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eToroX Review 2019: Platform, Fees, Pros and Cons

Last Updated: 03. October 2019

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.

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.

  • Trading

Like any other cryptocurrency exchange, 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:

  1. Login to your account on eToroX

  2. Select the crypto asset you want to buy or sell

  3. Specify whether you want to buy or sell

  1. Enter the amount you want to trade

  2. 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
  • Bitcoin Cash
  • Ripple
  • Ethereum
  • Litecoin
  • Dash

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:

  • AUDX
  • CADX
  • CHFX
  • EURX
  • GBPX
  • JPYX
  • NZDX
  • USDX

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.

Supported Countries

eToroX supports users from all around the globe. However, on the site, it lists a number of countries in which its services are restricted. These are:

  • Afghanistan
  • Albania
  • Belarus
  • Botswana
  • Burundi
  • Bosnia and Herzegovina
  • Chad
  • Canada
  • Congo Republic
  • Ethiopia
  • Cuba
  • Ghana
  • Guinea Bissau
  • Guinea
  • Iran
  • Guyana
  • Japan
  • North Korea
  • Laos
  • Mali
  • Libya
  • Myanmar
  • Nicaragua
  • Namibia
  • Palau
  • Samoa
  • Puerto Rico
  • Serbia
  • Sudan
  • Somalia
  • Syria
  • Turkey
  • Uganda
  • US Virgin Islands
  • United States
  • Yemen

Languages Supported

Currently, eToroX only supports English.

Trading Platforms

At present, eToroX has a single trading platform for all its users.

Fees and Limits

eToroX trading fees vary significantly on the basis of monthly trade volumes. Here are the current fees and limits:

Monthly Trading Volume Maker Fee Taker Fee
Below $100,000 0.10% 0.24%
$100,000 to $500,000 0.09% 0.22%
$500,000 to $1,000,000 0.08% 0.20%
$1,000,000 to $5,000,000 0.07% 0.17%
$5,000,000 to $10,000,000 0.06% 0.15%
More than $10,000,000 0.03% 0.12%

Deposit and Withdrawal Fees

There are no eToro fees for making deposits on the platform. On the other hand, there are eToroX withdrawal fees, which vary from one currency to another and are payable in the same currency:

Currency Quick Withdrawal Limit Withdrawal Fee
BCH 166 0.01
BTC 10 0.0006
ETH 278 0.017
LTC 555 0.033
XRP 166,667 8.5
AUDX 50,000 3.75
CADX 50,000 3.9
CHFX 50,000 3
EURX 45,000 2.65
GBPX 40,000 2.3
JPYX 5,500,000 3.3
NZDX 50,000 4.25
USDX 50,000 3

There are a number of other eToroX account fees to take into consideration:

  • Fiat to cryptocurrency conversion fees – 1% for eToro plus 4% for Simplex (minimum transaction limit $125)
  • Blockchain fees – vary from one cryptocurrency to another
  • Crypto to crypto conversion fee – 0.1%
  • Send and receive transaction fees – nil
  • XRP wallet creation – 45 XRP

Minimum and Maximum Transaction Amounts

As mentioned before, eToroX uses Simplex to facilitate credit card transactions. Simplex operates under the regulations governing payment institutions in the EU. And as such, it sets limits on the minimum and maximum transaction amounts for eToroX users.

  • Minimum daily transactions – 110 EUR or 98 GBP
  • Maximum daily transactions – 17,512 EUR or 15,522 GBP
  • Maximum monthly amount (31 days) – 43,780 EUR or 38,805 GBP

Notably, the daily and monthly limits are inclusive of fees. Unfortunately, the limits are extremely low and limiting.

How to Sign up on eToroX

Here is what you need to do for the eToroX sign up:

Step 1: Create an account on eToroX

Click one of the prompts on the site for eToroX open account to go to the signup page.

Create an account on the site by entering your email address and choosing a password.

If you already happen to have an account on eToro, you can use those details for signup.

Step 2: Confirm email

Once you create an account or login using your eToro credentials, you will receive a confirmation email.

To verify your address, click on the link in the confirmation email. From this point, you can sign in to your account, but you cannot start trading.

In order to start trading, you need to verify your identity.

Step 3: Verification

To verify your identity, sign in to the account and then click “Settings.”

Under this tab, you will find an option labeled “Start Verification.” Click on that and follow the instructions for verification. You will need to provide details about yourself and take a picture of yourself while holding your identification.

eToroX Dashboard

When you first login to the eToroX trading platform, you will access a default layout of the user interface.

Based on your needs and preferences, you can customize the platform to your liking as it is 100% customizable.

It showcases the charts, order book, portfolio allocation and market depth. On the top left corner, there is an icon which you can use to adjust the size and position of the different components.

Here is an example of how the dashboard looks like after customization:

How to Buy Cryptocurrency on eToroX: Step-by-Step Tutorial

Here are the steps you need to follow to buy crypto on eToroX:

  1. Login to your eToroX account

  2. Select the crypto asset you want to buy

  3. A pop-up menu will appear, where you can select the “Buy” option

  4. Enter the amount you want to buy

  5. Use your credit card to complete the purchase via Simplex. Note that it only supports the use of EUR and GBP

  6. Confirm the transaction details and hit “Buy”

How to Withdraw Funds

Here are the steps you need to follow when withdrawing funds from your eToroX account:

  1. Log in to your eToroX account

  2. Click the “Balance” tab at the top of the screen

  1. From the list of coins that appears, select the coin you want to withdraw. That will trigger a pop-up on which you need to click “Withdraw”

  1. Specify the amount you wish to withdraw and then paste your receiving address into the “Withdraw Recipient ID” box

  2. To initiate the withdrawal, you will require 2FA and once you enter your credential, the transaction will be processed and the funds should reflect in your account

Safety and Regulation

Is eToroX Safe?

There are a number of safety features on the platform that are worth consideration:

  • 24/7 Security Center

eToro claims that it has a 24/7 security center which constantly monitors multiple layers of security to create a barrier between hackers and users’ funds.

  • Verification

In order to keep up with regulatory requirements, the site requires all users to verify their identities before they can start trading.

  • Compulsory 2FA

The site makes its two-factor authentication system compulsory meaning that users have to go through a double check before accessing accounts.

A look at the above eToro safety features reveals that the platform still has a long way to go before it can claim to be safe. For starters, it does not explain the framework it uses on the said 24/7 security system to keep user funds safe.

Second, the measures it has in place are ordinary and inadequate at protecting user funds. Clearly, security is not yet among its top priorities. Given the prevalence of security breaches in the cryptocurrency industry, this is a red flag for potential users.

Is eToroX Regulated?

Yes. eToroX is a regulated platform since it operates under a DLT (Distributed Ledger Technology) license from the Gibraltar Financial Services Commission (GFSC).

Even though the crypto regulatory framework in Gibraltar, a British overseas territory, was only established recently, there are a number of exchanges already registered there. These include Huobi and ConFloor among others.

In order to get approved for regulation under this entity, an exchange needs to meet certain requirements. For instance, they need to demonstrate that they have adequate finances, controls and IT systems so as to comply with anti-terrorist financing and money laundering rules.

Of course, eToroX has an advantage in this seeing as it is a subsidiary of a regulated exchange. However, it is important to note that though it is in fact licensed, Gibraltar licensing requirements are quite lenient.

According to the GFSC, “a flexible, adaptive approach is required in the case of novel business activities, products and business models.” As such, the platform cannot be said to be exactly secure based on this regulatory framework.

Does eToroX have a wallet?

Yes. The eToroX wallet was launched together with the platform as a means of storage for cryptoassets. The wallet supports services such as:

  • Transferring cryptocurrencies from the eToro trading platform to eToroX
  • Sending and receiving crypto assets to and from other wallets
  • Converting crypto assets

The wallet is gradually being rolled out in the various countries that eToroX supports. It is currently available on Play Store for Android users and App Store for iOS users.

eToroX wallet claims to operate according to security best practices. It allows users to access the app using the same credentials they use for eToroX account login. On the downside however, you cannot send coins from the wallet to the eToro trading platform.

Does eToroX have an app?

Yes. eToroX users can use the eToroX mobile wallet, an eToroX app, which supports trading within the wallet.

Customer Service

eToroX customer service is extremely limited. Unlike most crypto exchanges, it does not have live chat support, which is one of the most convenient approaches. The site uses email for customer support and it is difficult to get immediate response to urgent queries. Therefore, eToroX complaints may take longer than expected to get resolved.

Is eToroX reliable?

eToroX is yet to prove itself as a reliable exchange platform. Though it is regulated, its licensing comes from GFSC, which has lenient regulatory frameworks. The security features are wanting and the customer support system is limited to email. Overall, it cannot be said to be a reliable platform.

eToroX Pros and Cons

Pros

  • Part of the highly reputable eToro group
  • eToroX is unique in that it offers a selection of its own stablecoins pegged to various major fiat currencies in addition to the USD

Cons

  • Though it’s regulated, the GFSC does not issue any strict rules and does not therefore offer user safety
  • The range of cryptocurrency support is extremely limited
  • eToroX does not offer margin trading though it claims to be planning to offer 1:5 leverage
  • Inadequate security features
  • Limited customer service
  • Low monthly and daily transaction limits
  • Users limited to the use of specific credit cards for the purchase of cryptocurrency assets
  • Coins in the eToroX wallet are stored in hot storage
  • Users can only make fiat purchases in EUR and GBP. Major coins like USD are not supported

Final Thoughts

eToroX has a great concept but the execution is wanting in more ways than one. The platform seems to have been launched without adequate forethought and preparation. As such, it is lacking in some of the most basic features users associate with exchanges.

It has yet to implement strong security, a variety of payment methods to suit different users and the number of assets and trading pairs are also limited. The fact that you can only make credit card purchases and this can only be done in GBP and EUR is another major limitation. Given that it is regulated by a lenient authority, this does not add much to its credibility and reliability.

The only major advantage is its association with a top-notch trading platform but in and of itself, the exchange is far from ready for the market. We would therefore not recommend it.


Disclaimer: 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. 75% 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.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

FAQs

How do the trading volume tiers on eToroX operate?

All trades carried out on eToroX are calculated using the standard fee indicated for less than $100,000. But at the end of every month, the system adds up the total trade volume for the period. If the total value exceeds $100,000, you will get a rebate for all excess fees paid. All rebate payments are made in Ether (ETH).

What is the meaning of maker and taker?

Maker refers to when you are making more liquidity in the market while taker means you are taking liquidity from the market. Whenever you place an order and it gets filled right away, you are a taker. But when placing an order like a limit order, which does not fill right away, you become a maker.

Which crypto assets can I transfer from my eToro trading account to the eToro wallet?

At present, you can only transfer Bitcoin, Ethereum and Ripple. With time, support for the transfer of other coins will be added.

What is Simplex?

Simplex refers to a third-party service provider that eToroX uses to facilitate the purchase of crypto assets using credit card within the eToroX wallet.

Do I need to have an account on eToro so as to operate an eToroX account?

Yes. At the moment, every user has to be a fully verified eToro account holder so as to create and operate an eToroX account.

All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
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Nica is a BA Political Science degree holder who fell in love with writing after college. She specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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