eToroX Review: A Top Cryptocurrency Exchange

Published

1 year ago

September 20, 2019

eToroX Review

eToroX is a digital assets exchange which features a cryptocurrency trading exchange as well as a crypto wallet. eToroX is created by the same group that operates the eToro forex and CFD social trading platform, but this Exchange is for trading, buying, selling and exchange of cryptocurrencies and blockchain-based/tokenized assets.

Regulation and Ownership

The crypto wallet and exchange services offered by eToroX (a company incorporated in Gibraltar and owned and operated by the eToro Group) are regulated by the Gibraltar Financial Services Commission. eToro X is a regulated DLT provider with licence number FSC1333B.

Fees

Two types of fees are incurred by eToroX users: exchange fees and wallet fees. Exchange fees relate to deposit/withdrawal transactions and charges on trading activity. eToroX does not charge for deposits. Trading fees are either maker (limit orders) or taker fees (market orders). Maker/taker fees are tiered and are adjusted by trading volume.

Monthly Volume	Maker fees	Taker fees
Tier-1 <$100,000	0.10%	0.24%
Tier-2 <$500,000	0.09%	0.22%
Tier-3 <$1,000,000	0.08%	0.20%
Tier-4 <$5,000,000	0.07%	0.17%
Tier-5 <$10,000,000	0.06%	0.15%
Tier-6 >$10M	0.03%	0.12%

Fees are charged on withdrawals. The withdrawal method determines how much is paid by the trader.

Wallet fees are fees paid for fiat-crypto conversions. eToroX charges 1% while exchange partner Simplex charges 4% of the total sum being converted. Crypto-crypto conversions are charged at 0.1%.

Exchange Assets

What are the crypto/blockchain assets that are traded on the eToroX exchange? There are 18 of such assets, featuring a mixture of cryptos and stablecoins that track several fiat currencies, silver and gold. These are

XLM
ETH
LTC
XRP
BTC
BCH
USDEX
SLVRX
GBPX
JPYX
RUBX
CNYX
CADX
EURX
CHFX
NZDX
AUDX
GOLDX

These are all combined into a number of pairs that can be traded on the exchange.

Account Opening and Verification

Account verification is compulsory. This consists of submitting a proof of identity document as well as a selfie photo of the account owner holding this document. The second requirement is submitting a proof of address such as a utility bill or bank statement.

A financial questionnaire with 9 questions is provided to determine the applicant’s suitability to operate a trading account on eToroX. Verification time is usually two working days.

Customer Support

This is provided using a variety of channels

Email: customerservice@etorox.com (for account holders only); feedback@etorox.com
Social media: Twitter (https//twitter.com/etorox) and Facebook (www.facebook.com/etorox).
Telegram: https//t.me/etorox.

Pros

Speedy trade execution.
Addition of stablecoins provides a refreshing mix of asset pairs to trade.
Suitable for beginners and intermediate traders.

Cons

None

Final Summary

Coming from the stable of eToro Group, eToroX already has a high standard that has been set for it to attain. The exchange is coming a little late into an increasingly crowded space but may find some joy from referring existing eToro clientele to the new crypto exchange.

Some improvement needs to be made to its user interface to make navigation and trading easier.

The above content is for informational purposes only and should not be construed as financial or any other type of advice. All trading involves risk of capital loss. Digital Assets trading also involves additional special risks not generally shared with official currencies, goods or commodities. For more information on the risks please refer to our Risk Disclaimer.

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