The social trading provider acts in the long-term interest of clients in contrast to so-called “crypto brokers”
eToro has sent out an email to clients informing them that all outstanding open positions in crypto assets will be switched to physical holdings with no leverage. The company has undertaken the step earlier this year, deciding to switch away from CFDs on this asset class.
The approach of the social trading provider is consistent with the long-term interest of the industry to provide a viable broking service for clients. A number of brokerages started providing CFDs on Cryptocurrencies, but to hedge their exposure, the firms have been charging exorbitantly high fees on positions that are held overnight.
Since the establishment of the cryptocurrency asset class, the main function of the coins and tokens has been to hold them long term.
Going Against “Crypto Brokers”
Former binary options technology providers have switched into providing cryptocurrency brokerage solutions. The catch for clients that do not read the fine print this time around is not an inconceivable bonus condition, but overnight interest rate charges.
What the turnkey “crypto broker” technology providers have in store is a product that is designed to drain the funds from the account of the end-client. As such, these products are likely to become as toxic to the cryptocurrency industry, as binary options have been for Forex brokers.
eToro’s approach to the market is in stark contrast to the “Wild West” honchos that are aiming to take advantage of the ill-informed retail client.
Physical Holding of Cryptos
Back in February this year, the CEO of eToro, Yoni Assia shared with Finance Magnates in an extensive interview why purchasing cryptocurrencies for retail traders have to be executed on the physical market.
As the evolution of cryptocurrencies is just starting, eToro's approach is likely to build a solid reputation for the company in an environment where few brokers that are offering cryptocurrency trading are actually looking after the best interest of their clients.
The risks associated with offering CFDs on cryptos have been underscored in the final quarter of last year. Brokers were struggling to find ways to hedge their exposure as the market relentlessly kept going up until Bitcoin peaked out just below $20,000. The FCA has also expressed a stance that is undermining the relevance of CFDs on cryptocurrencies.
In its letter to clients, eToro underscores that all legacy crypto CFD positions that are still open will be upgraded between the 15th and the 20th of May. Clients who do not wish to transfer their open positions into CFDs can contact the customer service department of the social trading brokerage before the 14th of May.
eToro has sent out an email to clients informing them that all outstanding open positions in crypto assets will be switched to physical holdings with no leverage. The company has undertaken the step earlier this year, deciding to switch away from CFDs on this asset class.
The approach of the social trading provider is consistent with the long-term interest of the industry to provide a viable broking service for clients. A number of brokerages started providing CFDs on Cryptocurrencies, but to hedge their exposure, the firms have been charging exorbitantly high fees on positions that are held overnight.
Since the establishment of the cryptocurrency asset class, the main function of the coins and tokens has been to hold them long term.
Going Against “Crypto Brokers”
Former binary options technology providers have switched into providing cryptocurrency brokerage solutions. The catch for clients that do not read the fine print this time around is not an inconceivable bonus condition, but overnight interest rate charges.
What the turnkey “crypto broker” technology providers have in store is a product that is designed to drain the funds from the account of the end-client. As such, these products are likely to become as toxic to the cryptocurrency industry, as binary options have been for Forex brokers.
eToro’s approach to the market is in stark contrast to the “Wild West” honchos that are aiming to take advantage of the ill-informed retail client.
Physical Holding of Cryptos
Back in February this year, the CEO of eToro, Yoni Assia shared with Finance Magnates in an extensive interview why purchasing cryptocurrencies for retail traders have to be executed on the physical market.
As the evolution of cryptocurrencies is just starting, eToro's approach is likely to build a solid reputation for the company in an environment where few brokers that are offering cryptocurrency trading are actually looking after the best interest of their clients.
The risks associated with offering CFDs on cryptos have been underscored in the final quarter of last year. Brokers were struggling to find ways to hedge their exposure as the market relentlessly kept going up until Bitcoin peaked out just below $20,000. The FCA has also expressed a stance that is undermining the relevance of CFDs on cryptocurrencies.
In its letter to clients, eToro underscores that all legacy crypto CFD positions that are still open will be upgraded between the 15th and the 20th of May. Clients who do not wish to transfer their open positions into CFDs can contact the customer service department of the social trading brokerage before the 14th of May.
SEC Fines Vanguard $106 Million Over “Investor TRFs Tax Consequences”
Executive Interview with Andrian Coxon | Exante | FMLS:24
Executive Interview with Andrian Coxon | Exante | FMLS:24
Executive Interview with Andrian Coxon, CMO at Exante during FMLS:24
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Executive Interview with Andrian Coxon, CMO at Exante during FMLS:24
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Executive Interview with Siju Daniel & Wei Qiang Zhang | ATFX | FMLS:24
Executive Interview with Siju Daniel & Wei Qiang Zhang | ATFX | FMLS:24
Executive Interview with Siju Daniel, from ATFX and Wei Qiang Zhang from ATFX Connect | FMLS:24
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Executive Interview with Siju Daniel, from ATFX and Wei Qiang Zhang from ATFX Connect | FMLS:24
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Executive Interview with Adam Saward | EC Markets | FMLS:24
Executive Interview with Adam Saward | EC Markets | FMLS:24
Executive Interview with Adam Saward | EC Markets | FMLS:24
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Executive Interview with Adam Saward | EC Markets | FMLS:24
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Executive Interview with Johnny Khalil | Tickmill | FMLS:24
Executive Interview with Johnny Khalil | Tickmill | FMLS:24
Executive Interview with Johnny Khalil, Executive Director at Tickmill during FMLS:24
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Executive Interview with Johnny Khalil, Executive Director at Tickmill during FMLS:24
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How Modern Consumer Habits Are Transforming Global Payments
How Modern Consumer Habits Are Transforming Global Payments
The evolution of consumer expectations is reshaping the payments sphere worldwide. From seamless in-store purchases to instant cross-border transfers, the demand for secure and frictionless payment solutions is transforming how businesses and financial institutions approach transactions. But what does this mean for the future of payments, and how can organizations keep up?
On December 4, 2024, Finance Magnates, in partnership with @Visa Direct, hosted a live webinar dedicated to exploring these pressing questions. Industry experts will provided actionable insights into the trends, challenges, and opportunities in global payments, equipping attendees with the tools they need heading into 2025.
DISCLAIMER:
The views and opinions expressed in this webinar are those of the speakers and do not necessarily reflect the views or positions of any entities they represent (including, but not limited to their respective parent companies or affiliates). The views and opinions expressed are based upon information the speakers consider reliable and are intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. No party (speaker or the entities they represent) makes any warranty or representation as to the completeness or accuracy of the information within this webinar, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
#FinanceMagnates #VisaDirect #GlobalPayments #FutureOfPayments #PaymentsInnovation #CrossBorderPayments #SecurePayments #SeamlessTransactions #FinancialInsights #PaymentsTrends #WebinarRecap #BusinessFinance #DigitalPayments #FintechInsights #Payments2025
The evolution of consumer expectations is reshaping the payments sphere worldwide. From seamless in-store purchases to instant cross-border transfers, the demand for secure and frictionless payment solutions is transforming how businesses and financial institutions approach transactions. But what does this mean for the future of payments, and how can organizations keep up?
On December 4, 2024, Finance Magnates, in partnership with @Visa Direct, hosted a live webinar dedicated to exploring these pressing questions. Industry experts will provided actionable insights into the trends, challenges, and opportunities in global payments, equipping attendees with the tools they need heading into 2025.
DISCLAIMER:
The views and opinions expressed in this webinar are those of the speakers and do not necessarily reflect the views or positions of any entities they represent (including, but not limited to their respective parent companies or affiliates). The views and opinions expressed are based upon information the speakers consider reliable and are intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. No party (speaker or the entities they represent) makes any warranty or representation as to the completeness or accuracy of the information within this webinar, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
#FinanceMagnates #VisaDirect #GlobalPayments #FutureOfPayments #PaymentsInnovation #CrossBorderPayments #SecurePayments #SeamlessTransactions #FinancialInsights #PaymentsTrends #WebinarRecap #BusinessFinance #DigitalPayments #FintechInsights #Payments2025