On the 7th March 2019, social trading platform eToro announced that they had entered the cryptocurrency trading market in the United States. US customers can now trade as many as 13 cryptocurrencies across 32 states. This news has shown just how far eToro are willing to go to dominate the fintech market, and it is expected that they will continue to disrupt the traditional financial trading system for years to come.
How Does eToro Work?
eToro first entered the trading market as a social trading platform that enabled new investors to copy the trades of those with experience. It provided a great starting point to those new to the industry and helped new traders to not only understand the trading strategies of the world’s most prolific investors and traders but also make money while doing it.
The way the platform works is simple too. Anyone registered on the platform can make their trades public to other investors. New traders can easily check out a trader’s history and how successful they have been, as well as things like their trade choices and portfolio. They can then copy the trader or use the information they have to make their own informed trades and investments.
In return for sharing their data, experienced traders receive a small profit from anyone who copies them. The more followers they have, the more money they can make on the side. This approach not only helped to create a tightknit community but also opened up the financial markets to a whole new audience.
Those interested can click here to find out more on InvestinGoal about how eToro works and see just why it is such a popular platform with new investors. This website has some helpful guides and reviews which will teach you all you need to know.
Breaking Into Cryptocurrencies
The US cryptocurrency market is huge, but prior to the news announced on the 7th March, there were no platforms or brokers offering the service that eToro does to the US market. The CEO of eToro said in a statement that “For the first time, Americans can collaborate with other crypto traders when making buying and selling decisions.” eToro aims to be able to act as the bridge a lot of people need to get into the industry and also to trade in a transparent and safe way. With cryptocurrencies expected to be such a large part of our future, this can only be a good thing.
The CEO and senior team at eToro believe that the global financial industry will be disrupted by blockchain and cryptocurrencies as they continue to grow. They believe all assets will one day be tokenized and that the global fintech market will only continue to improve. They want the eToro platform to be recognized as a leader in this exciting industry, and the news that they are entering into the cryptocurrency market is certainly a good step in the right direction.
By the end of the year, it is expected that eToro will launch their own cryptocurrency exchange, which will offer a safe and reliable means of exchanging cryptocurrency. It will certainly be interesting to see what the future holds.