eToro Launches Crypto Trading Platform and Wallet in the US

Leading social trading platform eToro is expanding its cryptocurrency offerings to the US.

The London-based company announced today that the launch of its trading platform and crypto wallet in the United States, this gives the American resident access to their award winning platform that allows investors to simply copy the exact trades and portfolios of the most successful investors in the eToro network.

eToro to the US

The main benefit to the user is eToro’s CopyTrader feature, which allows users to allocate some or all of their funds to trade proportionally to the portfolio of another user (essentially copying them without having to take the trade yourself). In this way, traders can easily utilise profitable strategies executed by users who have a proven track record. As well as the CopyTrader, they also have a CopyPortfolio feature, this bundles together assets under one selected strategy, curated by eToro’s analysts.

“For the first time, Americans can collaborate with other crypto traders when making buying and selling decisions,” eToro co-founder Yoni Assia said in a company press release. “Users can adjust their trading strategies by watching and learning from others on the platform,” Assia also said, adding that the platform “acts as a bridge between the old world of investing and a blockchain-powered future”.

Bringing eToro’s crypto offering to one of the largest cryptocurrency markets in the world will have a positive impact on the crypto sector. eToro’s crypto trading platform supports over a dozen of the most popular digital coins, including Bitcoin (BTC), Ethereum (ETH), Litecoin (XRP), but it’s the social trading features that will prove to the greatest asset to the US market.

Given the embryonic nature of cryptocurrencies, it is no wonder people approach them with caution but eToro si breaking down barriers to make it easy for anyone to invest in crypto. This is another example of eToro leading the way when it comes to the fintech revolution. They are firm believers that blockchain is here to stay and will continue to disrupt the current financial system.

eToro cryptocurrencies

What eToro have launched is their trading platform and wallet, this provides users an easy and secure place to store their cryptoassets. They can buy the digital coins on the platform, transfer them to their secure wallet and should they choose to, send to another wallet they may own.

It is often advised to store the majority of your coins in a cold wallet for security reasons. The next step in the plan for eToro is to launch their widely anticipated cryptocurrency exchange, eToroX. This will give traders the chance to speculate on the price of bitcoin et al and profit from smaller price swings.

This will be stiff competition for the older exchanges on the market and given eToro has several regulatory bodies backing them for their forex and stocks markets, don’t be surprised to see the lure of a safe regulated broker bring in business to the crypto arm. As crypto does not yet have an over seeing body, the authorities that cover eToro in the UK do not cover their crypto business.

 

 

 

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