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Robinhood Reports Fourth Quarter and Full Year 2021 Results
The social investing and trading platform eToro announced they will soon launch its website in U.S. The platform, which has operations in more that 140 countrieswill become accessible in 30 states and 2 territories, with plans to expand throughout the U.S. after receiving the required regulatory approvals.
This U.S. platform will only allow trading of crypto assets when it launches, but eToro plans to add additional assets classes within the next 12 months. On eToro's current markets, its customers of 10 million can deal and hold more than 1,500 different asset classes and markets such as bonds, stocks and currencies such as cryptocurrencies, fiat currency commodities, and more.
Though eToro is able to support more advanced trading strategies -- such as trading with short-terms and leverage -- the platform's transparency as well as community engagement features can be great tools for beginners to learn the capital markets and learn how to trade.
EToro is a trading platform, social network along with an online educational source. Anyone who registers on eToro can view, discuss and replicate the trading activities as well as the other members on the network, and also the actual losses and returns up to date (though only by a percentage to safeguard sensitive financial data). While studying the strategies used by their peers or using the platform, users can trade with virtual currency to practise and train effectively before investing their own money.
If you want to, based on the trader's record, other users may decide to imitate their portfolio with eToro's "CopyTrader" feature, which will not only allocate funds in line with the trader's portfolio, but also automates perform any trade that the copied investor's make. On top of that users are also able communicate, leave comments on or interact with specific users, asset types or markets, so that they can participate in the most recent debates and news related to their specific area of interest.
While the platform is restricted by crypto at launch many of the same features that are available on eToro's current international markets will also be available for users within the U.S. And alongside its trading platform in the coming months, the company will also launch its own digital multisignature eToro wallet. It will allow users can send, store and receive multiple coins using a variety of crypto currencies.
By using the eToro accounts, U.S. users can move cryptocurrencies onto and from their trading accounts and is able to easily convert between them, as well. The wallet initially will support Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple and Stellar for U.S. users, but the company plans to make additional currencies available in the near future.
EToro users can carry out transactions as well as share their trading activities and portfolio performance with the community that allows users to talk about ideas that can be executed using real dollars
The expansion plan, however come without the risk. EToro has entered a highly competitive marketplace , along with major trading platforms like Coinbase as well as Robinhood -and is now launching a cryptocurrency-only version during the midst of "crypto winter," where the widespread weakness has plagued the sector.
A large part of the strategy is related to the fact that crypto is a more relaxed option from a licensing point of view compared different asset types within the highly complex and strict U.S. regulatory environment. However, eToro's approach to launch is also solidly rooted to the firm's belief that the huge market potential associated with the currency tokenization.
"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," eToro founder and CEO Yoni Assia mentioned in a interview with TechCrunch.
EToro is taking an outlook on the future with its strategy and isn't getting sucked off by the current weakening of crypto. Assia related the market's decline to that of the dot com bubble in which, despite the downturn, the internet remained a part of it and created disruption in the long term. As with how to buy bitcoin zambia , Assia together with eToro believe there will be enough space for multiple winners within the wider crypto ecosystem.
The company was the first market to be able to support Ethereum and Ripple and believes that as similar currencies and the future generation of investors mature, eToro will be there to support their users in any way they require.
"When I founded eToro, I envisioned a community where people could trade, invest and share their knowledge in a simple and transparent way," said Assia. "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."
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