eToro MoneyGoogle Play
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
From the eToro wallet FAQ:
**Where is my private key? (eToro Wallet)
eToro secures your private key using market-leading security technologies. As per eToro’s security protocols, we do not share our wallet addresses, as doing so may expose our clients’ funds to potential attacks.
which is a convoluted way of saying:
- Not your wallet but the company “eToro secures your private key”
- You cannot even know if they have all your coins as they “do not share our wallet addresses”
The other question is also not really answered:
Where are my coins held? (eToro Wallet)
When the coins are in the wallet, they are stored on the blockchain (hot storage). Coins on the platform are held mostly in cold storage.
which again means nothing. All coins are stored “on the blockchain”, hot or cold. This dichotomy makes no sense but we think they try to say that the amount stored in this app (eToro Wallet) is fully in their server’s hot storage while balances on their trading product are mostly in cold storage.
Please also note that this app achieved a considerable amount of installations despite a miserable 1.5★ rating. In this case, this app is only for users ofand this app is the only way to get your Bitcoins out of the other app.
So we assume this app is custodial and thus not verifiable.
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.