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Wikitoro author Mike Druttman Written by Mike Druttman
Wikitoro fact checker Wikitoro Team Fact checked by Wikitoro Team
Updated Feb, 2024

To use your eToro Money effectively, you can deposit funds into your eToro investment account instantly and without foreign exchange fees. Withdrawals from the investment platform are equally efficient, offering instant access to your funds. Additionally, this e-money service allows for easy management of daily financial tasks, such as setting up Direct Debit payments and transferring money to friends and family, with advantageous FX rates for UK Club members.

Try eToro Money!

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

 

Getting Started

In the ever-evolving world of online trading, managing finances efficiently is key. As a regular user of the eToro Money app, I've gathered some valuable insights and takeaways that I'm excited to share. This app has significantly streamlined my trading and financial management processes, and here's how.

 

Depositing to the Trading Platform

One of the most straightforward uses of this account is depositing funds into the trading platform. The benefits here are quite tangible:

  • Instant Deposits: The speed of transactions is remarkable. I've been able to fund my trades almost instantaneously, which is crucial in a fast-paced market environment.
  • No FX Fees on Deposits: As someone who deals in multiple currencies, the absence of foreign exchange fees on deposits has been a financial boon, saving me considerable amounts over time.

 

Withdrawing from the Investment Platform

Withdrawing eToro funds from the investment platform is just as efficient. The ability to access my funds without the typical waiting period of several business days has been a game-changer.

If I withdraw the funds back to my credit card, it could take more than 2 business days but with eToro Money, it took no more than 5 seconds. It's all about efficiency and speed.

 

Spending the Funds

Take note that this e-money account isn't just for trading. It's also a financial tool for everyday use:

  • Direct Debit Payments: Setting up and canceling Direct Debit payments is straightforward, giving me flexibility in managing my recurring expenses.
  • Send and Receive Money Easily: Transferring funds to friends and family has never been simpler. The process is quick and user-friendly.
  • Competitive FX Rates for UK Club Members: When I travel abroad, I benefit from excellent FX rates, a perk available for eToro UK Club members. This feature has saved me a significant amount in conversion fees.

 

Personal Insights

Using the eToro Money app has improved the way I handle my trading finances. The instant deposit and withdrawal features have allowed me to react quickly to market changes, while the no FX fees policy has been financially advantageous. The additional features like easy money transfers and beneficial FX rates for UK Club members have made it a comprehensive financial tool, not just for trading but for everyday financial tasks.

 

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. 76% 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.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

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

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

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 has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

Wikitoro author Mike Druttman About Mike Druttman

Mike Druttman, Head of Content at Wikitoro.org, has decades of expertise in marketing communications and business matching. Educated at the CAM Foundation and the Chartered Institute of Marketing, Mike has collaborated with businesses from the UK to Japan. He founded KEYZUNA, bridging Japanese businesses with global innovations. With a diverse background spanning high-tech to hospitality, Mike's articles at Wikitoro reflect his vast knowledge and unique perspective.

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76% of retail investor accounts lose money