What is eToroX? Detailed Review

eToroX was launched in 2018 and includes a  cryptocurrency digital wallet (offering safe and secure storage of assets) and  a more recent web-based exchange trading platform for crypto to crypto assets.  

The company is regulated in Gibraltar as a distributed ledger technology provider and is generally well known and respected in the industry due to the huge success of the eToro forex trading platform which has been operating for over a decade. This has provided something of a platform for them to jump into the digital trading market as of April this year.

Benefit From Stringent Security Measures

Security is always a major concern when you are trading crypto with any exchange. We found that eToroX looks to negate these risks by implementing fairly stringent security procedures. You can still sign up quickly and easily, but you will need a phone number and email that you can verify for KYC checks.

With the actual logging into the exchange and its operations, all of the data is encrypted by the systems which the company put in place. You will also benefit from the added security of 2FA (two-factor authentication). This is all in an effort to keep you as safe as possible.

Great Range of Assets Available for a “New” Exchange

One thing that we can say is that eToroX is not short on markets you can trade in. This would be surprising for a brand new player in the industry, but they fact they are backed by the powerful eToro Group means that this depth of market choice comes as no surprise. 

A total of 71 markets are available at the moment with the promise of more than 100 more coming very soon.

Some of the markets you can trade include multiple pairs involving Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Stellar. These can be traded as pairs with each other, other cryptocurrencies, and a range of digital currencies and commodities which are pegged in value to their fiat equivalents. 

What this essentially means is that you can engage in trading regular forex currency pairs with crypto and other markets, all done on a digital basis through this blockchain exchange platform. 

Competitive Pricing All Round

Wallet Fees

A final key area which is always important to investigate whether it be a crypto exchange or forex broker, is fees and pricing. 

With eToroX there are some fees, but they are kept competitive. You can expect a basic fee per trade in the Exchange of between 0.10%-0.24%. This will vary depending on the market you are trading and volume. Deposit fees are also not something which the platform implements. 

If you are exchanging currencies in the Wallet, you will have to deal with a crypto to crypto conversion fee of 0.1%, while the fiat to crypto conversion fee can run up to 5%.

Pros

• An excellent selection of assets to choose from with a total of 71 markets currently available.

• KYC procedures and two-factor authentication to protect your account and data.

• The backing of a respected group in the financial industry in the form of eToro

Cons

• Conversion fees are high, particularly for fiat to crypto conversions

• Regulation in Gibraltar alone is quite limited 
   

Overall, as a new upstart to the exchange sector, eToroX presents a positive image with some attractive points and experience in the financial field, but some areas still to address. 

The above content is for informational purposes only and should not be construed as financial or any other type of advice. All trading involves risk of capital loss. Digital Assets trading also involves additional special risks not generally shared with official currencies, goods or commodities. For more information on the risks please refer to our Risk Disclaimer.