eToro Wallet Vs. eToro: What’s the Difference Between Them?

The difference between eToro wallet and eToro might be hard to pin down at first glance. It looks just like the same thing as they are both camped under the same entity. After all, even the names are very similar, amirite? However, once you get into more detail, the disparities between these two will become clear as night and day. 

eToro wallet vs. eToro

Introducing eToro Wallet and eToro

How about we dive right in and find out what makes each one so different starting to what each one is. 

eToro Wallet

eToro wallet is a recognized cryptocurrency wallet that allows you to easily facilitate cryptocurrency transactions. These transactions may include selling, receiving and swapping crypto assets within the cryptosphere. 

A crypto wallet is necessary for the storage of all crypto assets but unfortunately it doesn’t support NFTs yet. Nevertheless, over 120 different cryptos are currently supported and users can switch between more than 500 crypto pairs. 

eToro 

eToro in itself is one of the world’s leading online trading platforms with over 23.2 million users at the end of Q2 2021 as reported by Statista. Although users on the platform can trade cryptos, you can access different types of assets including Forex pairs, stocks, futures, commodities, options and ETFs. 

In total, there are over 10,000 financial instruments available to traders from more than 100 countries of the world including the US. The company has multiple offices around the world such as in Cyprus, the UK, US, Australia and Seychelles. 

Key Features

To understand the differences between these two platforms, we need to look at individual categories of services they provide.

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Security

eToro wallet

It features a secure private key and an on-chain address unique only to you. To further protect your assets, high level security features and standardization protocols are available to prevent hacking. One unique feature is that you can recover your account in the event you lose your private key. A lot of investors have permanently lost their investment this way but eToro wallet aids in its quick recovery and heightens secured transactions on the blockchain. 

eToro platform

Security is primarily provided through the financial regulators that license the company. These regulators are responsible for monitoring trading platforms’ activities to ensure nothing nefarious happens. Additionally, they offer investor compensation services in case a licensee goes bankrupt so that investors never lose all their money. 

Ease of use

eToro wallet

Using this wallet has been made easy for all users regardless of their level of expertise in crypto. The user interface has been simplified to highlight the main commands you would normally need from a crypto wallet. That means you won’t ever have to struggle to find anything you need. And all you need to get started is an eToro account, which can be opened on either mobile or desktop. 

eToro platform

The web-based trading platform is relatively simple to use, though it may take a bit of learning to get used to it. This is because there are many different assets one can access with multiple trading options to choose from. For a beginner, it may be a bit of a challenge at the start, but with time anyone can understand how to use it like a pro. Besides, as we shall see next, demo accounts help you do just that. 

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Demo trading

eToro wallet

Meant to store actual crypto assets, there are no virtual cryptos available here. It means you cannot experiment or try something you’re not sure of. Only use this app when you’re absolutely sure of what you’re doing. 

eToro platform

It lets you play in the sandbox, as it were, as you consistently develop from a beginner to a consistently profitable trader. Upon signing up and opening an account, you receive $100,000 of virtual money to practice with and trade. The trading environment is exactly the same as the real thing only you won’t be risking any actual money doing it. Therefore, you can use the opportunity to learn about different assets, platforms, strategies, etc. 

Fees

eToro wallet

Although the wallet is provided by the same company, the company does not charge any fees for using it. Instead, the fees are determined by the crypto network you’re using based on its conditions. For example, the Bitcoin network charges transfer fees based on the hashrate determined by the number of miners. Thus, it can be high or low and there is no way of predicting how much you’re going to pay

eToro platform

However, the eToro platform is especially known for charging low fees including 0% commission for trading stocks and ETFs. This is also the case with cryptos whereby you’re only charged minimally even through CFDs where spreads are applied. All in all, eToro charges some of the most competitive rates compared to other platforms. 

Social trading

eToro wallet

You are solely responsible for your trades and transfers to and from the wallet. Of course, you can get help from multiple sources but none that are issued by eToro. 

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eToro platform

eToro, meanwhile, is famous for its social trading facilities. With a community of millions of traders, it’s possible to share ideas and even copy others’ trades automatically. 

How to use these platforms

While eToro wallet is mainly used for storing cryptocurrencies and cross-crypto exchanges, eToro platform is used for trading. Therefore, you only need the former if your intention is to find a safe storage space for your crypto assets. Meanwhile, for those interested in actively trading cryptos and other assets, the main eToro platform should be your go-to. 

Unfortunately, eToro wallet is not available for desktop users and is only in the form of mobile apps. You can find it on either Google Play Store or Apple App Store on the respective devices. The eToro trading platform, on the other hand, is available for all devices through the web-based trading platform and accompanying mobile apps also on the App Store and Play Store. 

While the two have elements that make them different, they are still an essential part of a bigger whole. The wallet is integrated into the main platform to allow for easy transfer of value and assets to and from the trading platform.

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