Buying and selling cryptocurrency is like entering a highway — on-ramps take you into the blockchain world by swapping your fiat currency for digital assets, and off-ramps take you back to traditional finance by selling your cryptocurrency for fiat.
In the retail-driven buying rush of 2017, demand for digital assets was so high that on-ramps became congested. Compliance teams couldn’t cope with the influx of new users, and unprepared exchanges were forced to close the on-ramps. Meanwhile, eToro made its name by offering traders reliable access to cryptocurrency.
Since then, the market has changed significantly. Exchanges are now catering to a new class of institutional traders for whom the frictionless flow of fiat into cryptocurrency is more important than ever.
eToroX provides a smooth, secure, and fully-regulated cryptocurrency on-ramp by letting professional traders exchange eToro’s dollar stablecoin (USDEX) for dollars.
Stablecoin on-ramps
As blockchain-based tokens pegged to global currencies, stablecoins provide the ideal portal to the tokenized world, allowing traders to quickly and efficiently enter the crypto ecosystem without necessarily taking a position in a volatile asset.
Traders can make instant, borderless, fiat-to-crypto transactions 24 hours per day, seven days per week — unconstrained by the limited working hours and slow transfer times of traditional banks.
eToroX offers professional traders two fully-regulated and secure cryptocurrency on-ramps: Funds can either be loaded to an eToroX account via a bank transfer through Signature Bank, or by using Signature Bank’s blockchain-based payment platform, SIGNET.
Route 1: Bank transfer
eToroX has partnered with Federal Reserve member bank Signature to allow traders to instantly buy and sell eToro’s dollar stablecoin (USDEX).
Signature Bank was founded in 2001 and is regulated by New York’s Department of Financial Services (NYDFS). The bank has served more than one hundred pioneering fintech and crypto-related businesses, and is frequently rated as one of the best banks in America.
Stablecoin purchases made with eToroX via Signature Bank can be made during banking hours, with no transaction fees. Transactions are subject to a minimum amount of $50k.
Route 2: SIGNET
eToroX uses the services of New York bank Signature to allow traders to fund their accounts using the blockchain-based payment platform SIGNET.
SIGNET is powered by a permissioned version of the Ethereum blockchain. The platform launched in 2018, has been tried-and-tested by more than 100 clients, and is regulated by the New York State Department of Financial Services (NYDFS).
With SIGNET, eToroX traders can fund their account by sending SIGNET dollars as a simple blockchain transaction to eToroX through an easy user interface. Transactions are fast, free, and can be made 24 hours a day. The minimum amount is $10k.
A secure and fully-regulated on-ramp
As one of only a handful of exchanges regulated under Gibraltar’s DLT license, eToroX offers ironclad regulatory compliance, and the same high standards of security and transparency as traditional financial houses.
With two secure stablecoin on-ramps, eToroX provides a reliable bridge between the world of blockchain and traditional financial markets for professional traders.