Bearish conditions may have scared casual investors away from the crypto market, but there are still many interested parties that are waiting to enter the market when the opportunity strikes. Keeping the rising mainstream interest in cryptocurrencies in mind, eToro, social crypto trading platform, has made it cheaper to trade by slashing its spread fees in half.
Expanding From 10 Million Users
eToro is a global platform that currently facilitates crypto trading for over 10 million users. It has reduced fees for spread trades to more than half for some assets, including Bitcoin, to promote more trading. The lowest spread fees of the platform are now on Bitcoin, at 0.75 percent. For Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and NEO, the fee is set at 1.90 percent. Stellar Lumens and Ripple’s XRP spread fee is set at 2.45 percent. Cardano’s ADA, DASH, MIOTA, and EOS fee is 2.90 percent.
eToro CEO Yoni Assia talked about better trading opportunities for customers and said:
“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.”
Helping Expand Cryptocurrency Adoption
Assia noted that eToro’s initiative also helps in raising awareness about the benefits of blockchain and cryptocurrency. The company has made repeated efforts to appear at the forefront of blockchain and crypto promotions. Recently, it used Bitcoin to sponsor seven football clubs in the Premier League, including Tottenham Hotspur.
The platform offers an investment opportunity in 12 of the most popular digital assets. It has cryptocurrency–fiat trading pairs as well. It supports the Japanese yen, British pound, and euro. Some more trading options could be launched in the future, especially as eToro looks forward to expanding its crypto-only exchange service.
Assia noted that eToro wants to raise awareness about the potential of digital currencies and of blockchain technology. She said that cryptocurrencies are highly volatile and not appropriate for all investors but that these digital assets could play a role in diversifying a long-term portfolio. She added:
“Crypto is here to stay. We believe that in the future all assets will be tokenized and that crypto is just the first step on this journey.”