Online investment platform eToro saw an increase of 427% in new users globally making their first deposit on the platform in the first four months of the year compared with the same period last year. In total, it now has 13 million registered users.
eToro launched commission-free investing for stocks for users in the United Kingdom and Europe in May 2019. Stock trading on the platform has tripled since the beginning of 2020 and eToro hopes to extend its commission-free offering to the Asia Pacific very soon and to the United States later this year.
The eToro platform enables people to invest in the assets they want, from stocks and commodities to crypto assets. Users can also choose how they invest: they can execute a trade themselves, copy another user, or invest in a portfolio.
“Coronavirus induced market volatility has been a focus for media globally and has brought the topic of investing increasingly onto people’s radars,” said Yoni Assia, co-founder and CEO, eToro. “We have seen a large increase in trading volumes on eToro since the start of 2020 from both new and existing users.”
Since it was founded in 2007 eToro has grown to become a business with over 850 employees across 10 offices and users in more than 100 countries. The website and customer service support is available in 21 and eight languages respectively.
“We have spent the last 13 years scaling our operational capabilities so that we can offer our multi-asset services to people in over 100 countries,” said Assia. “Now we are focusing more than ever on evolving our product offering to keep up with evolving customer demands. We were amongst the first to offer bitcoin back in 2013 and we now offer 15 cryptos alongside more traditional assets such as stocks, ETFs, and commodities.