eToroX Review: A Top Cryptocurrency Exchange

Blockchain continues to revolutionize various aspects of the financial sector by enabling new ways of doing business and carrying out transactions. Embedded in the principle of ledger technology is eToroX, which is increasingly changing the way people hold and transact a wide array of digital assets.

What is eToroX?

Developed by social trading and multi-asset brokerage firm eToro, eToroX is a cryptocurrency trading exchange. Regulated by the Gibraltar Financial Services, the digital asset-trading platform is one of the very few cryptocurrency exchanges in the market with a Digital Ledger Technology license.

The crypto-only exchange seeks to provide a reliable way of trading a wide array of cryptocurrencies as well as stablecoins. Some of the cryptocurrencies that the exchange supports include Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin, USDx Stablecoin EURx stablecoin and Stellar.

Integration of a web-based trading platform on the exchange makes it possible to trade cryptocurrencies the same way, as is the case with other mainstream financial securities. The trading platform also makes it possible to keep track of the order book, order depth charts as well as trading history. The exchange is also accessible on Android and iOS mobile app.

eToro Wallet

Available for both iOS and Android platforms, eToro Wallet provides a secure and reliable way of storing various digital assets. With the eToro wallet, you can:

  • Transfer crypto assets from the eToro Trading platform
  • Send and receive cryptocurrencies from other cryptocurrency wallets
  • Convert cryptocurrency assets to other crypto assets

eToroX Exchange

Just like any exchange in the financial markets, eToroX exchange provides a platform whereby people can trade various cryptocurrency assets as well as stablecoins. eToroX offers a clear and user-friendly platform ideal for novice traders.

The charts on offer are familiar with what most traders are used to, in trading currencies and stocks in the mainstream financial markets. Technical indicators, as well as a variety of drawing tools, come in plenty, ideal for making informed decisions while trading.

The order book in the exchange also comes with good liquidity across various crypto pairs providing an ideal environment for entering and exiting trades.

Opening an eToroX Account

eToroX comes with a straight forward and user-friendly process for opening a trading account. For new clients, all that is needed is an email address to set up an account with a password and simple step-by-step KYC process. Clients with an existing eToro account can simply log in using existing credentials.

It can take up to two business days for an account to be verified upon the submission of all the necessary documents as part of the KYC process. New users must upload documents for identity verification. Proof of Identity document must include name, date of birth, clear photo, issue, and expiry date. New users must also submit proof of address documents that can be a bank statement or utility bill.

Once you have opened an account, all you will have to do is deposit some money in the account to start trading cryptocurrencies. Deposits can be made through the wallet address. However, it is important to note that it is only possible to deposit cryptocurrencies into the exchange, as it is a cryptocurrency only exchange.

While eToro offers its cryptocurrency trading services all over the world, its services are not available in a number of countries including the United States, Turkey, Canada, Japan Belarus, and Puerto Rico, Albania among others.

eToroX Trading Fees

eToroX does not charge any fees when making deposits. Withdrawal fees vary depending on the type of coin one is withdrawing.

Trading fees, on the other hand, are charged on a maker-taker model. Traders who add limit order to their order book must contend with a fee of between 0.1% and 0.03%, depending on the order size.

Takers who fulfill existing orders, on the other hand, must contend with a fee of between 0.24% and 0.12%, depending on order size.

eToro Referral Program

The cryptocurrency exchange also operates a referral program whereby users are rewarded for referring new clients to the exchange. Payments under the program are made once every month. Referral payments are credited into eToroX account in the same currency as fees paid.

eToro users also stand to gain revenue share for every friend referred for a period of six months. One is allowed to refer an unlimited number of friends.

Security

eToroX adheres to the highest security standards when it comes to protecting the client’s holdings in the exchange as well as the trading platform. The exchange enforces strict security measure key among them being the Google Two-Factor Authentication when trading, depositing and withdrawing coins.

eToroX users also get to enjoy the privilege of funds stored in cold wallets as a way of minimizing the risk of a hack attack. eToro Wallet comes with a multi-signature, which means private keys are separated and stored in three secure environments.

Customer Support

eToroX offers round the clock customer service through a wide array of platforms. Users can contact the support team through email at Customerservice@etorox.com or via the exchange Twitter account, Telegram Group or Facebook page.

Pros

  • Crypto Exchange backed by an established company
  • Supports a variety of digital assets
  • Fully regulated cryptocurrency exchange
  • Boasts of a customizable user interface
  • Highest level of security standards featuring two-factor authentication supported by multisign wallets

Cons

  • Professional traders must contend with a lack of stop orders on the exchange
  • Inability to set stop loss and take profit in the trading platform is another major tailwind
  • Users must pass KYC verification
  • Limited choice of digital currencies

Bottom Line

eToroX is a regulated top-notch cryptocurrency exchange for anyone looking for ways to trade various digital assets. An intuitive user interface, comprehensive charting tools as well as a mobile app are some of the factors that make it stand out. The availability of a mobile app takes convenience to another level. The fact that the exchange is certified as DLT and regulated by the Gibraltar Financial Services Commission, underscores its integrity and credibility in offering crypto trading services.

The post eToroX Review: A Top Cryptocurrency Exchange appeared first on Global Coin Report.

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