eToro Lets Users Convert Crypto to Cash and Invest In Assets
eToro has introduced a new feature for its clients in the UK and Europe. Users can now transfer crypto assets from external platforms to the eToro Crypto Wallet. Once transferred, they can convert their crypto into local currency and invest across various asset classes on eToro.
What’s New on eToro?
Clients in the UK and Europe can now move their Bitcoin (BTC) and Ethereum (ETH) from other exchanges or blockchain wallets into the eToro Crypto Wallet. This update allows users to convert crypto holdings into fiat currency for broader investment options on eToro’s multi-asset platform. This feature is being rolled out gradually. It starts with Diamond Club members in the eToro Club across the UK and Europe. Other Club members will get access in stages. Conversion fees range between 0.6% and 1%, depending on the user’s membership level.
How It Works
Users transfer BTC or ETH from an external source to their eToro Crypto Wallet. They can then convert the crypto to GBP or EUR, depending on their account currency. After conversion, the funds can be:
- Reinvested into any instrument available on eToro
- Withdrawn as cash
- Spent using the eToro debit card (available to UK users)
Benefits for Users
This update will offer these benefits for users:
Easier Crypto Conversions
Clients can now convert Bitcoin and Ethereum directly into GBP or EUR within eToro. This removes the need to use third-party platforms for crypto-to-fiat conversion.
More Investment Options
Once converted to cash, the funds can be used to invest in stocks, ETFs, commodities, and other instruments available.
Faster Use of Crypto Gains
Clients can quickly move crypto profits into other assets or withdraw them as cash without delays from external transfers.
Debit Card Spending (UK Only)
UK users can spend their converted crypto funds directly through the eToro debit card, adding real-world utility.
Centralized Asset Management
Clients can manage both crypto and traditional investments from a single platform. It improves portfolio oversight.
About eToro
eToro is a social trading and multi-asset brokerage platform. It allows users to trade and invest in varied financial instruments, including stocks, ETFs, cryptocurrencies, and CFDs. The platform has unique social trading features like CopyTrader. It lets users replicate the trades of experienced investors. eToro crossed over 35 million users by 2023. It serves in more than 100 countries.
Summing Up
This update gives eToro clients more flexibility with their crypto holdings. They can now convert gains into fiat and reinvest in other asset classes. With this feature, eToro strengthens its role as a multi-asset investment platform for evolving investor needs.
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