eToro Reaches 13 Million Global Users, Sees COVID-19 Surge

eToro announced this Thursday that it has reached 13 million registered users globally, with the investment platform seeing a surge in new users in the first four months of 2020.

In particular, eToro saw a notable increase of 427 per cent in new users globally in the first four months of the year, when measuring this against the same period of the previous year. According to the statement published today, these new users made their first deposit during the four-month time period.

In a statement provided to Finance Magnates, eToro outlined that stock trading has tripled since the beginning of the year. As previously reported, the trading provider launched commission-free investing for stocks for users in the UK and Europe in May.

eToro to expand commission-free offering

According to the statement published today, the company hopes to expand its commission-free offering to the Asia Pacific (APAC) region soon and to the United States later in the year.

Yoni Assia, CEO and co-founder of eToro, said in the statement: “Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term induced market Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term has been a focus for media globally and has brought the topic of investing increasingly onto people's radars. We have seen a large increase in trading volumes on eToro since the start of 2020 from both new and existing users."

“We started eToro with the mission of opening up global financial markets so everyone could invest in a simple and transparent way. 13 million is a fantastic milestone, but we have more to do to ensure everyone feels they have the knowledge and confidence to invest and grow their wealth,” Assia continued.

Furthermore, Assia said that eToro is now focusing on evolving its product offering in order to keep up with changing customer demands, and that the company remains on the lookout for further acquisitions, following its two acquisitions last year - Firmo and Delta.