eToro Money

Written by Mike Druttman

Fact checked by Nick Zelver

Updated Mar, 2024

Introduction

eToro, renowned for its online trading platform, has expanded its services with the introduction of eToro Money. This e-money service offers a dedicated app, separate from the main eToro investment platform, equipped with a range of features designed to enhance the convenience for eligible users.

My Key Findings About eToro Money

So what are the benefits of eToro Money account? After an extensive use of the app and my own research into this, I've identified several key aspects:

• A Visa debit card is available for specific Club members in select regions.
• Users can benefit from free and instant deposits.
• Instant withdrawals from your trading account to the app are possible.
• The service is free of conversion fees and subscription charges.
• eToro Money offers two distinct services: an e-money service and a wallet, each with its own set of features and availability.

eToro vs eToro Money

You're probably wondering what is the difference between eToro and eToro Money. I had the chance of testing both platforms and this allowed me to understand their specific functions:  

• eToro serves as an investment account and trading platform, offering access to over 3,000 financial assets such as stocks, cryptocurrencies, commodities, indices, ETFs, and more, enabling investment opportunities.
• In contrast, eToro Money is an e-money account designed to integrate smoothly with your eToro investment account, essentially positioning eToro as a trading platform and eToro Money as an electronic money wallet.

Methods of Funding This Account

Currently, there are two primary methods to fund this specific account:

1. Manual bank transfer
2. Fast bank transfer, an option currently exclusive to the UK

Theres's a Physical eToro Money Visa Debit Card!

For users who prefer a physical card, the eToro Money Visa debit card is an excellent option. Linked directly to your eToro Money cash account, it functions like any standard Visa debit card, suitable for shopping, payments, and more.

It's important to note that this debit card is currently only available in the UK and to eToro Club members, with varying plans offering different card types:

• Silver, Gold, and Platinum members receive the Green Plan, which includes the Green eToro Card
• Platinum+ and Diamond Club members are eligible for the Black Plan, featuring a Black metal eToro card with additional benefits

Take Note: You Can Only Use This via the App

To access eToro Money, you'll need to download the "eToro Money" app, which is exclusively designed for mobile devices. It's available on both the App Store for iOS users and the Play Store for Android users.

Once installed, simply log in with your existing eToro trading account credentials, verify your identity with an SMS code, and you'll gain full access to the service.

Using the e-Money Service

Let's say I was able to activate this service, after that, how do I use my eToro Money? To utilize this effectively, simply access the app on your mobile device (can be a smartphone or a tablet). This platform enables you to perform a variety of financial transactions with ease.

You can deposit eToro funds into your trading account or instantly withdraw money from your investment account to your e-money account. Additionally, eToro Money facilitates easy sending and receiving of funds, complete with a personal sort code and account number, or an IBAN for international transfers. Moreover, the eToro Money Visa physical card allows you to spend your cash balance at any location where Visa is accepted.

Eligibility Criteria

Wondering if you're eligible for an eToro Money Account? The criteria are straightforward:

1. You must have a verified eToro trading account.
2. At least one deposit into your eToro trading account is necessary to qualify.
3. You need to be cleared by eToro's compliance and fraud teams.
4. Residency in the UK or any of the other eligible European countries is required.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.

Copy Trading does not amount to investment advice.  The value of your investments may go up or down.  Your capital is at risk.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which hasbeen prepared by our partner utilizing publicly available non-entity specific information about eToro.