eToro

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eToro
Private
IndustryFinancial services
Investing online
Social investment
Bitcoin exchange
Founded2007 (2007)[1]
HeadquartersLimassol, Cyprus
London, United Kingdom
Tel Aviv, Israel
Area served
Worldwide
Key people
Yoni Assia
(CEO and co-founder)
Ronen Assia
(co-founder)
David Ring
(co-founder)
ServicesInvestment management, Brokerage firm, Stockbroker, Social trading, Online Forex trading, CFDs, copy trading
Number of employees
501-1000[2]
Websitewww.etoro.com

eToro is a social trading and multi-asset brokerage company that focuses on providing financial and copy trading services.[3] It has registered offices in Cyprus, Israel, the United Kingdom,[4] the United States,[5] and Australia.[6][7] In 2018, the company’s value was $800 million.[3]

History[edit]

eToro was founded as RetailFX in 2007[8] in Tel Aviv, by brothers Yoni Assia and Ronen Assia together with David Ring.[9]

In 2010, eToro released the eToro OpenBook social investment platform, along with its "CopyTrading" feature. The eToro trading platform enables investors to view, follow and copy the network's top traders automatically.[10] Later that year, eToro released its first Android app so that investors could buy and sell financial instruments via mobile devices.[11]

Between 2007 and 2013, the company raised $31.5 million in four rounds of funding.[12][13] In December 2014, eToro raised $27 million from Russian and Chinese investors.[14] In December 2017, eToro and CoinDash became partners to develop Blockchain-based social trading.[15] In 2018, eToro raised a further $100 million in a private funding round.[16]

Overall, more than $162 million has been invested in eToro by investment firms, such as Spark Capital, SBI Holdings, CommerzVentures, Korea Investment Partners, and China Minsheng Financial Holdings, as the company reported.[3][17][18]

In 2013, eToro introduced the capability to invest in stocks and CFDs, with an initial offering of 110 stock products.[19] The same year, eToro was authorized to offer its services in the UK by the FCA regulatory authority, under the subsidiary eToro UK.[20] In January 2014, eToro added cryptocurrencies to its investment instruments.[21][22]

In April 2014, eToro added 130 British and German stocks composing the FTSE 100 Index and the DAX30 indices to the company's stock selection.[23]

In 2017 eToro launched a CopyPortfolio feature, enabling investors to copy investment portfolios from the best-performing traders.[24]

At the end of 2017, eToro announced having 8 million opened accounts. In 2018, eToro launched a cryptocurrency wallet for Android and iOS.[25][26]

In May 2018, eToro entered the US Market by offering 10 cryptocurrencies: Bitcoin, Ethereum, Litecoin, XRP, Dash, Bitcoin Cash, Stellar, Ethereum Classic, NEO, and EOS.[27]

In November 2018, eToro announced the launch of GoodDollar, a non-profit, open-source community project aimed to reduce global wealth inequality through universal basic income (UBI) using blockchain technology.[28]

In March 2019, eToro acquired Danish blockchain company Firmo for an undisclosed sum.[29][30]

In October 2019, eToro released a sentiment-based crypto portfolio using AI technology to evaluate Twitter's current positive or negative impressions of digital assets.[31]

In November 2019, eToro acquired Delta, a crypto portfolio tracker application company, based in Belgium.[32][33]

Operations[edit]

eToro's main research and development office is located in Tel Aviv, Israel. In addition to legal entities registered in the UK, China, US, Australia and Cyprus.

eToro is regulated by the CySEC authority in the EU.[6] It is authorized by the FCA in the UK,[20][22] and by FinCEN in the United States,[5] and by the ASIC in Australia.[34] In 2013, eToro has been fined €50.000 by CySEC due to detected weaknesses which concerned its organisation and operation structure back to 2010. [35] In 2015 eToro was added to Quebec blacklist as an unauthorized foreign company that encouraged residents to invest in binary options via its trading platform.[36]

The company reported operating in 140 countries, with more than 11 million users.[37][38]

Marketing and expansion[edit]

In August 2018, eToro announced a sponsorship deal with seven UK Premiership teams including Tottenham Hotspur, Brighton & Hove Albion F.C., Cardiff City F.C., Crystal Palace F.C., Leicester City F.C., Newcastle United F.C. and Southampton F.C.[39] The partnership continued for the 2019-20 Premier League with Aston Villa F.C. and Everton F.C. joining Southampton F.C., Tottenham Hotspur F.C., Crystal Palace F.C., and Leicester City F.C.[40][41]

In 2018, it was announced that Game of Thrones actor Kristian Nairn would be featured in an advertising campaign for eToro.[42] It was released in October 2018 on Youtube and featured the ‘HODLinternet meme.[43][44]

In February 2019, The South China Morning Post reported that "the brand is planning expansion in Southeast Asia and potentially Hong Kong”.[45]

In March 2019, eToro launched its cryptocurrency trading platform and its standalone cryptocurrency wallet to US users.[46][47]

References[edit]

  1. ^ "Trading Company eToro Expands Offices".
  2. ^ "eToro Online Trading". Glassdoor. Retrieved 13 May 2015.
  3. ^ a b c "Israeli social trading firm eToro raises $100 million in private funding". Reuters. 23 March 2018. Retrieved 2 November 2019.
  4. ^ Williams-Grut, Oscar. "A trading company with 10 million customers is setting up a crypto desk for hedge funds and banks". Business Insider. Retrieved 2 November 2019.
  5. ^ a b Russo, Camila. "U.S. Crypto Trading Platforms Are About to Get More Competition". www.bloomberg.com. Retrieved 5 December 2019.
  6. ^ a b "Etoro (Europe) Limited - CySEC". CySEC. Retrieved 13 May 2015.
  7. ^ "ETORO USA LLC - NFA". NFA. Retrieved 13 May 2015.
  8. ^ Levy, Dotan (28 October 2019). "Social Trading Company eToro Expands Offices". CTECH. Retrieved 2 November 2019.
  9. ^ Rust, Donnie (7 November 2013). "eToro. Seriously? Is It That Easy?". Littlegate Publishing. Archived from the original on 23 March 2014. Retrieved 10 May 2016.
  10. ^ Greenberg, Michael (12 July 2010). "eToro launches its own Forex Social Community – OpenBook". Finance Magnates. Retrieved 13 May 2015.
  11. ^ Greenberg, Michael (7 October 2010). "eToro's OpenBook goes mobile". Retrieved 13 May 2015.
  12. ^ Arrington, Michael (8 June 2010). "eToro Adds $2.4 Million To The Coffers: "Zynga For Real Men"". TechCrunch. Retrieved 13 May 2015.
  13. ^ Lunden, Ingrid (13 March 2012). "Social Investment Network eToro Is Picking Up Another $15 Million From Spark, Others". TechCrunch. Retrieved 13 May 2015.
  14. ^ Williams-Grut, Oscar (12 December 2014). "Silicon Round-Up: eToro plans UK push after snagging $27m from Russians and Chinese". London Evening Standard. Retrieved 13 May 2015.
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  17. ^ Keane, Jonathan (22 March 2018). "Israeli social trading platfrom eToro raises $100 million". Tech.eu. Retrieved 2 November 2019.
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  23. ^ "German and British Stocks Now Available for Investment". ForexBrokernews.com. 14 April 2014. Archived from the original on 18 May 2015. Retrieved 13 May 2015.
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  28. ^ Daniel, Ellen (8 November 2018). "Universal Basic Income cryptocurrency launched by eToro". Verdict. Retrieved 2 November 2019.
  29. ^ Manuel Baigorri, Alastair Marsh. "Trading Platform EToro to Buy Danish Blockchain Company Firmo". www.bloomberg.com. Retrieved 2 November 2019.
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  31. ^ Ballentine, Claire (15 October 2019). "Crypto Portfolio Will Analyze Twitter to Gauge Trader Sentiment". www.bloomberg.com. Retrieved 5 December 2019.
  32. ^ "Investment platform eToro acquires crypto portfolio tracker app Delta". TechCrunch. Retrieved 5 December 2019.
  33. ^ "Currency Revolution Series: What Does M&A Deal of eToro and Delta Mean For?". EconoTimes. 8 November 2019. Retrieved 5 December 2019.
  34. ^ "Gen Y investors bank on disruption". www.theaustralian.com.au. Retrieved 2 November 2019.
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  36. ^ "FXTM and eToro Added to Québec Blacklist by Local Watchdog". financemagnates.com. 23 June 2013. Retrieved 13 May 2015.
  37. ^ "Facebook announces launch of Libra cryptocurrency to take on bitcoin". Express.co.uk. 18 June 2019. Retrieved 2 November 2019.
  38. ^ "Sogar Aktienhandel zum Nulltarif". www.platow.de (in German). Retrieved 2 November 2019.
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  41. ^ Parker, Ian (8 October 2019). "James Maddison can emerge as a gamechanger for England – Matt Le Tissier". uk.sports.yahoo.com. Retrieved 2 November 2019.
  42. ^ Verkaufen, Werben & (19 October 2018). "Saatchi &Saatchi und eToro-Kampagne: Game-of-Thrones-Star wechselt in die Finanzbranche | W&V". www.wuv.de (in German). Retrieved 2 November 2019.
  43. ^ "Could Kristian Nairn become the next world-famous brand ambassador?". The Upcoming. Retrieved 2 November 2019.
  44. ^ "eToro 'HODL'- It is not investment advice. Your capital is at risk". Campaigns of the World ™. 21 October 2018. Retrieved 2 November 2019.
  45. ^ "Israeli online broker targets young investors with global outlook". South China Morning Post. 28 January 2019. Retrieved 2 November 2019.
  46. ^ "EToro bringing crypto trading and wallet to the US". TechCrunch. Retrieved 5 December 2019.
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