What you'll learn 👉
- Trying to deposit a non-supported token may result in the loss of tokens.
- Send a small test amount first
- Beware when choosing the network which you want to use for sending crypto
How to Withdraw Cryptocurrency on Coinbase
Coinbase and eToro are two of the biggest trading platforms in the world. Coinbase is narrowly specialized for cryptocurrency while eToro is a multi-asset broker that is heavily focused on crypto as well. Today we are going to look at how to transfer our crypto from Coinbase to eToro.
First, we log into our Coinbase account, here we will get to see our dashboard and what we have. You could find anything related to your Coinbase account from this page. From trading to payments to notifications and such, including buying crypto directly with fiat, or send/receive crypto in and out of Coinbase.
When you see this page, click on the “send/receive” button at the top right corner. This will pop up another tab that will start our progress of transferring from Coinbase to eToro.
When you see it pop up, click on the “send” button and you will be redirected to basically what is called the “withdraw” anywhere else. It is the same thing, just named differently.
You will have to pick which coin you want to send. You could do this at the “assets” part if you want to, or you could simply pick from this list. There is also a search function to help you navigate as well.
When you click on send and pick which coin you want to send, it will ask you for an address to send. Before we could continue with the Coinbase part, we need to move to eToro and get the deposit address from there.
eToro is an Israeli-based exchange. They do not work just in the crypto world but also work with stock markets and forex at the same time. Which makes them a full-on brokerage firm. This means you could buy Bitcoin, apple stock, and fiat at the same place anytime you want. They have licenses to work within Israel, Cyprus, UK, USA, and Australia. They are banned in Canada mainly but also in other nations that require licensing for this business purpose.
As a company that works within the regulations of the countries they exist, they have to follow certain rules. You will be asked to provide KYC the moment you are signing up. They do not offer small transactions without KYC like some other exchanges. eToro works differently from the common crypto exchanges we all know.
You are capable of buying Bitcoin and a few other coins using your bank card, or wire transfer if you want to, they accept SWIFT transactions as well. You could buy Bitcoin using your debit card and withdraw the coins you buy from eToro as well. As you can see they are just like any other exchange you can see when it comes to crypto up to this point.
Their difference comes from the fact that you can’t deposit cryptocurrency into their platform. So if you buy bitcoin from Coinbase, and want to move it to eToro and start trading your Bitcoin there, you can’t do it. Vice versa is allowed, buy bitcoin at eToro and send it to Coinbase and trade there, but unfortunately, they do not accept crypto deposits. You can only buy from their system, and trade on it but the withdrawal is one-sided and can’t be reversed.
This makes their exchange a bit problematic for many users. As crypto users like to move their money around freely and without limitation, having a limitation like this placed in eToro makes it harder for them to reach a good volume. Even though they are in many nations, and can accept fiat payments in so many different countries, with licenses around the world to make them legal, they barely crack into the top 50 for crypto volume.
However, eToro also provides forex and stock market trading, and the volume they have on those two makes up for the lack of trading volume in crypto. This is why they do not present themselves as just a crypto trading platform, but a general brokerage instead. If you want to trade crypto only and nothing else, they are certainly not the place to be, but if you want to trade many different things all at once, including crypto, then they are one of the best at what they do.
74% of retail CFD accounts lose money
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
eToro found a path for themselves that is unique compared to other crypto exchanges. They lack one of the most important parts, which is depositing crypto and this downgrades their rate a lot. Instead, they are taking another route that shows how crypto exchanges could combine themselves with traditional markets if they want to, and find success in them as well.
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- How To Transfer Crypto (BTC, ETH, ADA etc) From eToro to Binance?
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- How To Transfer Crypto (BTC, ETH, ADA etc) From Binance to Crypto.com?
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. 74% 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.
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.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com