eToro Expands Its US Presence With Option Trading

The Israel-based company says that the launch will add to the products and services it already offers to US customers, which are mostly stocks, exchange-traded funds (ETFs), and cryptocurrencies.

eToro, which works in a field where big companies and fast-growing startups are the norms, said that more of its most important products will soon be available to customers in the United States.

“The contemporary investor wants to participate in the market in more ways and all situations while remaining confident in their investment decisions.” With the addition of options trading, eToro moves closer to its goal to “democratize access to instruments that could help people reach their financial goals,” as eToro's U.S. CEO, Lule Demmissie, put it.

The expansion of eToro's business in the US comes soon after the company got permission from regulators to buy Gatsby, an app for trading options, for about $50 million. Gatsby was founded by Jeff Myers and Ryan Belanger-Saleh to make it simple for younger traders to trade equities and options with no costs.

Gatsby targets a younger audience to provide “a secure and fair platform to trade on without users having to worry about going in over their heads or being locked out of names when volatility surges.”

Gatsby is based on two open-source JavaScript technologies for developing websites and online apps. In early 2020, the app will be available on iOS and Android. Since then, the number of people signing up has doubled every year. The number of transactions has also gone up, with cannabis stocks and meme stocks being some of the most popular.

eToro has already gotten approval for a soft launch of its crypto services in the US in 2019, followed by no-fee stock trading in 2020. Despite its long history of trading, the company was aware of the legal challenges that come with expanding into mainstream asset classes.

eToro's cryptocurrency offering enables US clients to get access to crypto markets by investing directly in underlying coins, copying other traders' transactions, and, finally, investing in a diversified portfolio of significant crypto assets via its product, Crypto Copyfund.

eToro recently made headlines by laying off 100 workers, half of whom were based in Israel. This figure reflects around 6% of the company's overall personnel. After canceling its SPAC transaction with Betsy Cohen's backed blank-check business, eToro has abandoned its plans to go public at an eye-catching $10 billion valuation.

About eToro

eToro is a social investment network that links users to a global community of experienced investors to help them learn and earn more money. eToro was started in 2007 to make global markets more accessible to everyone by making it easy and open for anyone to trade and invest. Today, eToro is a global community of over 30 million registered users who share their investment techniques. Anyone can replicate the strategies of the most successful investors. Users may simply acquire, hold, and sell assets, keep track of their portfolios in real time, and trade anytime they want since the platform is simple to use.

Check out more of eToro here: https://www.wikifx.com/en/dealer/0001283907.html

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