Our vision to open the financial markets to everyone in the world has taken another step forward. This time on the digital currency front, where we seek to simplify the process of buying and owning cryptocurrencies and bring the technology into the mainstream.
Starting September 3rd, every ‘buy’ order for cryptocurrencies on the eToro platform at a 1X leverage, means that eToro will maintain precisely the same amount of the same coin in a segregated account under the client’s name – instead of issuing a CFD.
This step inches us closer to the release of the eToro digital wallet – which will allow our clients to safeguard, trade and withdraw cryptocurrencies. At this point in time, however, withdrawal of coins will not be available, and all withdraw requests will be processed as Fiat currency (USD, Euro, etc).
Yoni Assia, eToro founder and CEO had this to say:
“eToro is an early believer in the blockchain space. We have been very proud to be a part of the amazing growth in this disruptive industry. At eToro, investors benefit from the peace of mind that comes with our long track-record in the trading and crypto markets. We are happy to take the initiative and provide a safe place for investors to buy and sell the world’s leading cryptocurrencies.”
In addition to the thousands of financial instruments already offered on our platform, clients will now be able to buy Bitcoin, Ethereum, Ethereum Classic, Ripple and Litecoin directly from their eToro account. In the future, as more and more coins reach a higher market cap, they will also be made available on eToro.
Please note that current open positions will remain as CFDs. ‘Sell’ orders, Copied positions and investments in CopyFunds will also be executed as CFDs.
Cryptocurrencies can fluctuate widely in prices and are therefore not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk.