eToro, a social trading and multi-asset brokerage company founded in 2006 will be launching a cryptocurrency trading platform and wallet in the U.S. today, March 7. The company revealed that upon its launch, people in 32 U.S. states will be able to trade 13 cryptocurrencies and use a digital multi-signature wallet.
eToro Currently Offers its Services to 140 Countries
Reportedly, eToro which was only offering its services in 140 countries including the U.K., Australia, Europe, and South Africa is now bringing its services to the U.S. Thus, people in 32 states in the country can trade on the company’s platform.13 cryptocurrencies will also be tradeable even though they have not been specified.
At the moment, only cryptocurrencies can be traded on the platform. eToro has, however, made plans that by the first quarter of 2020, other asset classes will be added. For the company’s existing markets in other countries, 10 million registered users who take advantage of their platform are able to store and trade about 1,500 asset classes and markets. Some of these classes are bonds, stocks, cryptocurrencies, and commodities.
CopyTrader and CopyPortfolios to be Implemented
Other than trading virtual assets, the new platform will also feature CopyTrader and CopyPortfolios. The latter will enable users to manually or automatically reproduce the trading pattern of successful traders. That being the case, customers who have established a track record of successful trades will be copied and duly rewarded for it. eToro also revealed that the record will be “subject to risk analysis and supplemental evaluation.”
In line with that, Yoni Assia, co-founder and CEO of eToro said:
Users can collaborate with other crypto traders when making buying and selling decisions. They can adjust their trading strategies by watching and learning from others on the platform.
Trading Platform to Also Serve as a Social Network
An additional feature is that eToro’s platform will serve as a social network. Here traders can share, make comments, and engage with other users. Likewise, the platform will serve as an educational resource since users on registering will receive 100,000 dollars virtual money which they can practice with before actually investing their virtual assets in trades.
There’s also room for a digital multi-signature wallet which will enable users to securely store and transact with several coins at a time. The eToro wallet will first support virtual currencies such as Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, and Stellar before other cryptocurrencies are incorporated.