Though it is more specifically designed to serve the cryptocurrency market, it does incorporate a number of the features that helped to build its sister company. That said the exchange offers its services as a “secure and regulated platform that empowers people with blockchain technology.”
eToroX is regulated by the Gibraltar Financial Services Commission (GFSC) and maintains the office address, 57/63 Line Wall Road, Gibraltar, under registration number of 116348. The exchange is also a regulated DLT provider licensed by the GFSC under the license number FSC1333B.
A Quick Overview of eToro
eToro started life in Tel Aviv, Israel, under the name RetailFX in 2006. The now popular social trading platform was founded by brothers Ronen & Yoni Assia.
Since then, the company has grown from strength to strength, having raised more than $150 million USD over a number of very successful funding rounds. The exchange built up an extensive menu of tradable products like, CFDs, commodities, traditional stocks, and Forex before adding a Bitcoin CFD in 2018.
Getting Started On eToroX
As is the case with every other exchange, the first step before is to go through the process of getting a user account registered. Customers who already have eToro accounts can simply use those to access eToroX.
This is as simple as heading over to the main site and clicking on the “Sign up” option. From there you will be required to enter some necessary information like your email address, the country in which you reside, and the password you wish to use. A confirmation email containing a link will be sent to you. Upon clicking on the link, you should be prompted to sign in to your newly created account to complete the second step.
The next step is to verify your account. You will first be required to verify your phone number, which is done by SMS. Next you will have to fully verify your account by uploading the required documents like passport etc. Once you’ve fully verified, you are ready for the third step.
The third step in this process is to deposit funds into your trading account and customise your trading screen to suit your needs. To make a deposit, open the balance page, select the coin/token you wish to deposit, then click on deposit.
Most Attractive Features On eToroX
One of the most attractive aspects of the platform is the sheer volume of options it offers, especially for such a young exchange.
Besides the 70 trading pairs that are built on a selection of 20 cryptocurrencies, the platform boasts an impressive list of tradable tokens that are pegged to fiat currencies and commodities like gold and silver.
eToroX customer support is always on hand, and can be contacted via email, their Telegram group or Twitter account if any issues arise. Commonly asked questions are also addressed in their help section.
User accounts on eToroX are required to be verified on three levels and data encryption is a default security measure. To add to this, cold storage coupled with a military grade custodian service is used.
Pros vs Cons
- The platform is a subsidiary of a well established, well funded and very reputable exchange.
- Mobile app for trading on the go.
- Transaction fees are exaggerated by the use of a third party agent for payment processing.
- A live chat option for customer support would be very appreciated.