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Follow Successful Crypto Traders: eToro Delivers the Company’s Social Trading Approach to the World of Digital Currency

Follow Successful Crypto Traders: eToro Delivers the Company’s Social Trading Approach to the World of Digital Currency

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Matt Walker
By: Matt Walker
Posted: July 31, 2019

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In a Nutshell: Since its inception, eToro has offered unique services in the trading and investment ecosystem. One such service is its CopyTrader system that allows eToro users to find and copy the moves of other eToro users who have a strong track record of making investments on the online trading platform. The company continues to innovate by bringing its social trading approach to the growing world of cryptocurrencies. Additionally, the company recently launched its own digital currency exchange, eToroX, and crypto wallet. The company prioritizes security, realizing the importance of keeping personal user information and crypto assets safe from attack or theft.

As a teenager, comedian, writer, and director Judd Apatow would make audio recordings of “Saturday Night Live” episodes, then obsessively transcribe every word from the long-running sketch show.

The self-proclaimed comedy nerd did anything he could to get close to the world of entertainment. In transcribing the SNL episodes, he was attempting to follow in the footsteps of his heroes (and some of the most successful comedians at the time).

eToro Logo

Apatow has said he believed he would absorb something, anything — timing, rhythm, style — from the experts. His passion eventually paid off.

For more than a decade, Apatow has been one of the most sought after comedic names in Hollywood. Many films he’s associated with became near-instant classics, including “The 40-Year-Old Virgin” and “Knocked Up.”

Sometimes it pays to emulate success — no matter what industry you’re striving to succeed in.

In the world of trading, eToro makes it easy to follow the path of success — no lengthy transcription necessary. The company’s social trading platform allows novice investors to copy the investment strategies and trades of eToro’s most successful users.

Since its inception in 2007, eToro has been an innovator in the trading world with a stated mission to make trading accessible and simple for anyone, anywhere.

And the company remains at the forefront of investment innovations by including — and continually expanding — cryptocurrency among its tradeable assets.

And with the 2018 launch of its cryptocurrency exchange, eToroX, professional traders outside of U.S. markets can enjoy the stability of a market-leading financial services provider with the security features and transparent nature of a regulated “crypto powerhouse.”

“eToro has been involved in the cryptocurrency space since very early on,” said Guy Hirsch, eToro’s U.S.A. Managing Director. “In 2014, we added a new asset class, and Bitcoin was the first asset offered in the new trading environment. We’ve been adding more and more coins ever since.”

Delivering eToro’s Social Media-Influenced Approach to Trading in the Cryptocurrency Markets

“As blockchain technology became better understood as the opportunity here, and the realization that it will fundamentally change the way financial services work, we have decided as a company to transform our own business,” Hirsch said.

He said eToro currently has about 12 million users, and in 2018, the platform saw more than $1 trillion in trading volume.

“We’re in the process of taking all of that and essentially moving it to the blockchain,” Hirsch said. “So what does that mean? It means that for the first time, we no longer have just one trading venue. We’ve launched eToroX, which is a full-fledged crypto assets exchange.”

Guy Hirsch

Guy Hirsch is eToro’s U.S.A. Managing Director

eToroX is a secure and regulated crypto platform geared toward professional traders.

Yoni Assia, eToro’s Founder and CEO is also confident in the future of blockchain technology and cryptocurrencies.

“The blockchain technology revolutionizes the financial world by enabling new ways of doing business and transacting assets between people, companies & governments – cheaper, faster and more secured,” Assia wrote on the eToroX website.

And crypto traders on eToro — unlike many other platforms — are able to take advantage of open communication between traders. Users are free to direct questions at more experienced traders to learn more about the platform and to help make the best investment decisions.

“With other platforms, the experience is very solemn,” Hirsch said. “It’s you versus the screen. A lot of people like the feeling that they’re not alone — there’s someone participating in this process with them who’s available for responding to questions. It’s a dynamic conversation.”

Additionally, the company’s innovative CopyTrader system is available for crypto trades on eToro, just as members have been using the feature to follow successful stock traders for years. Hirsch described CopyTrader as a function that allows a person to basically invest in another person.

“Not everyone has time to monitor the market closely,” he said. “If you see someone who is doing really, really well in crypto, you can choose to follow their moves. Every time they trade, you will trade at the same time, proportionally.”

He said the feature is a great opportunity to gain insight into decisions being made by some of the most successful investors on the platform.

Launching eToroX’s Unique, Regulated Crypto Wallet

Along with the eToroX crypto exchange, eToro also introduced its own cryptocurrency wallet. The wallet is managed by eToro USA LLC in the U.S.

Billed as a one-stop-shop for all crypto needs, users “can easily and safely store and transfer all of your crypto assets from Bitcoin, Litecoin, and more — all under the regulated banner of eToroX,” according to the website.

eToroX Wallet Screenshot

eToro’s crypto wallet allows users to securely trade cryptocurrency anywhere.

The wallet’s functionality is straightforward. Users simply download the eToro trading app for Android or iOS and register an account, verify the account, then sign in.

Users receive a personal blockchain address for on-chain transactions. And private keys are closely protected.

According to the eToroX website, with its crypto wallet, there is no need for users to write down lengthy passphrases or save keys since the company secures them. The wallet was designed to be very user-friendly, is fully localized, and syncs across all devices.

“The only digital wallet you need to store, convert and transfer Bitcoin, Ethereum, and more,” according to the website. “Now, you can manage all your cryptocurrency transactions with ease.”

The wallet was launched in November 2018 with the ability to store Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

“We believe that in the future all assets will be tokenized and that crypto is just the first step on this journey,” Assia said in a press release. “Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenized world. The eToro wallet is a key part of this.”

The company announced this month that it had added five new ERC-20 tokens to its stable, with plans to add 120 new ones in total.

Appealing to Crypto Audiences with Top Security, Quality Customer Service, and Responsiveness

Cryptocurrency traders tend to be a bit more technologically savvy than the average consumer, so they are often keenly aware of considerations such as the type of security a company implements. eToro understands this and prioritizes security on its traditional trading and crypto trading platforms.

“With regards to personally identifiable information — Social Security numbers and things of that nature — we’re employing best practices and doing our best to protect those assets,” Hirsch said.

He said protecting crypto assets comes with more unique challenges, but the company is dedicated to meeting those challenges head-on.

eToroX has also enacted “deep and complex layers of security that includes cold storage, DDOS (distributed denial-of-service) protection, SSL (secure sockets layer), and multi-sig wallets,” according to the website.

eToro Desktop Market

eToro recently introduced five new ERC-20 cryptocurrencies into its platform, with plans to add 115 more in the near future.

“We’ve been investing millions of dollars into multi-level types of security apparatuses,” Hirsch said. “We put most of our customer assets into what we call deep cold — a remote site away from the offices that is highly secured with more than one person guarding it.”

The company also strives to deliver high-quality customer service and to be responsive to all customer needs.

“eToroX, together with eToro group, has raised the bar of service quality to our clients with a professional Customer Support team, fast response time and helpful and pertinent replies that will help you perform quickly and efficiently,” according to the company website.

eToro and eToroX both welcome feedback to help improve its offerings as well.

Contact information for customer support issues and to deliver feedback can be found on eToroX’s support page.

Expanding Social Trading Options in the U.S.

Hirsch said eToro is excited to bring its CopyTrader products to the U.S. market in the near future.

“CopyTrader is available globally, but not yet available in the U.S.,” he said. “We’re very excited to announce by the end of the year when CopyTrader will be launched in the U.S. market.”

He said the company also has multiple teams working on introducing exciting new investment strategies under the CopyPortfolio banner.

“We will also be adding traditional U.S. stocks on eToro, making the U.S. platform a multi-asset environment,” Hirsch said. “All of these things are coming, and we’re very excited about that. We have a busy year ahead of us, and we’re marching full-speed ahead to make all of this happen.”