eToro
By eToro
4616 views

Update on the eToro Wallet

eToro is a regulated broker offering clients a broad range of assets to trade and invest in. 

As a regulated brokerage service, eToro EU and eToro UK allows users to trade and invest in the global markets but does not offer third party payments, meaning clients can only deposit and withdraw fiat from their personal accounts.

eToro EU and eToro UK’s goal is to provide our clients with access to the assets they want and now offers 13 cryptoassets on the platform with more to come. Our platform allows users to deposit fiat and then trade or invest in cryptoassets, alongside more traditional assets such as stocks or commodities.

With the launch of our crypto wallet we are now, for the first time, able to provide clients with a means of transferring cryptoassets from our platform. With our wallet, customers are able to send and receive cryptoassets directly via the blockchain.

The eToro wallet is a new product and we are rolling it out on a phased basis. Our focus is on creating a wallet service which is simple, secure, and transparent.

  • Simple: clients’ private keys are kept safe and secure removing the worry of forgetting or losing them.
  • Secure: a multisignature wallet segregates private keys into three separate secure environments.
  • Transparent: on-chain implementation allows customers to view their assets from blockchain explorers (unlike regular exchanges).

Customers who prefer to manage their own private keys, or store them in hard wallets, are welcome to transfer assets from the eToro Wallet app to their cold storage. eToro Platinum+ and Diamond clients may request a ledger to store their cryptoassets in their own safe.

The new eToro wallet is provided by eToroX Ltd. whom is regulated by Gibraltar Financial Services Commission (GFSC) under their distributed ledger technology (DLT) regulation. We are proud to say that eToro is one of the first companies in the world to obtain a license for cryptoassets, and is one of only a handful of regulated companies in the crypto space.

As regulated financial services, eToro EU, eToro UK and eToroX adhere to high standards and requirements of compliance in regards to custody of client’s funds, segregation of client funds, AML directives, customer KYC and due diligence, and much more. We have also optimised our risk management protocols in order to ensure a secure environment for our wallet users.

There is a reason that many financial institutions shy away from supporting cryptoassets. Dealing with them can be complex and includes many risks. eToro is committed to being a pioneer within the crypto space, however, we always need to ensure that we protect our customers when launching new products.

The wallet is a NEW product created by eToroX. While it integrates with the eToro platform, they are separate applications and offer different features.

At first, the transfer of cryptoassets from the eToro platform to the wallet will be available for eToro Gold and above members only, and will be limited to the amount of money that has been deposited via wire transfer. This is a risk management decision based on several factors including the fact that funds sent by wire are more secure and have a higher level of customer due diligence, as the source is a regulated bank.

Throughout the launch, we will keep evaluating, and as the product matures we will support more features.

eToro added XRP to the platform over a year ago, and we are happy to see that so many of our customers now own XRP. Support for XRP in the wallet is currently in the advanced stages of testing and will launch by the 25th December 2018.

Happy holidays,
Yoni                                      

4616 views