eToro is one of the world’s largest multi-asset trading platforms. It pioneered the introduction of cryptocurrencies as CFDs and provided access to this new market for the masses.
They’ve now taken the next step in bringing cryptoassets to a wider audience and given US investors a platform to share trading strategies and copy those who are consistently profitable. The platform will be available in 32 states and allow the trading of 13 cryptoassets, with additional assets to be added in 2019.
The premise is simple, the default setting on each account shares performance related information to the eToro community, this includes an investors track record (as a percentage), their portfolio and when they open and close a trade.
The information on show can help users make more informed decisions on their investments whilst the CopyTrader feature actually allows the user to allocate funds that will trade to the portfolio of another user.
This not only benefits the less experienced investors but those who are being copied and have more expertise will receive monetary benefits with the more followers they have. This approach will help to galvanize an already tight knit community as well as introducing cryptoassets to a new audience.
The US market is huge and whilst there are crypto traders active there, they have no access to the functionality that eToro offers.
eToro CEO, Yoni Assia, said: “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. 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 cryptoassets for wealth building. People create the eToro experience and now Americans will play a major role in shaping our community and future.”
As highlighted, eToro has led the way in the global fintech movement, it has a firm belief that the blockchain industry will disrupt the traditional global financial system and that at some point in the future, all assets will become tokenized.
The company is positioning itself to be the leader when it comes to helping users transfer their wealth onto the blockchain. This year they plan to launch their own cryptocurrency exchange which will make transactions easy and safe for users. eToroX is currently in its beta stage but expect to see this revolutionary platform live before not too long.
The platform will offer traders the opportunity to actively trade cryptocurrencies. Technical analysis applies to all markets, despite the volatility and so you can expect to see patterns repeat themselves in this market as well.