The review is penned by Aziz Zainuddin. He has written extensively about cryptocurrency and blockchain. He is the founder of Master The Crypto and an evangelist of this nascent technology.
eToroX is a newly launched advanced crypto exchange that belongs to the world’s leading social trading firm, eToro Group. The crypto exchange was launched by eToroX as an effort to bring the world of cryptocurrency trading to everyone. What makes eToroX stand out from other cryptocurrency exchanges around the world, is the fact that the eToroX exchange is one of the very few cryptocurrency exchanges that has actively sought regulatory oversight for its operations. The exchange is, in fact, one of the first exchanges to be regulated by the Gibraltar Financial Services Commission (GFSC) as a Distributed Ledger Technology (DLT) provider.
Evaluating eToroX Exchange
The onboarding process for eToroX is relatively simple despite the fact the broker is regulated by the GFSC. Users of the exchange can access the service through two channels, namely by using an existing eToro trading account or by signing up for a new account within the exchange.
The signup itself can be done in one of two ways:
- By filling out the registration form and verifying your email address, proof of identity and physical address.
- By using your Facebook or Google account
Through the first method, since your account will be verified, there will be no restrictions or limitations faced by the account with regards to fund withdrawals. For the second method, the user will still have to go through the additional process of getting his account verified before the restriction on dealing with fiat currencies is lifted as per requirements under the “Know Your Client” (KYC) due diligence protocol.
The eToroX exchange was designed on the same premise as eToro’s social trading platform which is to make the whole trading experience as fulfilling as possible. This is done by making the interface user-friendly in terms of aesthetic appeal and functionality.
Currently, eToroX offers 13 cyptoassets. These assets can be traded as cross pairs between fiat currencies and cryptocurrencies such as the ones listed below:
One of the major challenges faced by crypto exchanges is the issue of security. With eToroX, security is foremost in the minds of those managing the exchange. The exchange has several measures in place to protect its users and their funds. For users, the exchange employs Google 2 Factor Authentication, to ensure authorized access to the accounts.
For the security of funds deposited with the exchange, the funds are kept in cold storage (offline) hence preventing them from the reach of hackers. Finally, eToreX has provided its users with a Multi-Sig Wallet for them to store their funds. With the additional layer of verification required, transactions are made even more secure.
Transaction fees on eToroX are reasonable, with the Maker fees starting at 0.10% and the Taker fees starting at 0.24%.
- Backed by a reputable company with a long track record
- Regulated exchange for ultimate client protection
- Lack of anonymity due to KYC requirements
The founders of eToro believe strongly in providing everyone equal access to the financial markets to facilitate in the transfer of wealth. They also believe that new technology like the blockchain will be the game changer, as it can bring a new level of transparency to the relatively opaque world of financial trading. With the establishment of a reputable and stable crypto exchange eToroX, this will help towards achieving their corporate goals. In summary, the exchange is advanced, it offers the trading and exchange of digital assets, which include cryptocurrencies, stablecoins, and even tokenized assets. Definitely worth looking at this exchange!
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