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
eToro double-layered withdrawal
Transferring from eToro to Metamask requires you to withdraw twice. This means that you need to withdraw from your eToro main account to your eToro wallet, and then you withdraw that to your Metamask as well.
The first step is to open your eToro main account. The main page is the place where you can see all the details of your account, you can see the news feed which is like social media where people can write. You can see all the big winners of the day, you can see the prices of coins and some other stuff. Basically, this is an investors hub of sorts.
After you are done checking your home page go to your assets. Here you can see all the coins you can buy or already own. If you do not own any, you can open trade to buy some.
Here you can open a new trade in order to own some coins. Let’s take XRP for example, if you want to buy XRP, you click on it, and you will see this page. You can see the new trade, there you can see the price and also the spread as well. But however much you want you can go back to the list.
When you are done selecting which coin you want to withdraw, you check that coins page. You can see the “transfer to wallet” option. That wallet means your eToro wallet and not your Metamask wallet. This is a very important difference because you will be sending it to yourself again, just to a different eToro part.
Click on the “transfer” button to finish sending to your eToro wallet. This will be your last task at eToro main account. After you send it to your eToro wallet, you can close your eToro main account and for the rest of the transfer, all you will use will be your Metamask and your eToro wallet.
74% of retail CFD accounts lose money
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
Check to see if you received your coins at your eToro wallet. If they are already there, now it is time to get your deposit address from Metamask. Click on the coin you want to send, and open up your metamask.
Downloading Metamask and Depositing Cryptocurrency
If you haven’t downloaded metamask yet, you should do that for your browser.
The links for metamask;
When the download process is over, you need to start a new account. Metamask will ask you to create a new password. This needs to be both a safe and long one, but also one that you can memorize very well.
12 words called “backup phrases” is a safe fallback plan in case you forget your password. In a case where you do not remember your password, there is no email sent to you to reset it, there are these 12 words. Save them somewhere secure and if you ever forget it, you can reset your password and verify that it is in fact you who asks for it by providing these 12 words.
If you already had an account, this is where you will start. The rest of the metamask parts do not matter to you. Just open up your Metamask account and click on the red rectangle area and you will have your deposit address copied.
eToro wallet to Metamask
When you received your deposit address from Metamask, you will go back to your eToro wallet. Here you will see the form you need to fill out. In this form, you will have a chance to enter the amount of the token you want to send. You can do this by the amount of the coin, or amount in dollar terms as well. After that, you will paste the address to the address column. There is nothing else you need to fill in, just click send and go to the confirmation page.
In this last part of the deal, we have the verification phase. In order to fill out this form, you need your phone with you. Either the SMS or 2FA version will be enabled on your account. Based on whichever one you enabled, enter that code in order to verify. Click the verify button when you are done. This means you are done and your coins will be moving from eToro wallet to Metamask.
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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