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On December 13th eToro announced in a blog post that the company will introduce XRP support to their wallets come December 25th. On Christmas day, eToro announced that their wallet now supports XRP.
What actually happened is that eToro revealed that there would be no charges for XRP wallet creation and coin transfer for a limited period. They also said in a blog post that:
“Current minimum transfer amount is 133 XRP. Coin transfer is available for Gold users and above in countries where the eToro Wallet is available (to check local availability, please refer to your app store).”
Apart from just that the company has unveiled that this sort of service will only be going to be available for the users who do a deposit amount with the help of wire transfer and the more facility of the payment to be added up soon.
When asked about this feature, eToro explains via a blog post that the concept behind this feature is as a result of risk management. They said funds sent via wire transfer to user wallets is a more secure option.
While the reasoning for the wire deposit makes perfect sense for the platform, it creates confusion among their users. One user claims to have bought around $9000 in XRP from eToro, but was only able to withdraw $1500 of it because he purchased the tokens using a credit card and not a wire transfer.
etoro are not SCAM?
Have you any money there???
I have and cannot move away from there
I have almost 9500 xrp, and just can move 1500xrp to wallet
The other 8000 cause they were bought by credit card, they dont allow to transfer
They mislead people cause u buy the real coins
— JoAz⚡️ (@JohnDooooooooo) December 26, 2018
eToro responded with a release where they said that:
“The first 25K users to open an XRP wallet will receive the wallet for free – and will not be required to pay the XRP wallet cost which is 45 XRP*Coin transfer is available for Gold users and above in countries where the wallet is available. The promotion will apply until 31.1.2019”
While the goal behind the implementation of wire deposits makes sense for the crypto exchange, the community believes that it creates confusion among users. There are three primary issues that the XRP community has with eToro’s new technology. The first is about the wire transfer requirement, while the other two issues relate to the 133 XRP minimum deposit requirement and the disclosure of eToro’s cold XRP wallet address.
Because eToro advertises itself as an exchange that holds assets for people, it is natural that traders will want to have knowledge of their cold wallet addresses for the XRP token. That way the crypto traders can have the type of transparency they want and be certain that their coins are actually held by the exchange. Regarding the issue of minimum deposit, eToro clarifies it via their blog post.
We already wrote of how Ripple, in the crypto sphere is a veritable institution in that sense. It has survived numerous cryptocurrency routs and is just slightly younger than Bitcoin itself and far older than Ethereum.
From late Fall last year to early January this year, Ripple saw an enormous 1,300% jump in the value of its digital token, with many hopping aboard the Ripple train on the basis that unlike other cryptocurrencies, Ripple had a narrowly defined purpose and a clear utility — to help banks move cash from one point to another faster and more cheaply — particularly across borders.
To learn more about XRP coin, Ripple Labs company and their innovative solutions, please check out our awesome ripple guide.