eToro announced recently that they had reduced the spread on crypto trading. This includes bitcoin – the new spread is 50% lower than what it was before.
This is big news if you're a crypto trader on eToro. Read on to find out more.
Spreads on eToro
Like most brokers, eToro charges a spread. This is the price difference between the quoted bid and ask prices. Or short and long prices. This means you don't need to pay any commissions on trades.
The spread on cryptocurrencies has always been a bit more than traditional markets such as forex or stocks. So it's good to see that eToro is taking the lead and reducing the spread.
You can see the full list of fees for crypto trading on eToro here
Cryptocurrency Trading on eToro
eToro was one of the first “traditional” brokers to offer access to cryptocurrency trading. They began with Bitcoin, but have steadily added access to new coins so you can now trade Ethereum, Litecoin, Ripple, Dash and even emerging coins such as Cardano and EOS.
This is what eToro CEO Yoni Assia had to say about the changes:
“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. Cutting costs so clients keep more of their gains is one part of this.
“We are also committed to raising awareness among investors of the potential offered by crypto and the blockchain technology that underpins it. This includes sponsorship, advertising, speaking at events and producing educational material. 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.”
You may have seen some of eToro's advertising if you watch the premier league. They are certainly pushing hard to bring crypto to more people.
What this means for traders
So what does this mean if you're an eToro user – you'll simply keep more of your gains. So whether you're manually trading cryptocurrency or you're copytrading cryptocurrency, you'll retain more of your gains. So good news all round. You can learn more about trading on eToro with my eToro Guide.