Tag: eToro

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eToro Announces Changes to Wallet Services for German Users

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In a significant update affecting its German user base, online brokerage giant eToro has announced the discontinuation of its wallet services in Germany, effective January 14, 2024. This move marks a pivotal change in how German clients will manage and access their cryptoassets.

Starting January 14, eToro wallet users in Germany will face notable changes:

  1. Access to eToro Wallet Ceases: Users will no longer be able to access their eToro wallet, a tool previously used for managing cryptoassets.
  2. Restrictions on Transfers: The ability to transfer cryptoassets from the eToro account to the eToro wallet, or to any external destination, will be terminated.
  3. Migration of Assets to Tangany: Any remaining cryptoassets within the eToro wallet will be automatically transferred to Tangany, a renowned crypto custodian. Post-migration, these assets will be integrated into the users’ eToro portfolios. However, these assets will be limited to ‘close only’ transactions, meaning users can sell but not purchase additional assets.

For those users looking to transfer their crypto holdings to a different custodian service, eToro has provided a pathway. Users are advised to directly contact Tangany at withdrawal@tangany.com to facilitate any transfer requests. This collaboration with Tangany indicates eToro’s commitment to ensuring a secure and regulated environment for their users’ crypto holdings.

This update signifies a strategic shift for eToro in Germany, as the company aligns with regulatory requirements and evolving market dynamics. While the closure of the eToro wallet service may initially inconvenience some users, the partnership with Tangany is expected to provide a more streamlined and secure management of cryptoassets.

eToro’s decision reflects the ongoing evolution in the digital asset space, where security and regulatory compliance are increasingly becoming paramount. As the crypto market matures, such adjustments are anticipated to become more commonplace, ensuring a safer and more reliable environment for crypto investors.

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eToro Appoints Massimo Citoni as Regional Manager for Italy

In a strategic move aimed at further strengthening its presence in Italy, eToro, the renowned Retail FX and CFDs broker, has announced the appointment of Massimo Citoni as the Regional Manager for Italy.

eToro

Massimo Citoni, a seasoned professional within the company, will assume a pivotal role in leading eToro’s operations in Italy. His primary objectives will encompass driving market growth, ensuring operational excellence, and cultivating strategic partnerships with local entities. Furthermore, Massimo will oversee all marketing initiatives within the region and spearhead customer retention efforts, with a focus on enhancing the experience for Italian clients and members of the eToro Club.

Effective December, Massimo Citoni will also join the board of the prestigious Italian fintech industry association, AssoFintech.

Massimo Citoni’s journey with the broker began in 2015 when he joined as an Account Manager. Over the years, he has demonstrated an impressive ability to manage high net worth client relationships in Italy, showcasing a profound understanding of client needs and the intricacies of the Italian market.

His unwavering dedication and expertise paved the way for his ascent within the organization, ultimately leading to his promotion to Head of the Italian Desk in 2023. Massimo Citoni is also a certified financial advisor, holding accreditation from both CySEC and ASIC.

Commenting on this significant appointment, Etay Cohen, Chief Customer Officer at eToro, expressed his enthusiasm: “We are thrilled to promote Massimo Citoni to the role of Regional Manager for Italy. His exceptional track record and deep understanding of the Italian customer make him the perfect fit for this position. Massimo’s dedication and insight have been invaluable to eToro, and we are confident that under his leadership, eToro will achieve new heights in the Italian market.”

Massimo Citoni, now Regional Manager Italy at eToro, added: “Taking on this new role at the company is a privilege. We are committed to continuing to grow our presence in Italy and to being an active industry participant. I am excited to join the Board of AssoFintech and to deepen our partnership with the Fintech District to help advance the fintech ecosystem in Italy.”

With Massimo Citoni at the helm, eToro looks poised to further expand its footprint in the Italian financial landscape, solidifying its commitment to providing top-notch services and expertise to its clientele in the region.

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eToro Earns Virtual Asset Registration from Bank of Spain

Leading investing platform eToro has marked a significant milestone, as it was granted registration by the Bank of Spain as a service provider of exchange of virtual currency for fiat currency and electronic wallet custody services. The pivotal decision was made on June 29, 2023, according to an announcement made by the company earlier this week.

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eToro Digital Assets Ltd. is now officially registered in the Virtual Asset Service Provider Register maintained by the Bank of Spain under code number D848, reinforcing its position as a significant player in the cryptocurrency market.

Tali Salomon, eToro’s Regional Manager for Iberia and LatAm, expressed her satisfaction with this major development. “This registration is a testament to our commitment to operating a growing business that prioritizes consumer protection while also nurturing innovation and ensuring access for individual investors,” said Salomon.

The registration will allow eToro to extend its reach within Spain further, offering Spanish users access to a broad range of asset classes, investment tools, and educational resources. eToro has always been at the forefront of promoting financial literacy and investor empowerment, and this move is another step in that direction.

Salomon added, “We will continue to empower our Spanish users by providing them with access to a diverse range of asset classes, investment tools, and educational resources to enable them to grow their knowledge and wealth.”

With this registration, eToro joins an exclusive club of digital asset service providers that have successfully navigated the regulatory landscape in Spain. This move comes at a time when the adoption of cryptocurrencies is on the rise, both globally and within Spain. The registration is expected to bolster trust in eToro’s services in the region and promote further growth and development within the crypto space.

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eToro Introduces Changes to Overnight Fee Structure for CFD Trading

Online broker eToro has recently unveiled updates to its contract for difference (CFD) overnight fee structure, aiming to enhance the trading experience for its clients. These changes will be implemented in two phases, with Phase One already in effect since Monday, July 3rd.

eToro Introduces Changes to Overnight Fee Structure

Under Phase One, the broker has eliminated overnight fees for short positions on the majority of available stocks, encompassing approximately 98% of the platform’s stock offerings. This adjustment is expected to have a profound impact on eToro’s clients, particularly those who frequently hold short positions, as it is anticipated to result in significant cost savings.

The removal of overnight fees on short positions applies specifically to stocks with a yearly borrow cost of less than 10%. The borrowing cost refers to the fee associated with facilitating a short position in a particular stock. Previously, clients were required to pay an overnight fee ranging from 6% to 8% for short stock positions. However, with the implementation of the new fee structure, clients will enjoy a 0% cost on overnight fees for the majority of their short positions.

eToro believes that these changes will enhance the overall trading experience for its clients, making it more cost-effective and accessible for those engaging in short-selling strategies. By removing overnight fees for short positions on the vast majority of stocks, the broker aims to empower its clients with greater flexibility and opportunities to optimize their trading strategies.

Phase Two of the fee structure updates are yet to be announced, with eToro expected to unveil further modifications in the near future. The broker is likely to continue its efforts to refine its fee structure and provide its clients with a competitive trading environment.

eToro is an established online broker known for its user-friendly platform and wide range of financial instruments. With these recent fee structure updates, the broker demonstrates its commitment to continuously improving its services and catering to the evolving needs of its clients.

As eToro clients adjust to the changes brought about by Phase One, anticipation builds regarding the upcoming Phase Two announcement. Market participants and traders are eagerly awaiting further details as the broker strives to solidify its position as a leading online broker in the competitive financial landscape.

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eToro enlarges Instrument range adding 73 new Stocks and ETFs

The leading online social trading broker eToro has recently extended its portfolio of trading instruments by adding 73 stocks and ETFs. The instruments are already available on eToro’s platform for trading.

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eToro

Here’s the list of some of the recently added investment instruments:

  • $OWL (Blue Owl Capital Inc)
  • $LBRDA (Liberty Broadband Corporation)
  • $FWONK (Formula One Group )
  • $KRTX (Karuna Therapeutics, Inc)
  • $SGFY (Signify Health, Inc)
  • $OPCH (Option Care Health, Inc)
  • $LNTH (Lantheus Holdings, Inc)
  • $NOVT (Novanta Inc)
  • $PRVA (Privia Health Group, Inc)
  • $BTU (Peabody Energy Corporation )
  • $ZD (Ziff Davis, Inc)
  • $BECN (Beacon Roofing Supply, Inc)
  • $SMCI (Super Micro Computer, Inc)
  • $PTCT (PTC Therapeutics, Inc)
  • $ENVX (Enovix Corporation)
  • $AMR (Alpha Metallurgical Resources, Inc)
  • $CALM (Cal-Maine Foods, Inc)
  • $CEIX (CONSOL Energy Inc)
  • $NEOG (Neogen Corporation)
  • $VERU (Veru Inc)
  • $SIGA (SIGA Technologies, Inc)

As per usual, the Zero Commission is applicable to newly added stocks and ETFs for users who trade under jurisdictions that allow such policies and conditions, which means that there will be no commission charged for trading stocks and ETFs. Moreover, there are no restrictions on commission-free positions, so you can trade fractional shares as well.

About eToro

Established in 2007, eToro is a famous Israel-based brokerage company that provides over 5,000 instruments to its clients including FX, CFDs, and exchange-traded securities.

eToro was the first to introduce social trading to the world in 2010 through a proprietary platform CopyTrader enabling users to learn and copy trades of more experienced seasoned traders. Today, the broker has expanded its operation in 140 countries boasting over 20 million active users.

For further information read our detailed review article or visit their official website.

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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.

eToro expands its operations

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.