Social trading platform eToro is finally bringing their cryptocurrency platform to 30 states in the US and two territories. Along with Bitcoin, traders will have access to Ethereum, Bitcoin Cash, XRP, Dash, Litecoin, Ethereum Classic, Cardano, IOTA, Stellar Lumens, EOS, NEO, and Zcash on their platform.
The social platform that is available in over 140 countries and has over 10 million users, eToro, is now available in the US for cryptocurrency trading.
eToro has been operating in many countries outside of the US for many years now, allowing users to trade stocks, commodities, ETFs, and more recently cryptocurrencies. One of the most interesting aspects of the platform is that users can copy trades of other people, called “CopyTrader,” they think are doing a great job. This creates a brand new social aspect of investing. This social aspect also allows users to see and comment on other users trades and realized gains/losses (in percentage form). This can help newer users learn from others that have mastered the art of trading, learn different types of investment strategies, and users can even practice with virtual currencies to learn more before investing their own money.
While users can send cryptocurrencies on and off their platform, to start with, only Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, and Stellar Lumens will be supported for US users.
While in the US only cryptocurrencies are available for trading, around Q4 2019 Yoni Assia, CEO of eToro, announced US residents will be able to have access to trading commodities and ETFs. The CEO also announced that they plan on adding the top 20 cryptocurrencies, according to Coinmarketcap, to their platform once regulatory issues get worked out.
“We think [the tokenization of assets] is a bigger opportunity than the internet and we have to be in the U.S. when it happens, given it’s the financial hub in the world.” -Yoni Assia
In addition, eToroX, a global crypto-to-crypto exchange, is set to be launched in the beginning of Q2. While this exchange will allow for trading in cryptocurrencies, non-crypto offerings like fiat currencies and commodities will be tokenized in order for users to use as stable coins corresponding to those assets that can be traded for cryptocurrencies.
“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 crypto assets for wealth building.” Yoni Assia,