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Crypto-Trading Platform Review: eToro

What is eToro? It’s a regulated Fintech platform for crypto, stock market equities and FOREX trading, that has been around since 2007. The group has regulated entities in in Cyprus, UK, USA, Australia, and South Africa. Also it has another branch in Gibraltar as a test sandbox for blockchain-based products, with a special license by the Government of Gibraltar.

Initially, it was established on the idea of giving access to financial markets to everyone, not only to ultra wealthy investors, and introduce the concept of social trading to people. Social trading means that anyone can copy the trades of successful traders and make profit on it.
Now, expanding this idea, eToroX allows to trade cryptoassets from anywhere in the world. The platform onboards more than 10 million users. How well do they perform during this crypto winter?
Retail investors don’t care about crypto-winter
Since 2018, the amount of registered accounts on eToro increased from 9 to 10 million. Also it’s worth noting that the number of its users tripled during the last 4 years, as in 2014, when Bitcoin trading was launched, the platform had only 3 million customers.
Quote:It means that more and more people want to become the part of the global financial market. As eToro Group has a goal to give an affordable access to everyone, opening an account is free and requires a first-time deposit of just $200 for all countries, except for Israeli (which is $10,000 for some reasons).
Those novice traders who want to open the account, shouldn’t have any problems with the interface, the registering process is intuitive, all you have to do is enter your email or login with your Facebook account, that’s enough for trying the platform with the demo account. To trade with real money, it’s necessary to verify with the following documents: 
  • Proof of identity: your personal ID or a copy of passport

  • Proof of residency: utility bill or bank statement
After verifying, you can start trading on your own or subscribe to other successful traders to copy their deals. 
The Variety is Everything that they need
As it seems, eToroX as an exchange doesn’t suffer from decline in prices of Bitcoin and other crypto assets. The amount of its users grows over time, even while the volume of all major exchanges fell 40% this year.
At the same time, the futures volume of institutional Bakkt exchange grows a lot lately. eToro also specializes on futures markets, and even though they don’t disclose their volume, they should feel the same effect. 
eToroX offers unique variety of cryptoassets:
  • The most popular cryptocurrencies, such as BTC, XRP, ETH, BCH, LTC, XLM, DASH

  • Popular stablecoins, such as USDT and USDC

  • Digitized fiat currencies (Chinese Yuan, South African Rand, Canadian Dollar, Japanese Yen, Russian Ruble, Euro, Pound Sterling and a lot more)

  • Digitized precious metals (Gold, Silver)
This variety of assets can satisfy even the most demanding trader. The authorities are also satisfied with the activities of the exchange. The eToroX platform has the license to work with Distributed Ledger Technologies by the Gibraltar Financial Services Commission (GFSC), which is pretty hard to obtain for a financial organization.
That means that eToroX follows the nine principles established by the GFSC, such as honesty and integrity, customer care, risk management, cybersecurity and protection of client assets. 
The platform is highly secure, is keeps all data of its customers encrypted and uses a dedicated secured mechanism to prevent CSRF attacks. It limits login attempts, preventing bruteforce attacks, and supports whitelisting some attributes, such as IP address, and 2FA.
eToroX has a bug bounty program and its own 24\7 security operation center. All assets are stored in the isolated environments. In other words, every part of it is secured by design, so traders shouldn’t bother that their personal data could leak to some fraudsters. 
Crypto exchanges should feel themselves fine on any market - when people buy or sell, they still pay fees for traders, that means that exchanges make money on that.
The blockchain and crypto industry isn’t as hot anymore as it was in 2017, but it has matured since then. eToroX is the venue of the most well-respected companies in Fintech industry, and their approach to introduce as many people to trading to give them the key to improve their financial state is admirable.
They even have launched the GoodDollar initiative to reduce global wealth inequality by using principles of universal basic income, and donated money to this initiative. That means that by using the platform, you also participate indirectly in this program.
eToroX has all in one - an exchange and its own regulated crypto wallet, available on Google Play and the App Store, so it’s not necessary to look for something else if you are a novice trader.

The author is not associated with any of the projects mentioned.