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In an effort to stimulate the wider adoption of cryptocurrency and blockchain tech, social trading platform eToro is making it significantly cheaper to invest in crypto-assets.
The global company, which already boasts more than 10 million users, has reduced fees for spread trades on its platform by more than half for a number of assets, including Bitcoin. The updated spread trade fees can be found here.
“We’re committed to supporting the mass adoption of crypto. We want to make it as simple and accessible as possible for investors to buy, sell or hold crypto,” said CEO Yoni Assia. “Cutting costs so clients keep more of their gains is one part of this.”
Assia further added the initiative is part of eToro’s continued efforts to raise awareness of the benefits of using cryptocurrency and blockchain. Among other things, the company recently used Bitcoin to sponsor seven Premier League football clubs, including Tottenham Hotspur.
For those curious, eToro currently offers investment opportunities in 12 cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, NEO, EOS, Cardano, and IOTA.
eToro also supports several cryptocurrency-to-fiat trading pairs – as well as some crypto-to-crypto pairs. But considering that eToro is currently working on expanding its operation with a cryptocurrency-only exchange service, you can expect more trading options in the near future.
Despite the high volatility associated with cryptocurrencies, Assia remains positive of the long-term potential of crypto-assets.
“We are also committed to raising awareness among investors of the potential offered by crypto and the blockchain technology that underpins it,” the eToro chief explained. “Yes, crypto is highly volatile and not appropriate for all investors, but we also believe that for many it can have a role to play as part of a diversified long-term portfolio.”
“Crypto is here to stay,” Assia said. “We believe that in the future all assets will be tokenized and that crypto is just the first step on this journey.”
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This post is brought to you by eToro. Cryptocurrencies are unregulated and can fluctuate widely in prices and are therefore not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk.