US Sees A Bright Future In eToro Bringing Crypto Trading And Wallet
eToro is a revolutionary idea. It is interesting to watch how it affects trading. There is more than what you anticipate.
The History Behind eToro
When it came to the social investing and trading platform eToro it has announced that lately, it will be launching the platform in the US while it is still operating in more than 140 countries, as available in 30 states and two territories along with plans to expand throughout the US receiving the necessary regulatory sign-offs.
Supporting trading for crypto assets at launch, the US platform of eToro plans to add additional asset classes within the next year. While it is eToro’s existing markets, the company’s10 million-plus users are being able to trade and hold more than 1500 different asset classes and markets including stock, bonds, cryptocurrencies, fiat currencies, commodities, and more.
Supporting more advanced trading strategies, though eToro includes short selling and the use of leverage, with the platform’s transparency and community engagement features acting as great tools for beginners learning capital markets and how to trade.
How Is eToro Affecting The Trading?
While eToro is equal parts trading platform, social network, and educational resource, it is sure that anyone signing up for eToro can see, comment and copy the trading activity of everyone else in the network as well as their realized returns and losses till date. Even though only on the percentage basis to protect sensitive financial information. This enables learning from the strategies of their peers where users can opt to invest with virtual currency to practice and effectively train before actually risking their own money.
Together with this, based on traders' track record, some users can choose to mimic the portfolio through eToro’s CopyTrader feature that not only proportionately allocates funds to match the trader's portfolio but also can automatically make any trade the copied investor makes. Above all that members are also able to share, comment on, engage with or follow specific users, assets or markets as allowing them to participate in the latest debate and news regarding a particular area of interest.
When the eToro was even though being limited to crypto at the time of launch, there are almost all the same features that are available in eToro’s existing geographical markets available throughout the US alongside its trading platform where the company is launching its digital multi-signature eToro wallet with users storing, sending and receiving multiple coins across a multitude of cryptocurrencies.
It is possible using their eToro’s accounts for US users to now transfer cryptocurrencies to and from their trading account and easily converts between them as well. Initially supporting the wallet comes with Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, and Stellar where the company plans making additional currencies available shortly.
However, this expansion doesn’t come without risk as eToro is entering a competitive marketplace alongside popular trading platforms of the likes of Coinbase and Robinhood launching the crypto-only version amid crypto winter where widespread weakness has plagued the sector.
Mainly attributing is part of the strategy to the fact that crypto is a lighter lift from a licensing perspective relative to other asset classes in the strict and highly fragmented US regulatory environment. Whereas the launch strategy of eToro is firmly rooted in the company’s belief in the immense market, there exists an opportunity with the tokenization of assets.
Right From The CEO
eToro founder and CEO, Yoni Assia mentioned in a conversation that tokenization of assets is a bigger opportunity much more than the internet as we have to be in the US and when it is sure to happen given the financial hub in the world. While eToro takes a long-term view with strategy and isn’t always thrown by the current crypto weakness, Assia has equated the market softness to the dotcom bubble where despite the crash, the internet still permeates and disrupts the economy in the long run. Whereby just as with the internet, Assia and eToro believe there is more than enough room for multiple winners in the broader crypto ecosystem.
The company has the first platform in the markets supporting Ethereum and Ripple believing that similar currencies and the next generation of investors mature with eToro supporting them wherever they are in whatever way they need. According to Assia, eToro was founded envisioning a community where people could trade, invest and share knowledge simply and transparently. As eToro acts as a bridge between the old world of investing and a blockchain-powered future, it helps users navigate and benefit from the transition to crypto assets for wealth building.
To Sum Up The Discussion
eToro is the future of e-wallet. Gain more knowledge on it with discussions on the same.