eToro Officially Launches Crypto Trading Platform and Wallet in the U.S.
eToro, a global multi-asset trading platform with over 10 million registered users, announced the launch of its platform and cryptoasset wallet in the United States. With the launch, U.S. customers with diverse levels of expertise can leverage eToro to collaborate with one another to find the best cryptoasset trading strategies in an environment rich with unconventional educational tools.
Yoni Assia, Co-founder & CEO of eToro, said: "For the first time, Americans can collaborate with other crypto traders when making buying and selling decisions. Users can adjust their trading strategies by watching and learning from others on the platform. When I founded eToro, I envisioned a community where people could trade, invest and share their knowledge in a simple and transparent way. eToro also acts as a bridge between the old world of investing and a blockchain-powered future, helping our users navigate and benefit from the transition to cryptoassets for wealth building. People create the eToro experience and now Americans will play a major role in shaping our community and future."
Santo Politi, General Partner at Spark Capital, said, "Since Spark Capital's initial investment in 2012, we believed that eToro would lead the charge in disrupting the financial services market. We have watched the growth and success of eToro for the past seven years and, through Yoni's leadership, the organization continues to innovate and thrive amongst the competition. eToro's launch into the U.S. market marks a significant milestone for the company as it builds a leadership position in the online trading space."
What Can You Do on eToro?
The platform's CopyTrader feature allows users to allocate funds to automatically trade proportionally to the portfolio of another user. This allows users to easily gain exposure to a crypto trading strategy executed by someone who has a proven track record. Additionally, eToro's CopyPortfolios feature bundles together assets under one selected trading strategy, curated by eToro's own analysts. Within the U.S., three cryptoasset CopyPortfolios will be available to traders at launch. As eToro adds new asset classes to the platform later this year, additional CopyPortfolios will be offered. Any eToro customer with an established track record who meets certain eligibility requirements may be copied and compensated for their performance, subject to risk analysis and supplemental evaluation.
From Binary to Crypto?
Binary options trading has been banned in many other countries or is subject to strict regulation. eToro is a social trading and multi asset brokerage company that has registered offices in Cyprus , Israel and the United Kingdom. eToro used to specialize in binary options trading. However they have made a very smart move moving on to crypto as the European Securities and Markets Authority placed a ban on marketing and selling binary options to retail customers in July 2018.
The European Securities and Markets Authority (ESMA) has agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients, in effect since 2 July, from 2 October 2018 for a further three-month period. ESMA has also agreed on the exclusion of a limited number of products from the scope of the measure.