Retail trading firm eToro announced the launch of its US operations this Thursday. eToro first announced plans to expand to the US in May of last year. The Israel-based firm is providing access to cryptocurrency trading to customers in 31 states.
Traders that do decide to use eToro’s services will also have access to the company’s own digital asset wallet. That wallet will allow them to send, receive and store cryptocurrencies on the eToro platform.
For now, eToro’s US customers will only be able to trade Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, and Stellar. The company did say on Thursday that it plans to add more coins in the near future.
Alongside cryptocurrency trading, eToro also plans on introducing other assets to the US market in the coming months.
Retail revival in the US
Unlike many retail brokerage firms, eToro does actually allow its customers to invest in underlying assets. Customers can, for example, invest in exchange traded funds or equities.
Having said this, a large bulk of the firm’s business is in contracts for difference.
Alongside its cryptocurrency trading offering, eToro will also be launching a digital assets exchange in the coming months.
Tentatively called eToroX, the exchange is set to be launched in the second quarter of this year. It will be a crypto-to-crypto exchange according to eToro CEO Yoni Assia.
eToro’s expansion into the US comes a month after IG, another retail broker, opened its new American operation – IG US.
Though it’s probably still too early to say retail trading is making a comeback in the US, eToro and IG opening companies in the country is indicative of the fact that there is money to be made in the Land of the Free.
And if Justin Hertzberg, the CEO of introducing broker (IB) Forest Park FX, is anything to go by, there may be a lot of money to be made.