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
Starting out with the withdrawal process on eToro
eToro is a big brokerage firm that deals with stock markets, forex and cryptocurrency. If you would like to withdraw your crypto from eToro and transfer it to another exchange, you have to first withdraw it from your eToro trading to your eToro wallet, then you can withdraw from the wallet to anywhere you want.
For starters, we go to our trading homepage. Here we can see what we own, what we can buy and there is also a “news feed” which is the social trading part of eToro. We go to assets from here to see what we want to withdraw.
After we reach the assets and check our cryptocurrencies, we can see the list here. You can pick any of the coins you want and can start trading or withdrawing it after you select the coin.
Here we see the page after we click any coin. If you do not own any, then you could buy some of it if you want. It will show how much you own, how much it is worths, and your profit/loss situation as well as at what price you bought.
After you purchase the coin, you will see a page like this when you click on it. This will allow you to either sell it, update it, or close the trade. This is also the same place you use for anything related to the coin. If you are done with it, you can click on the “transfer to wallet” option to start your withdrawal process.
When you are withdrawing from the trading platform, it will go to your eToro wallet, so you do not have to write down anything. It is already moving from inside eToro to eToro again so they will handle everything. All you have to do is confirm your withdrawal to the wallet.
After you withdraw from your eToro wallet, your coins are now ready to move out of eToro and into other parts of the world. You can click on the coin you want to withdraw in order to begin withdrawal from the eToro wallet to Binance.
74% of retail CFD accounts lose money
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
Sending crypto to Binance
When you get to the homepage of Binance you will see at the top right corner that says “wallet”, hover over it to get the drop-down menu.
From the drop-down menu, click on “fiat and spot” which also shows “deposit and withdraw” there as well. This will redirect us to the coin list page.
Here you can see all the coins you own, and the ones you do not own but Binance offers. Click on the deposit button if you want to directly go there and make your selection there, or you could click on deposit near the coin you want to deposit.
Here we see the deposit page. You can still change which coin you want to deposit at the coin selection part. Do not forget to pick a network that both Binance and eToro offer, and the cheaper it is, the more money you will save. When you are done with your selection you will see the address.
Copy this address you see and move back to eToro wallet in order to finish the last part.
eToro Wallet Withdrawal
Write down all the information you are given from Binance. The address, network, and even the tag if required by the coin you transfer. Then you can click on the “send” button when you are sure everything is correct. This is the last place you can do a double-check to make sure every information you typed in is correct.
After you click the send button, it will ask you to write your 2FA code for confirmation. Open up your 2FA app and write the code you see there. Click on “verify” and your cryptocurrencies will be on the way from eToro to Binance in no time.
eToro is a bit different compared to most other exchanges. You can’t deposit any crypto into eToro, you can only buy from them. Similarly, we can’t withdraw from eToro to Binance directly, as we have seen today, first you need to withdraw from the eToro trading app to the eToro wallet, then to Binance, so there is an extra layer involved. Make sure you follow every step and do not miss anything important.
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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