eToro Expands its Operations in The Middle East with Abu Dhabi License

eToro expands its operations in the Middle East as it received an In-Principal Approval from ADGM to operate as a derivatives, securities, and crypto broker in Abu Dhabi.

The industry-forming social investment platform, eToro, has recently announced its acquisition of the license from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). The broker received an In-Principal Approval to operate as a securities, derivatives, and crypto broker in Abu-Dhabi. Thus, becoming one of the biggest brokers to obtain an ADGM license. A couple of years ago AvaTrade and Exinity have been granted the license to operate in one of the largest jurisdictions in the MENA region.

It is expected that the collaboration with the regulator will lead to the subsequent full approval for a financial license which will enable the broker to establish its base to serve clients worldwide in the region.

George Naddaf, eToro UAE Country Manager, said: “eToro aims to provide more people with access to financial markets. With the full license, more investors in the Middle East will not only have access to global markets, but also a wealth of educational content. As well as the opportunity to share knowledge and discuss their strategies with our global investor community. We look forward to working with our potential clients and partners in the region.”

ADGM, the international financial centre of UAE, has become an oasis for fintech and financial services firms across the globe. eToro has opened an office in Abu Dhabi, hoping to expand and unlock new services in this dynamic fintech ecosystem.

Arvind Ramamurthy, Head of Marketing at ADGM, stated: “We are delighted that eToro has received ADGM’s approval in principle and are pleased to support their efforts to establish a foothold and business in Abu Dhabi, the capital of the UAE. ADGM As the largest regulated virtual asset jurisdiction in the MENA region, eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.

ADGM is One of The Most Dynamic Fintech Landscapes in The MENA Region

Founded in 2008, ADGM has since turned the MENA region into the most vibrant fintech ecosystem. Its exclusive virtual asset framework is considered the best of its kind due to inclusive regulations and robust provision. It is the part of regulator’s ongoing commitment to reinforce Abu Dhabi’s economy. ADGM will continue to expand its business offerings and unlock new opportunities in UAE to encourage investment platforms to support the growing demand of investors across the globe.

For more information visit the regulatory authority’s official website: adgm.com

About eToro

Founded in 2007, eToro is an Israeli-based social investment platform focused on providing financial and copy trading services. The broker has created a multi-asset investment platform built around social collaboration and investor education. eToro aims to expand its operation across the globe to become the largest social trading platform for investors seeking to collaborate with other investors worldwide.

eToro trading platform provides its clients with access to trading portfolios and statistics of more experienced traders and enables them to collaborate, share thoughts and insight, and benefit from the shared knowledge. It has a straightforward and user-friendly interface that makes it easy for new traders to navigate through its website and the app.

Its users have the opportunity to trade and copy forex, indices, commodities, stocks, exchange-traded funds (ETFs), and cryptocurrencies with low spreads across most markets.

It’s important to note, that the broker offers only a proprietary platform and doesn’t have any third-party alternatives like MT4 and MT5 platforms, the most in-demand platforms in the forex market.

For more information read our eToro review article.