The eToro investment platform has announced they've passed 13 million registered users.
Note – This post doesn't apply to US customers
eToro recorded a 426% increase in new users globally making their first deposit on the platform, in the first 4 months of this year compared to the last.
Yonni Assia, CEO of eToro commented “Coronavirus induced market volatility has been a focus for media globally and has brought the topic of investing increasingly onto people's radars. We have seen a large increase in trading volumes on eToro since the start of 2020 from both new and existing users.”
There was a major market crash earlier on this year when Coronavirus spooked the markets. It makes sense that with so much media attention, people were thinking more about investing. Even with the massive market correction, there were traders on eToro who were able to make the most of the situation and post gains over the first past of this year.
I suspect that their are many retail investors who are looking to buy stocks while prices are low and profit from the market recovery. That was certainly my strategy for the first part of this year. There was also a Bitcoin halving event in the first half of the year which could have also driven new users to eToro.
eToro launched in 2007 as a unique Forex Trading Platform. At that time, their platform was all about trying to make forex trading as simple as possible. Since then eToro has added stock and ETF trading and more recently support for cryptocurrency trading.
eToro is one of my favourite investing platforms, and it's good to see it continuing to grow in popularity.