Social trading platform eToro is coming to America. The Israeli company is launching in the U.S. across 30 states and two territories with intentions to expand its footprint further once it clears regulatory hurdles. American traders will now be able to access eToro’s social trading platform and wallet for the cryptocurrency asset class. eToro Founder and CEO Yoni Assia made the announcement on March 7 during a blockchain event in San Francisco.
“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,” stated Assia in the announcement.
eToro is a multi-asset trading platform that has ushered the contract for difference (CFD) into the mainstream in trading circles across more than 140 countries and some 10 million users. The company takes a three-pronged approach to investing across trading assets, a social platform, and learning.
By joining, users gain access to the percentage returns and losses of leading traders on the platform. Newbies can practice with virtual assets until they have the confidence to have real skin in the game and automatically copy the trading strategies of the pros. They also have the option to generate an income by tipping their hand to their own trading strategies. U.S. investors can now engage with successful traders including the likes of widely cited eToro senior analyst, Mati Greenspan, for instance.
eToro’s U.S. social trading platform will support slightly more than a dozen cryptocurrencies to start, which is more than the likes of popular U.S. crypto exchange Coinbase. The wallet, meanwhile, will be limited to only bitcoin, Ethereum, Litecoin, Bitcoin Cash, XRP, and Stellar with plans to add more coins soon. The company also intends to bolster its support to encompass other asset classes over the course of the next 12 months.
eToro is entering the U.S. crypto fray at a competitive time, with brands such as Coinbase and Gemini boasting a head start and trading apps like Robinhood offering zero-fee transactions.
eToro chief Assia is not deterred and has big plans for the U.S. expansion. He expects “Americans will play a major role in shaping our community and future.” eToro intends to launch its own regulated digital asset platform later this year dubbed eToroX, which is currently operating in beta format and is expected to make its debut soon.
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