Following a growing demand in the crypto community for 3rd-party providers to disclose cryptocurrency keys, a campaign that has been dubbed “Proof of Key on Jan. 3,” we felt that we should explain why eToro does not provide its clients with keys.
eToro is a multi-asset platform, which offers its clients a variety of financial instruments and assets to trade and invest in, including cryptocurrencies, which are offered alongside stocks, currencies, ETFs and many other asset classes. To run such a complex operation, and offer our clients a one-stop shop solution for all of their online trading needs, requires orchestrating and coordinating many different factors. Our main goals are always to keep our clients’ funds safe and secure and to ensure a seamless, enjoyable trading experience.
When it comes to cryptoassets, eToro acts as a custodian for its clients’ holdings on the platform. The cryptocurrencies on eToro are backed by cold storage wallets that utilise dedicated FIPS 140 military-grade hardware to secure the private keys. This is done in order to provide our clients with a highly secure platform and to allow eToro to identify and mitigate potential threats before they can compromise our platform or our clients.
As per eToro’s security protocols – we do not share our wallet addresses, as doing so may expose our clients’ funds to potential attacks.
We do, however, enable clients who use the eToro Wallet to transfer their cryptoassets off the platform and into a secure wallet. This functionality is currently available for Bitcoin, Ethereum and XRP, for select clients only. However, we will be adding more cryptocurrencies in the near future.
eToro works in complete transparency with its clients and will continue to do so while keeping our clients’ security and wellbeing as our first priority.
eToro is a multi-asset platform which offers both investing in stocks and cryptocurrencies, as well as trading CFD assets.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% 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.
Cryptocurrencies can fluctuate widely in price and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance is not an indication of future results. This is not investment advice. Your capital is at risk