Etoro Money is a service offered by the broker Etoro.
In this review, we look at what it is exactly, the benefits and drawbacks of using Etoro money, and how to get started.
The financial service explained.
Etoro money takes the form of an app that serves as a digital wallet to hold your regular cash (and in some countries crypto).
See it as a current bank account that serves as an in-between to speed up payments. Much like PayPal.
The service is exclusive to Europeans & United Kingdom residents. Outside of the EU & UK, you cannot use Etoro money.
Benefits of Etoro money
The service has several plus points for investors & traders:
- No deposit and withdrawal fees
- Instant deposits & instant withdrawals (no waiting times)
- No conversion fees (Etoro holds funds in US dollars)
- Free app on Android & IOS
- Optional Etoro debit card
The drawbacks
- It’s another ‘current account’ to have.
- The app is not available outside of the EU & UK
- The app reviews are mixed, as bugs do occur.
- It requires an Etoro trading account.
Getting started
Follow this step-by-step guide to create an Etoro account.
If you already have an Account at Etoro, by clicking this link & logging in, you will be met with the Etoro money sign-up flow:
Once you accept the terms, the below screen will pop up with your personal Etoro Money account details:
Download the app and transfer money to the account. Once it’s there, transfer it to your Etoro trading account & start investing.
Read more on the broker’s website.