eToroX Review
Cryptocurrencies and blockchains have proved to have exciting use-cases in recent times. While more individuals and corporations continue to gain an understanding of these not-so-new financial alternatives, the crypto market cap has seen an exponential rise. That is occurring as Bitcoin and other leading cryptocurrencies continue to set new ATHs which two years back, no one would believe they could ever reach.
With the increased common-place attention directed to cryptocurrencies, the calls for regulations have ascended into a much higher pitch. Some central banks in a bid to counter the ‘supposed’ threats cryptocurrencies pose against them are working on the introduction of central bank digital currencies (CBDCs). Despite these efforts, cryptocurrencies have continued to thrive, owing largely to the expanding ecosystem.
While cryptocurrencies are popular as a store of value for online digital assets exchange, the increased crypto drive has resulted in the widespread acceptance of cryptocurrencies as a means of payment in numerous online and offline retail markets. However, while most of these business institutions have opened their doors to the widely popular Bitcoin and Ethereum, the majority of other cryptocurrencies are seemingly neglected.
Ordinarily, this would put the average holder of a lesser-known crypto asset in panic, but thanks to cryptocurrency exchanges, the case is the reverse. Crypto exchanges give crypto holders a chance to swap their held cryptocurrency into another one of their choices, in accordance to exchange rates. It implies that, if you’re required to transact in Bitcoin, and you’re holding Ethereum, you can comfortably swap your held Ethereum to the same value in Bitcoin and, after, finish your transaction.
However, this doesn’t work so easily. That is a result of the existence of several platforms offering cryptocurrency exchanges (centralized and decentralized); making a choice for a particular one to carry out an exchange transaction may seem a very daunting task. These exchanges pose different settlement requirements and services, alongside associated risks, which altogether could get one easily confused on the right one to go for.
That, therefore, is the reason we’re writing this. We will provide both summary and comprehensive information concerning these exchange platforms to better inform your decision – if you decide to go for any particular one. Consequently, we shall be giving a comprehensive look-in and review of eToroX. eToroX is a relatively new and unique crypto-only exchange platform. By offering a unique and customizable UI, a secure trading environment, and other vital features, the platform stands out as a unique crypto exchange. You can begin crypto trade with them or continue reading our review below.
| Exchange | eToroX |
| Website | https://etorox.com/ |
| Location | Gibraltar |
| Trading platform | Web-based, mobile app |
| Trading option | Cryptocurrencies, Stablecoins |
| Regulated | Yes |
| Security | Two-factor authentication (2FA), data encryption, login attempt limits, level 3 identity verification |
| Verification | Mandatory, KYC |
| Customer support | Yes: email, Twitter, Telegram, Facebook |
| Account needed | Yes |
eToroX is the crypto exchange platform of the fintech firm, eToro, formed by Ronen and Yoni Assia 15 years ago. Since its inception, the trading firm has expanded into several locations in Europe. It initially offered trade options in forex, stocks, shares, CFDs, and in 2018, the company listed a Bitcoin CFD as one of its tradable products. The company has raised more than $150million in several fundraising rounds. It even recently announced a $10 billion merger proposal with the American SPAC company: Fintech V.
eToroX is a blockchain subsidiary featuring cryptocurrency exchanges. It became a DLT provider in 2019, regulated by the Gibraltar financial services commission (GFSC) with license number FSC1333B. It offers centralized exchanges, which means that it is both regulated by an external body and operates from registered offices scattered around different locations in the world. Its offices are in Gibraltar, Cyprus, U.K, and Israel.
Notwithstanding that it deals only with cryptos, the exchange makes provision for fiat alternatives in the form of Stablecoins. These are pinned to their corresponding fiat currencies in ratio 1:1. The exchange equally offers over seventy trading pairs with about twenty digital currencies listed on its exchange. This depth serves numerous crypto enthusiasts while incorporating some features from the parent financial giant, eToro.
While you may be tempted to tag eToroX as largely inexperienced due to its relatively new inroad into the sphere of crypto exchanges, you must be acquainted with all its features and trade procedures before you decide if they are legitimate or not.
Trading Platform
Traders need a platform that would serve as a medium to carry out their trades. These mediums usually come in various forms, the trend being a mobile application and an online web platform. The mobile application usually allows traders to carry out their activities from the comfort of their homes, using just their mobile phones and tablets. The web application equally allows trading to the carried out from any location in the globe so long as it has an active internet connection.
Similarly, eToroX employs these two trading mediums with which trades are conducted. Its web application employs an intuitive UI that possesses all vital functions needed for trading. It is simple to use and features selections that include an order book with which users can track their activities, trading history, order depth charts, as well as a host of other indicators required for technical trade analysis.
eToroX equally features a mobile trading application that is available for installation on both Android and iOS. The mobile application offers several integrated trading features via its API.
Trading Options
A primary feature of any crypto exchange platform is that it must feature trade categories that any interested trader can utilize. That said, eToroX deals solely on cryptocurrencies, and therefore offers over seventy trading options on its platforms.
Over twenty digital assets are listed on its exchange. These include known cryptos like ETH, BTC, XRP, and LTC. However, the platform has since delisted XRP for U.S. users due to the ongoing legal battle between XRP parent organization, Ripple Labs, and the U.S securities regulator, SEC. Meanwhile, since the exchange deals only on crypto, it provides a fiat alternative through its use of Stablecoins. These Stablecoins equally form parts of the trade pairs and are pinned to real-life commodities and fiat currencies at a ratio of 1:1. There are currently twelve Stablecoins on offer at eToroX.
Security Protocols
Security is a highly essential feature of any exchange platform. Users have to be sure that they won’t wake up one morning to discover that their digital assets have gone missing. The need for a high level of security cannot be over-emphasized seeing that we live in a digital age that is extremely susceptible to hacks and other forms of cyberattacks.
Consequently, eToroX utilizes a number of security procedures that it uses to protect its platform’s framework, including trader assets. It features a two-factor authentication system, a limiting number of attempted logins, and a whitelisting attribution model. It equally offers a three-level user identity verification, advanced data encryption for protecting user data, and dual-procedure verification for any updates on existing user accounts.
There’s also an air of security surrounding centralized exchanges; this is because there’s the presence of a centralized authority one can hold responsible, and the licenses and external regulations mandate the exchange to undergo important verification and security procedures to sustain a very secure trading environment.
eToroX Wallet
The exchange utilizes a mobile wallet (eToroX wallet) supporting six known cryptocurrencies. They are custodial wallets used for storing only the listed cryptos. This doesn’t mean that the unsupported cryptos are not accepted in exchange trading. The only difference is that you would need a non-eToroX wallet should you decide to store unlisted cryptos.
The supported cryptos for the eToroX wallet include the leading Bitcoin and Ethereum, including other digital assets like Litecoin, Bitcoin Cash, Stellar Lumen, and XRP.
Fiat currency crypto purchase
As a result of concerns for new crypto users who are likely unable to purchase crypto using conventional money, the platform signed a partnership agreement with third-party fiat payment firm, Simplex. This partnership with Simplex enables users to purchase cryptocurrencies using credit cards.
To buy a cryptocurrency using this gateway, you would have to sign in to your eToroX wallet and select the option to buy crypto. You would thereafter, select the desired crypto as well as the amount of fiat currency you’re willing to buy with. This selection will redirect you to the Simplex payment form where you’d be needed to input your card details, token pin, and other required information.
Simplex may choose to accept or deny this request or may demand additional identity verification. But once accepted, the transactions will proceed, with the corresponding cryptos transferred to your eToroX wallet.
Customer Support
Regardless of how user-friendly a network may be, some users may still require some assistance to transact on the network. In some other cases, transaction errors may occur as a result of certain unprecedented factors. When either or bother is the case, a customer support service is required.
Unlike decentralized exchanges, centralized exchanges always feature the presence of these customer service supports. Although many exchanges claim to possess customer services, they are frequently not readily available when they are needed the most. A contributing factor to this problem is when the exchange offers an insignificant number of customer service agents who may be easily overwhelmed.
To avoid these issues, eToroX lists several customer service support systems for its traders. The platform employs an email contact service available 24/7, alongside other social media platforms: Telegram, Twitter, and Facebook.
Additionally, the network lists a section of answers for a list of most commonly asked questions on their website help section. Furthermore, to facilitate seamless trades on the platform and enhance user understanding of blockchains, eToroX offers learning tools such as a Blockchain Academy and a Glossary section. Users can leverage these resources to better understand and easily maneuver their way through the network.
Fees
One factor that drives many users away from several exchanges is their exorbitant charges. The rates at which some of them charge for their services are sometimes unreasonable, other times unfriendly for traders. While trading fees are conventional for crypto exchanges, oftentimes, it can be onerous to find an exchange with reasonable rates.
eToroX, however, doesn’t tow that line. Specifically, deposits made into the crypto wallets do not attract any fees; fees are charged only for withdrawals. These fees are determined by a maker-taker tiered model which is dependent on the platform’s monthly trade volume. Maker fees range from 0.10% to 0.03%, while takers are charged from 0.24% to 0.12%. Fees of this nature are equally calculated from the size of the order and the type of crypto withdrawn.
Makers are regarded as those whose limit orders placed on the order book are filled by takers. As a result, makers are regarded as liquidity adding while takers are liquidity removing; thus, the latter incurs superior charges.
- Conversion Fees
Expectedly, crypto conversions attract charges. These are conversion fees that vary in percentage from one exchange to another. eToroX charges at a rate of 0.1% which is factored following the rates of the market. Fiat-crypto conversions are charged at 1% with Simplex fees tagged at 4%.
Upon approval of a fiat-crypto conversion by Simplex, market rates for such conversion will be ascertained by eToroX. Blockchain and credit card fees may be included as additional charges. Simplex poses additional fees because of their processing responsibilities covering these fiat transactions, which include their approval and denial. Once sanctioned, it no longer can be called-off, and should any challenges arise, you are expected to contact the customer support available at Simplex; meanwhile, eToroX customer support will as well, involve itself in handling transaction-related issues.
Accounts
Just like any other exchange platform, you have to create an account with eToroX before you can utilize the platform for any cryptocurrency trade. Unlike some other exchange platforms, eToroX doesn’t offer different account types; this means that user accounts are basically the same regardless of the user.
To open an account, you’d be required to sign up on the eToroX with a valid email address, an official name, residential address, and country, and a unique password of your choosing. You’ll also be required to accept the platform’s privacy policy and terms of use. Once this is complete, a no-reply mail containing a verification link will be sent to the email address you provided. This link will be what you’ll use to verify your email for your eToroX profile.
Once you’ve signed in and verified your email, you would be able to complete setting up your account. The platform requires you to provide some documentation that shall be used to complete the process of verification. There’s also the option of setting up two-factor authentication for improved account security.
As eToroX is a subsidiary of eToro, users with a valid eToro login would be able to use the said details to log into the exchange platform. Once registration and verification are complete, you can proceed to make crypto deposits into your eToroX wallet, and you can also adjust the website’s user interface settings to meet your requirements.
Account Verification
It is mandatory for new users of the platform to confirm their human identities before they can begin trade on it. Asides from this being part of the Gibraltar regulatory requirements, this must be done to eliminate the possibility of bots signing up for the platform. It also helps eliminate the chances of a potentially fraudulent user having multiple trading accounts on the platform. However, the downside of this tedious process is not just that it is time-consuming, but that the verification may take up to two full business days after upload of the necessary documents before it can be completed.
The additional documents that are required to complete the verification of your account include:
Proof of identity document: This contains a category of documents that will prove your identity as a citizen of a particular place. They include IDs issued by governments, international passports, driving licenses, and other forms of self-identification documents.
Proof of identity and a personal selfie: This document shows that you own the POIs that you claim are yours. You’d be required to take a selfie of yourself holding a clear copy of the POI document you provided.
Proof of address document: This is a document indicating that you indeed reside in the particular address you provided during sign-up. The platforms require that these documents contain your officially registered names, the stated address, and the date issued not more than 6 months. They include utility bills, bank statements, and tax receipts. They must also show clearly the details of the issuing organization.
A financial questionnaire: This is the last and final stage for the completion of the verification process. You’ll have to answer about 9 questions which will assess how suitable you are for financial investments..
Final Thoughts
eToroX has all the makings and requirements for a crypto exchange platform that would stand the test of time. Its intuitive and interactive user interface, mobile app, and reasonable fees and rates could be explored by an average user for a smooth trading experience.
While many may regard its KYC verifications as stringent, it wouldn’t be fair to say that they aren’t worth it, seeing that the company makes use of these procedures not only to better secure the platform but also to provide its users with a high level of trust. Being a regulated organization also means that the company will strive to maintain its integrity, which means that the interests of its users will not be compromised.
By offering over seventy trading pair options, and being a subsidiary under its well-known and innovative fintech parent company, eToro, one can only imagine the present and future possibilities of this seemingly new cryptocurrency exchange platform.
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