Investing in stocks is common in the USA, and crypto investments have become increasingly frequent in recent years. Many platforms popped up to help with it, including the eToro exchange platform. This platform started slow but is currently expanding at a rapid rate, especially for US investors.
What Is eToro?
Simply put, eToro is a trading platform where you can invest in markets from stocks to crypto to currencies and more. If you are just starting, you can learn how to buy Ethereum on eToro – Step by step guide as well as other assets to ensure a seamless transaction. The platform further sets itself apart, giving you insights into how to invest and what types of investments to make.
It’s a social crypto trading and investment platform which allows inexperienced investors to follow and copy the investments and actions of experienced investors. Investors can also take their education to the next level through the eToro Academy. You can read an eToro Exchange Review to learn more about the trading platform and join us as we look at its rise.
How Did It Start?
Established in 2007, eToro envisioned creating a global investment community. Power is knowledge, and eToro equips beginners with all the tools they need to become experienced investors with as low risks as possible.
In 2009, the brand released a web trader allowing anyone to trade financial assets online.
OpenBook Social Trading Network came into existence in 2010, and in 2012, it introduced a mobile app. While it introduced stocks like Bitcoin in 2013, it was only in 2017 that crypto trading was expanded to cryptos other than Bitcoin, with 2019 as the beginning of its US crypto platform.
Its Rise in the USA
This software caught the attention of existing and potential US investors because of its intuitive and user-friendly interface. The social aspect made it more appealing, and with the creation of its US crypto trading platform in 2019, its figures started to rise.
Looking at its statistics in 2022, you can see that the company has total commissions of $631 million. The year ended with 2.8 million funded accounts, and it has recently partnered with a New York regulator. The brand also had 31.4 million registered users, with 6.3 million newly registered in 2022.
Its revenue in 2022 had an EBITDA (earnings before interest, taxes, depreciation and amortization) of $35 million. Further, USA research shows 40% of the population has brand awareness, with around 7% of neobanking and neo-brokerage users using this platform.
Is eToro the Platform for You?
Experienced and potential investors can use this platform, as it’s ideal for all experience levels. Thanks to the US regulatory in New York, it’s become more accessible to US investors and crypto traders.
Further, it’s adjusted its offering to make it easier for US residents to use, aiming to become one of the most popular apps in the US, as it already is in Europe. It’s become one of the world’s largest social trading platforms, rapidly picking up steam in the US.