A search of eToroX exchange on the internet brings up all sorts of results. You may have heard or read about the company and wondered, is eToroX legit? More importantly, can you trust eToroX with your funds?
In this independent eToroX review, we will be looking at everything you need to know about the exchange. We will consider its key features, how eToroX trading works and how to open an eToroX account among other things.
By the end of it all, you will be in a position to know if eToroX is for you or not.
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What is eToroX?
eToroX is a subsidiary of eToro that specifically deals in cryptocurrency trading and exchange. Though eToro is one of the longest standing exchanges, its crypto subsidiary still has a long way to go before it can live up to the name of its parent company.
eToro is currently the largest social trading exchange platform and has been in existence for more than a decade. It currently boasts over 10 million users from all over the globe. Its most recent subsidiary, eToroX, seeks to provide a bridge between the world of traditional finance services and cryptocurrencies.
It was launched in 2019 and primarily uses a web-based platform to support trading. It also has a mobile app with a crypto wallet integrated for trading on the go. Among its top highlights is the fact that it is regulated, but we will see more of that later in this eToroX review.
How does the eToroX exchange work?
- Buying Crypto Assets
Presently, eToroX only supports the purchase of crypto assets using credit cards. Supported credit cards include Visa, MasterCard, Cirrus and Maestro. These are the only available options, which is extremely limiting.
You can use your credit card to buy cryptocurrency on eToroX through Simplex, a third-party service provider. Currently, the platform supports fiat purchases using GBP and EUR which you can then convert into any supported crypto.
For this transaction, eToroX charges a fee of 1% while Simplex charges 4%. But the site highlights that due to market variations and blockchain fees, you may receive a different eventual amount.
This is a major disadvantage when the amount you require is not the amount you get. Another disadvantage is that you cannot use USD to make purchases as it is not supported.
Like any one of the best cryptocurrency exchanges, eToroX lets you deposit supported crypto assets. From there on, you can trade any of the available pairs on the platform. On most other exchanges though, you would start by opening an order at market price.
However, at present, eToroX does not support the option of opening a market order. Rather, to trade, you need to access a similar option, “Get Best Price.”
Once you select this option, the exchange system will provide the best price available for the specific unit you request (limit order). You can then execute the order at that time at the specified price.
If you want to buy or sell cryptocurrency on eToroX, here are the steps you need to follow:
Login to your account on eToroX
Select the crypto asset you want to buy or sell
Specify whether you want to buy or sell
Enter the amount you want to trade
Select “Get Best Price”
What cryptocurrencies does eToroX support?
At the moment eToroX hardly supports any tradable cryptocurrencies. The few that are accessible include:
- Bitcoin Cash
It also has a number of stablecoins pegged to major currencies such as the USD and EUR as well as to gold and silver. These are:
With the above combination of cryptocurrencies and stablecoins, the exchange offers a total of 43 trading pairs.
On this site, traders are highly limited with regards to the available trading options. Since it only supports major coins, traders of obscure cryptos are highly disadvantaged and would do best to look elsewhere.
It also offers support for a number of fiat currencies which seems to offer an advantage when a user wants to make a direct deposit. However, this provision includes hefty conversion fees.
Overall, Binance and Binarycent are much better alternatives as they offer a much wider array of options for traders.