!!! Bitcoin - eToro - Ledger Nano X !!!

[ste20man]

I am really new to crypto but am really interested.

I have bought a minuscule $10 amount of Bitcoin on the eToro platform and have a Ledger Nano X so I can understand security first before I even think about getting really involved in crypto.

I believe that you don't "own" your coins until you have them in a hard wallet. In terms of safety if you know what I mean.
 
Can I ask a few basic (but hard for me at the moment) questions?

How safe is eToro really? Can I just leave crypto in the portfolio and be sure they will keep it safe for me? They seem to be a big company but I'm not sure if that means anything? Have people had stuff stolen from their platform before or are they like fort Knox? :/ It would be nice to be able to let them "hold" it for me but I wouldn't want to invest money and then someone comes along hacking the place and cleaning me out. Is the platform safe?

How do I transfer my small amount of bitcoin over to the nano X? Is there a rule to say you can't do this as there doesn't seem to be a simple "send" button anywhere on eToro? (I'm still looking into this and the other questions below)

If I do figure it out and send the money to the nano X, can I send it back to eToro at a later date so I can get them to cash the money out into my bank? I am not sure if I can get it back into "eToro" if that makes sense.

I ask this because I know you can withdraw a position you've got which gives you an available eToro balance which you can then withdraw into a UK bank account for a flat fee of £5. I.e. This is the only way I know to get in fiat currency. If you can't send it back from the Nano X to the eToro app and then out to the bank, how are you supposed to get your money back out into fiat money? Can you link a Nano X directly to a UK bank and send it out that way?.

If you can help me out with any of the questions or have any other tips you think I should know of I'd be so glad.

I feel I've learned a lot in a short period of time but there's nothing better than experience.

I could do with a bit of crypto wiseness from someone if you can!

I'll still be trying to understand this but will check back for any replies.

Thanks for your time in advance, cheers, ste. 

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[Bitcoin_Arena]

How safe is eToro really? Can I just leave crypto in the portfolio and be sure they will keep it safe for me? They seem to be a big company but I'm not sure if that means anything? Have people had stuff stolen from their platform before or are they like fort Knox? :/ It would be nice to be able to let them "hold" it for me but I wouldn't want to invest money and then someone comes along hacking the place and cleaning me out. Is the platform safe?

Basic rule;

Not your keys, not your coins
No website is completely secure. If anything happens to eToro or if they decided to go offline. Your money is gone.
Mt Gox was the biggest exchange back then but today it's no more.

How do I transfer my small amount of bitcoin over to the nano X? Is there a rule to say you can't do this as there doesn't seem to be a simple "send" button anywhere on eToro? (I'm still looking into this and the other questions below)

You just have to have an amount above the withdrawal fee or the minimum withdrawal amount to be able to send. Check their FAQs and the customer help section. I believe all details are there.

If I do figure it out and send the money to the nano X, can I send it back to eToro at a later date so I can get them to cash the money out into my bank? I am not sure if I can get it back into "eToro" if that makes sense.

I believe you can. May I ask.

Have you explored other exchanges that are crypto friendly like Binance, Kucoin, Kraken, Coinbase, FTX?
Most of them have option to link your bank account to the exchange.

eToro is not really that popular if your are going to be focused with cryptocurrency trading

[mk4]

Not sure if eToro is going to send you $10 worth of bitcoin because as far as I know there are minimums, do some searching on eToro Wallet. You should be able to move coins from your eToro account to your eToro wallet assuming they allow crypto transfers for people in your country.

And no, you can't link hardware wallets or non-custodial wallets in general to banks. Looks like you need to do some reading! https://cryptosec.info/wallets

[Upgrade00]

I am really new to crypto but am really interested.

I have bought a minuscule $10 amount of Bitcoin

Regardless of the fact that it's a minuscule amount, buying should not be the first thing on your mind when you develop interest. Reading more on it should. You can fully understand security and the other basics without making any financial commitment, so at the time you do so, you already have all the tools necessary to safeguard your funds.

The SEARCH us always available and while learning on any subject you can search for previous discussions on it and learn from that.

[DdmrDdmr]

<...>

I’m not personally acquainted with the platform’s ways, but checkout the following related links:

https://www.etoro.com/en-us/trading/wallet-fees/
https://www.etoro.com/en-us/customer-service/help/1320587972/how-do-i-transfer-cryptocurrency-from-the-etoro-trading-platform-to-my-etoro-money-crypto-wallet/
https://www.etoro.com/en-us/customer-service/help/1343545772/how-do-i-send-cryptocurrencies-from-my-etoro-money-crypto-wallet-to-another-wallet/


If you have "your" bitcoins on the eToro platform, you seem to have to move them over to the eToro Money App (see video and detail in the above second link). That could take up to 5 bussiness days, which goes to show how little in control you are there. Once there, the assets cannot be moved back to the eToro platform, but you can move them over to the wallet of your choice (see third link).

… but … The first link states that moving from the investment platform to the eToro Money Crypto wallet takes a fee of 0,5$ (min 1$; max 50$), with a minimum withdrawal amount of … 0.007195 BTCs (currently just over 400$).

Not my piece of cake … (and seemingly tied there if you only have 10$ in BTC).

Note: The above number could perhaps vary depending on the country you are operating from.

[dkbit98]

How safe is eToro really? Can I just leave crypto in the portfolio and be sure they will keep it safe for me? They seem to be a big company but I'm not sure if that means anything?

You have $10 dollars worth of Bitcoin there not 10 million so I don't know why you worried and why you ask so many weird questions.
There is nothing nice and safe in giving your money to other people for keeping, and only way for owning Bitcoin is if you own your private keys.

How do I transfer my small amount of bitcoin over to the nano X? Is there a rule to say you can't do this as there doesn't seem to be a simple "send" button anywhere on eToro?

If you need support for eToro, go ask them on their own forum or ask support not here, and sending Bitcoin to your own hardware wallet is simple as one click withdraw and send.

[bitmover]

If I do figure it out and send the money to the nano X, can I send it back to eToro at a later date so I can get them to cash the money out into my bank? I am not sure if I can get it back into "eToro" if that makes sense.

I believe you can. May I ask.

Have you explored other exchanges that are crypto friendly like Binance, Kucoin, Kraken, Coinbase, FTX?
Most of them have option to link your bank account to the exchange.

eToro is not really that popular if your are going to be focused with cryptocurrency trading

That's the main point here. Move on to a decent exchange.

As you just have $10 there, there isn't much to worry about. Try to withdrawal that, but as it is only $10 it might not be worth the trouble. Maybe you can try to withdrawal USD instead of btc?

If you want to buy larger amounts of btc, just use Coinbase or Binance Kraken, FTX, etc.

[Lucius]

Try to withdrawal that, but as it is only $10 it might not be worth the trouble.

As @DdmrDdmr has already written in his post, even if the OP wants to make a withdrawal, the problem is that it is very likely not even close to the minimum amount. Although it is often pointed out that anyone can buy $10 worth of BTC, the problem is that such small amounts cannot be withdrawn from crypto exchanges, of course not because of blockchain fees, but because of the extra fee that each exchange has.

Maybe you can try to withdrawal USD instead of btc?

I don’t think that makes too much sense because OP sent fiat to buy BTC and now he’s just worried about safety. If he wants to keep his BTC (private keys) in his hardware wallet, it is only logical that he invests more money and finds a better crypto exchange like you suggested.

[ste20man]

Sorry I didn't get back sooner, I've not been very well, all is better now.

Thnx for all info so far.

I wish I had gone with a different platform but I didn't.

Etoro feels a very locked in system that works for their benefit alone.

I went with eToro because it was there only place selling XRP I could find at that time.

I have recently moved $120 XRP from my eToro platform (which still stays 'pending transfer') to my eToro wallet.

This "transfer money to wallet" was a simple as a click.

Then

After 1 day

In my eToro wallet under crypto there is a single XRP balance of $25 which says I can send receive and convert this amount.

What I don't get is that even if eToro take 0.5% for the transaction I have lost overall nearly $100.

Is this now the amount I will have going forward??

Is this a Blockchain fee of some kind that I don't understand?

The percentage loss is immense.

I need to transfer the XRP into the wallet so I can transfer it into my nano x which I now have set up.

It's the only way of getting crypto off the eToro exchange!

If this is the amount I am going to lose I financially might as well not bother doing it.

I might as well leave it on the eToro platform and take the chance of a hack.

Why has the amount gone down to $25?

Will the eToro wallet update the amount to near $120? Say $115?

I could live with that.

It scared the hell out of me to see that $25 amount.

So for the moment, I have canceled the transaction inside of the eToro platform until hopefully one of you guys can tell me what is going on.

Obviously having everything on the nano X would be best but I just have to understand the loss of value as things are transferred into the wallet.

It's just way too much a loss to take.

I know we're near Xmas but if you could get back to me when you have the time I would be really grateful.

Hope you have a great Christmas day and new year, all the best, ste

[Taskford]

@ste20man

I assume the XRP you were holding was still in an OPEN position when the transfer to your eToro wallet occurred, so when the transfer was successful, the position was automatically closed, with the PnL reflecting the amount transferred to the wallet.

The profit or loss of a position on the eToro trading platform is part of the total value of the entire trade. When a transfer of coins from the eToro trading platform to the crypto wallet is approved, the relevant position is closed in your eToro trading account and the value of that trade (invested amount +/- profit/loss) is taken out of the account balance. The crypto is then sent to the wallet.

Source: https://www.etoro.com/en-us/customer-service/help/1320588042/what-happens-to-the-profit-loss-of-my-open-trade-s-when-i-transfer-my-cryptocurrency-from-the-etoro-trading-account-to-my-etoro-money-crypto-wallet/

[Bitfort]

After quick check I found this service pretty sketchy.

What kind of service let their users to withdraw funds allocated in trade?
Maybe there could be some automatic position closure but platform have to inform user about consequences (balance impact).

Also they charge $10/month inactivity fee ... ROFL ...for how long have you been registered and were you active in last 10 months?

You should be looking at amounts of XRP (not their USD values). How many XRP have you withdrawn and how many XRP arrived in your wallet?

Serious company informs user about expected fees (both internal and blockchain) prior the final confirmation!
XRP blockchain transactions are one of the cheapest ... so this is not the case.
As you wrote "transfer", this is usually a zero fee movement between virtual accounts (wallet, trading, margin, lending ...) and does not interact with blokchain at all (thus no fee).

That "pending transfer" is what you should solve ... contact support.