TradingView. They are quite easy to use. No dark or light options but the charts are displayed in dark format. The mobile app offers a similar experience.
Offerings/Markets
There are 32 digital assets available and 101 digital asset trading pairs.
Complimentary products
Currently, eToroX only offers a digital wallet. This claims to provide multi-coin support and a simple user interface, making it easy to send and receive supported coins. It currently supports BTC, ETH, LTC, BCH, XRP, and XLM, with more cryptoassets available in the near future, according to eToro.
Users can log into the wallet with their existing eToro accounts and transfer coins from their trading accounts to hold them securely in their wallets.
Users can convert between different coins with a click of a button as well as sending and receiving crypto through a QR code or by sharing their wallet address.
Mobile Experience
The mobile experience is quite good and offers near-identical features to the web-based platform.
Security
Multisig is within their wallet is available and Two-factor authentication is also offered on their account logins.
Governance
eTorox is licensed in Gibraltar and is regulated under the Gibraltar Financial Services Commission (GFSC). This has been one of the most important operational activities of the parent company, eToro, which operates 6 regulated entities.
eToroX operates under eToroX Limited, which is a limited liability company incorporated in Gibraltar. It has a distributed ledger technology (DLT) license under the GFSC.
Support & Social
This is one of the big drawbacks of eToroX when considering that its parent site is one of the most active social platforms for investors.
At present, eToroX only offers customer support via email. There is no live chat option on the site. It is a known fact that users prefer live chat support as it offers immediate help in case of urgent queries.
Email support is linked with delays and is one of the least preferred support options.
They do have a dedicated telegram channel but there are very few subscribers.
Crypto Exchange: Our Rating of eToroX
On the whole, eTorox is one of the less desirable exchanges to use due to the very limited options it allows one to trade on.
Among the positive aspects, one may count the availability of a mobile app for transacting on the go. Additionally, the site is a subsidiary of a highly reputed exchange, this attribute to why we trust this site more than others.
There are a number of negative aspects as follows: The limited range of crypto assets to trade, email-based customer support and no live chat. The use of a third-party service provider for payment processing increases transaction fees.
