eToroX Exchange Review
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eToroX Exchange Review
eToroX is a new crypto-to-crypto exchange platform brought to you by eToroX, a company incorporated in Gibraltar and forming part of the eToro Group. This group is a respected name among top forex brokers, having brought the industry giant eToro to life in 2006.
Following up on the growing catalog of digital assets that are made available at eToro, this sister company, eToroX, launched its exchange in April 2019 offering an extensive array of trading options.
This includes a total of 71 trading pairs and a number of digital currencies that are pegged to major fiat currencies opening up avenues for fiat-based traders to go completely digital.
Is eToroX Safe?
eToroX is fully and transparently regulated in Gibraltar under the Gibraltar Financial Services Commission (license number 116348). This compliance is in addition to being backed by one of the most trusted groups in the world of forex trading.
Purely from a trader security perspective, the exchange also implements a number of stringent security features:
- An extensive KYC/verification process
- Full data encryption across the platform to ensure safety of funds and information
- Two-Factor Authentication (2FA) for platform login
These measures demonstrate that eToroX is committed to building another trustworthy and safe trading platform.
eToroX Account Opening
Even though there is a rigorous KYC procedure in place, opening an eToroX account is still a very simple process.
After clicking to register your account on the eToroX homepage, you will be prompted to enter your email address and choose a password before being guided through the step-by-step verification process.
This procedure means you will need to enter some more detailed personal information and also a valid telephone number which you must verify in order to activate your account.
Once that is done, you are free to enable two-factor authentication to keep the account extra safe, and make your first eToroX deposit.
There are relatively few fees to worry about with eToroX, and those that are in place are very competitive thanks to the tiered fee structure in place. This ultimately means that your average fee per trade will be between 0.10%-0.24% depending on whether you are executing market or limit orders on the platform.
There are no deposit fees to worry about with eToroX, and withdrawal fees, although variable depending on the method, also remain within a very competitive range.
The only other eToroX fees to consider are in connection with the Digital Wallet and these include a crypto-to-crypto wallet conversion fee of 0.1% and a fiat-to-crypto conversion fee of 1% from eToroX and a 4% fee from Simplex (a regulated third party payments provider).
- A wide range of markets available to trade with competitive fees
- Highly secure and trusted measures in place to protect accounts
- Respected regulation in Gibraltar with the backing of a trusted forex broker group
- Fiat-to-crypto conversion fees are a little high
- As a newer operation, the customer base is still building
In conclusion, eToroX has all the required ingredients to become a hugely successful crypto exchange. Regulation, competitive fees, and a large range of assets available for trading are sure to make the exchange a big hit.
Services provided by eToro X Limited (‘eToro X’), a limited liability company incorporated in Gibraltar with company number 116348 and with its registered office at 57/63 Line Wall Road, Gibraltar.
eToro X is a regulated DLT provider licensed by the Gibraltar Financial Services Commission under the Investments and Financial Fiduciary Services Act with license number FSC1333B.
Note: Services may not be available in your country. Please check here for a list of countries where our services are made available.
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