by Nuno Menezes
Cryptocurrency is becoming a mainstream technology. The rising popularity of cryptocurrencies throughout 2017 has got this new industry on a rush as prices went through the roof while thousands and thousands of new users started joining the ecosystem.
On the other hand, bitcoin’s popularity propelled other cryptocurrencies such as Ethereum’s ether (ETH), litecoin (LTC), ripple (XRP), dash, (DASH) and several others that now look a lot more attractive to investors.
Companies that previously did not want anything to do with cryptocurrency are now looking to get into it while others are beginning to introduce their own services using digital currencies.
eToro is one of these companies that before the sudden popularity foresaw a future where cryptocurrencies would be traded on its platform. The company started offering bitcoin contracts back in 2013, but it was the only service related to digital currencies the social exchange ever provided. Now the company introduced cryptocurrency trading, and users can enjoy trading with a few of the most popular cryptocurrencies.
eToro Emerges as Major Crypto Player
eToro is a famous social trading brokerage company and specializes in offering stocks to trade including the FTSE 100 Index and the DAX30 indices.
eToro was the first to introduce a social feature which enabled users to copy other traders every move. The company launched its OpenBook social investment platform, as well as its “Copy-Trading” feature in 2010 and quickly became one of the favorite brokers for many traders.
With the OpenBook feature, investors could now view, follow and copy the platform top traders. In 2013, the brokerage company reported having over three million accounts. The company popularity has grown exponentially, and at the end of 2017, the firm said to have over eight million opened accounts. At press time, the company has roughly 10 million users across the world.
eToro is regulated by the CySEC authority in Europe, authorized by the FCA in the UK, and is a registered NFA member in the United States. The firm is compliant with MiFiD II, ESMA and GDPR.
In December 2017, eToro started its first baby steps toward cryptocurrency integration and announced a partnership with CoinDash to develop blockchain-based social trading.
Why Should You Trade Cryptocurrencies on eToro?
eToro incorporates a bunch of social elements into its available research which allows traders to use several different tools to find useful information and understand the market sentiment. Users also have access to a constant stream of updates from users which will also deliver information about traders trending posts in the community.
eToro, just recently enabled some great options for cryptocurrency trading, so traders can enjoy a safe, regulated platform to trade on. Overall, there are three main reasons to use eToro for cryptocurrency trading.
CopyFunds, join various traders, or assets following a predetermined strategy, into a single tradable asset. Each CopyFund is rebalanced periodically and is divided into two options:
Crypto CopyFund: It is composed of a balanced cryptocurrency portfolio, including Litecoin, XRP by Ripple Labs, Dash, Ethereum Classic, Bitcoin and Ethereum.
Social Trading: Copy-trading
Copy-trading is probably the most popular features in the platform. It enables users to copy other traders or be copied by them. The platform allows users to follow traders who have the best performances and let users copy their every move.
Advantages Over Traditional Exchanges
Entry barriers: eToro’s registration process is more straightforward. Any user can trade cryptocurrencies without any additional knowledge requirements.
Regulated platform: eToro platform abides by strict regulations, so cryptocurrency traders can now deal with full confidence.
With eToro, cryptocurrency traders no longer have to do their bidding in shady exchanges and can now enjoy trading with a fully-certified brokerage company.
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