Social trading brokerage and platform provider eToro today announced in a corporate statement that it is offering clients the opportunity to trade in the five most popular cryptocurrencies directly on its own trading platform.
Effective immediately, eToro customers can trade the actual underlying assets of Bitcoin, Ethereum, Ethereum Classic, Litecoin and Ripple. The company is already offering access to the five cryptocurrencies, plus exposure to Dash, through its recently launched investment instrument Crypto CopyFund.
By taking away part of the risk usually associated with trading such exotic assets, eToro allows its clients profit directly from the active exchange rates. Joining over 1,200 assets, trading of the new instruments will be done from the same accounts clients use for other trades, adding a layer of security to the exciting but volatile cryptocurrency market.
The step confirms that there is significant demand amongst traders for such alternative asset classes, with the launch just one more example of a brokerage jumping on the cryptocurrency bandwagon.
The list of brokers that have launched cryptocurrency trading pairs in recent months includes Ayondo, Plus500, Avatrade, FXOpen, XTB, JFD Brokers, Instaforex, and many others. As such, it is likely that more retail platforms will follow suit to avoid falling behind their competitors.
Commenting on the launch, Yoni Assia, co-founder and CEO of eToro, said: “Cryptocurrencies have come of age over the last year, but buying and owning the underlying crypto asset is still very difficult. At eToro, we’ve already simplified the worlds of trading and investing, and now we have an opportunity to use our experience and expertise to simplify cryptocurrencies. By using our platform, investors benefit from the peace of mind that comes with our long-track record in the cryptocurrency market.”
Founder of Litecoin Charlie Lee said: “By making Litecoin available on a safe, simple, and secure platform, eToro will help increase the adoption of Litecoin among a wider audience.”
Founder and CEO of Digital Currency Group (DCG) Barry Silbert said: “By showing their support for Ethereum Classic, among others, eToro supports our position that digital currency as an asset class has not only arrived, but is here to stay.”