eToro, the trading platform that i use and recommend, is finally coming to the U.S. Until now eToro has been available pretty much everywhere else around the world, but had no support for U.S customers. But that is set to change.
eToro is going to bring is cryptocurrency trading to the U.S. This means you’ll be able to trade popular cryptocurrencies such as Bitcoin, Ethereum, Ripple and more. Cryptocurrency is very popular in the U.S so it’s no surprise to me that they are doing this.
So how will this be any different to what’s on offer by other exchanges? Well eToro has a couple of unique features:
U.S customers will be able to take advantage of copy trading features on eToro. Using copy trading, you can automatically copy the trades of other traders. So if you’re not an experienced trader, you can benefit from the skills and experience of others.
Copyfunds are like a managed fund but contain assets based around a theme. One such copyfund is the Crypto Copyfund. This fund invests in the worlds most popular cryptocurrencies. It’s a good way to invest in the entire cryptocurrency space, without having to worry about individual trades or coins. If you believe cryptocurrency has a future, then this type of investment might be for you.
One advantage of copyfunds is that they are put together by experienced investors and the fund is automatically rebalanced every month – trying to do this on your own is difficult. And eToro doesn’t charge any fees on their copyfunds.
Of course you’ll also be able to open manual trades on your own. I’m not sure if eToro will be bringing short trading of cryptocurrency to the U.S – they offer both long and short trading to the rest of the world.
More coming soon
When eToro raised $100 million in funding earlier this year, they said they were going to launch more cryptocurrency related products in the future. They have hinted at supporting more than the current 10 cryptocurrencies on offer as well as launching a wallet. I’ll write about the wallet in another post.
It’s good to see eToro expanding. They have a really nice web trader, and some excellent copy trading features which I believe are the future of investing. I’m looking forward to seeing what’s next.