Social investing firm eToro obtained a license to offer its services in New York. In an interview posted on the NYSE LinkedIn page, eToro’s Founder and CEO, Yoni Assia, highlighted the importance of the latest approval for its expansion plan in the region.
Expanding Services to New York
“We are very excited to launch eToro in New York, where customers will be able to trade stocks and options on a wrap. Our global customers can trade cryptocurrencies alongside commodities and indices as well, and we are excited to have this milestone of enabling eToro to our New York customers,” Assia said.
“There is a lot of wealth and information in New Yorkers trading the market, and we are very excited to have them. We enable our customers to see other people’s trading activities and trade records. We were the first company to launch the concept of social trading and copy trading. We have always had in mind to show people their stats. It is important for people to know that investing is a form of risk management .”
Asked about what is next for eToro, Assia commented that the fintech firm is excited about the development in the emerging space of AI. He highlighted the ability the technology gives users to analyze the companies they are investing in, including summarizing their financial reports to get their fundamental analysis. According to Assia: “eToro has 37 million registered users in 75 countries.”
eToro's Recent Expansion
eToro recently disclosed to Finance Magnates that the total value of the newly opened Bitcoin positions soared more than 300% in the first two weeks of November compared to the first two weeks of October.
The volumes of crypto CFDs on Pepperstone also increased over 3 times following the US elections, while Axi's figures doubled. This boost was caused by Donald Trump's election victory in the US.
Meanwhile, eToro launched a new feature that enables users to trade in their local currencies, GBP and EUR, last month. The offering reportedly eliminates the need for conversion fees. This change promises to help investors save on fees and have better control over their currency exposure.
