The Leader Enters the Crypto Exchange Business

Launched in April, eToroX is cryptocurrency trading exchange developed by one of the biggest names in the trading industry: eToro. Regulated by the Gibraltar Financial Services Commission (which mimics FCA…), eToroX is one of the few regulated exchanges that have been granted a distributed ledger technology (DLT) license.
Currently, the exchange offers trading in 71 pairs, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin and Stellar, as well as the tokenized versions of fiat currencies and precious metals.

 

exchange profile

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eToroX

What is eToroX?

eToroX, the company behind the Exchange, is the blockchain division of eToro Group, a group that amongst other services includes the renowned global investment platform, with over 10 million registered users and more than 11 years experience in the financial markets.

eToroX is established in Gibraltar and has been granted a distributed ledger technology (DLT) license from the Gibraltar Financial Services Commission (GFSC). Currently eToroX offers trading in 71 pairs including Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin and Stellar. It is also possible to trade with ten other fiat-based tokenized assets besides the US Dollar, as well as the tokenized versions of Gold and Silver, something relatively uncommon in other crypto exchanges but not at eToroX. The main focus of the company is tokenizing assets on the blockchain, thus providing a bridge between traditional investments and the new world of digital assets.

Opening an Account

Creating an account at eToroX is a straightforward process: just enter your email address, choose a password and follow the step by step KYC process. And that’s it. Alternatively, if you are already a fully verified eToro client, you can simply log in directly using your existing eToro credentials.

Trading at eToroX

At the time of writing this review, it is possible to trade the following pairs at eToroX:

• Bitcoin Pairs: BTC/AUDX, BTC/CADX, BTC/CHFX, BTC/EURX, BTC/GBPX, BTC/JPYX, BTC/NZDX, BTC/USDEX.
• Ethereum Pairs: ETH/BTC, ETH/AUDX, ETH/CADX, ETH/CHFX, ETH/EURX, ETH/GBPX, ETH/JPYX, ETH/USDEX.
• Ripple Pairs:XRP/ETH, XRP/AUDX, XRP/CADX, XRP/CHFX, XRP/EURX, XRP/GBPX, XRP/JPYX, XRP/USDEX.
• Litecoin Pairs: LTC/BTC, LTC/ETH, LTC/XRP, LTC/AUDX, LTC/CADX, LTC/CHFX, LTC/EURX, LTC/GBPX, LTC/JPYX, LTC/NZDX, LTC/USDEX.
• Bitcoin Cash Pairs:BCH/BTC, BCH/ETH, BCH/XRP, BCH/CADX, BCH/EURX, BCH/GBPX, BCH/JPYX, BCH/USDEX.
• Stellar Pairs: XLM/AUDX, XLM/CHFX, XLM/EURX, XLM/GBPX, XLM/JPYX, XLM/NZDX.

Traders can also operate the following crosses between eToro native stablecoins:

AUDX/USDEX, EURX/AUDX, EURX/CADX, EURX/CHFX, EURX/GBPX, EURX/JPYX, EURX/NZDX, EURX/USDEX, GBPX/AUDX, GBPX/CADX, GBPX/CHFX, GBPX/JPYX, GBPX/NZDX, GBPX/USDEX, NZDX/USDEX, USDEX/CADX, USDEX/CHFX, USDEX/CNYX, USDEX/JPYX, USDEX/RUBX, GOLDX/USDEX, SLVRX/USDEX

Regarding the eToroX trading platform, the interface is clean and user-friendly. Sections are with clearly delimited and can be set up as desired – disabling and resizing the modules so you can customize the interface to your needs.

The charts’ look and feel will be familiar to most traders as they are based on the Tradingview API – enabling a quick learning curve as they are similar to those on other crypto trading platforms. As usual, you can use a lot of technical indicators as well as several drawing tools to build your trading strategy rules and set your entry and exit points.

The Order Book has good liquidity across all pairs. eToroX currently works with several market makers, aggregating liquidity from the top 15 cryptoexchanges.

On the other hand, the New Order module seems rather simple, making it ideal for beginners. However, professional traders will be missing many features available in other platforms such as stop orders, as well as the possibility to set stop loss and take profit levels. A program addressing the needs of professional traders is set to be released in the near future.

Trading Fees

eToroX uses a Tiered Fees approach, rewarding traders who trade large volumes. By default, traders are subject to Tier 1 (a lower monthly volume than $100,000), so takers (traders executing market orders) are charged 0.24% per trade, while makers (traders providing liquidity using limit orders) get lower fees, paying 0.10% per trade. When a trader’s monthly volume is above $100,000, they get rebates according to the following table:

The rebate calculation is per calendar month and is paid in ETH during the first week of the month.

Deposits and Withdrawals

Users can easily manage their funds, view their past trading history, and even make quick conversions from the Balance window.

There are no charges for deposits at eToroX. For withdrawal limits and fees please see table below:

The Quick Withdraw Limit shown in the table above is the maximum amount that can be withdrawn automatically. Higher amounts can also be withdrawn but require approval by eToroX Operations and Compliance departments.

Safety of Funds

As a regulated entity in Gibraltar, eToroX enforces strict security measures to protect its users. In particular, eToroX compels its users to enable Google Two-Factor Authentication (2FA) before they are able to trade, deposit, or withdraw their coins.

Also, eToroX users’ funds are stored in cold wallets, thereby minimizing the risk of a hacker stealing crypto assets.

Finally, eToroX offers eToro Wallet, a Multisignature Wallet where it’s possible to store your crypto assets while enjoying a higher degree of security, as private keys are segregated into three separate secure environments.