eToro Money 4+

Avoid Etoro at all costs

I wanted to move BTC off their platform to my own wallet (not your keys, not your coins..). To do this one must first move the BTC to the 'Etoro Money' wallet.
During this transaction, an outrageous 16% of my asset was taken by Etoro, and there was no total fee estimate before the transaction, so no warning to enable an abort.
The transaction report contained the statement 'this transaction paid ~40% more in fees due to inefficiencies associated with older wallets'. Great! The blockchain transaction fee was way over the average reported for the day in question.
I then had to move my BTC from the Etoro wallet to my own wallet. Cue more outrageous fees, and another 'old wallet' penalty. It was not possible to move everything from the wallet because the transaction had to reserve a minimum amount for fees. The fees were slightly less than the reserved amount, so there is now about $20 of BTC left in the Etoro wallet that simply cannot be removed.
The wallet won't allow transfer because the estimated fee is more that the BTC amount. Why can't they enable a 'transfer out everything' option? Presumably Etoro intend to keep this remnant forever. Nice little racket they have here.

I posted a complaint ticket to Etoro's 'customer service' (haha) system. They promise a response in 10 days. After a month they've not bothered to respond. Nothing. Useless.

Avoid Etoro at all costs. Corporate theft.

Developer Response ,

Hello there, we apologize for the delayed response and hope you've received a response from our Customer Service. With our expanding client base, there are delays in responses, but answers will always be provided. Also, our Social Team is always available for assistance across our various social channels. Whenever you require escalation, you can contact our Social Team via X (Twitter) or Facebook with your username or ticket number and they will assist. We would like to clarify that the eToro fee model for the transfer of cryptoassets from the eToro investment platform to the eToro Money crypto wallet works as a dynamic mechanism. The cryptoasset transfer fees are calculated according to the size of the position. For larger positions, the fee has a maximum cap: -> Coin transfer fee 2% of the transaction size -> Fee minimum $1 (in units) -> Fee maximum $100 (in units). Please note that the final fee amount will be determined when your request is processed. In addition to the fee charged by eToro, there is a blockchain fee. Since the blockchain is external and variable, we can only give an estimate before you confirm the transfer. Please note that the final fee amount will be determined when your request is processed. Visit this link for more details: https://www.etoro.com/crypto/coin-transfer/. Best regards, Maria

Terrible

This really is a bad app.

I tried to transfer LTC from the trading platform to the wallet. The coins have yet to appear in the wallet and it’s been 10 days now.

I contacted Support and got an auto-reply saying it will take up to 7 days for them to reply.

As far as I can tell, the wallet doesn’t support ADA or TRX. I guess this relates to the staking rewards eToro offers on these coins, but I don’t see why that should make a difference.

I don’t mind not having the keys. I think wider adoption of cryptocurrency will see less people wanting this. Keep it simple.

I would like to use Touch ID on my iPhone rather than entering my password every time I open it.

As a UK user, I find it hard to purchase crypto because banks will often block transactions. The eToro wallet is a potential way around this (because eToro sell other assets as well as crypto, purchases aren’t blocked by the banks) as I could use the wallet to move coins to other platforms without going through a bank. But I need to know my coins aren’t going to disappear when I try to transfer them

So far I just don’t have the confidence in this app.

Unable to send BTC to external wallet

I tried 3 times last week to send btc to an external wallet but they all failed. Raised support ticket but didn’t get a reply until yesterday. Was told to try again at a lower amount as the fees must have been higher than they estimated and therefore there were insufficient funds for the transaction, I did this and it failed again. I’m getting increasingly frustrated with his as I cannot access my btc and the customer support response times are slow. If payments out of the wallet can only be processed if they are much lower than the balance then customers will never be able to withdraw the full balance

Developer Response ,

We’re sorry for the difficulties you’re experiencing. Our customer support does the best they can to help and reply as fast as possible. We have brought your concern to their attention and they will be glad to follow up with you on the matter. Please contact them now and we assure you that this issue can be resolved. Once again, we apologize for the inconvenience and thank you for your patience.