Israel-based social investing platform eToro has finally launched its flagship product, CopyTrader™, in the US, nearly six months after rolling out its crypto platform and digital asset wallet.
For context, eToro has only supported trading for crypto assets at launch back in March and said it plans to add additional asset classes within the next 12 months.
CopyTraderis, which focuses on social networks and allows copy investments of other users in real-time, already available in 140 countries. eToro currently operates in 32 US states with plans to expand elsewhere in the US after receiving the necessary regulatory sign-offs.
To promote its launch, eToro has signed a marketing partnership with Emmy award-winning actor, producer, and director Alec Baldwin as part of the company’s celebration for bringing copy trading features to US crypto investors.
Copy the smart money. #JustHitCopy
— eToro US (@eToroUS) October 29, 2019
“CopyTrader empowers the eToro community to collaborate in improving the experience of investing for traders of all levels of experience. Our traders are able to comment, share, and engage with each other in a way that’s unique across all asset classes. We built CopyTrader to bring the tremendous value of network effects inherent to social platforms into the world of investment advice,” said Yoni Assia, co-founder & CEO of eToro.
Copytrader allows users to follow other traders and copy all their future trades across over 1,500 asset classes and markets, such as cryptos, commodities, stocks, and bonds. eToro’s offering consists of CopyTrader system and CopyPortfolios investment strategies, which both lean on its 10 million user-base.
eToro has secured a soft launch for its crypto services in the US, but despite its vast experience in the trading space, it should beware of the regulatory headwinds that come with expanding into mainstream assets classes.
In addition, it is worth pointing out that eToro is now competing with major players that have established a presence in the country, such as Robinhood and Coinbase.
Commenting on the news, Guy Hirsch, US Managing Director of eToro, added: “CopyTrader can help anyone to build their wealth in a simple and transparent way. Users who want to leverage the crypto asset class can now simply look for an investor with a proven track record and just hit copy to execute the same trades automatically. CopyTrader allows users with less time or expertise to connect with users who have demonstrated capabilities in the trading space, all on one platform.”