An insider’s look at eToro’s cryptocurrency exchange for ‘professional traders’

Isabel Woodford
eToro, the global multi-asset trading platform has officially unveiled its fully regulated cryptocurrency exchange.The exchange will offer 37 crypto-to-fiat trading pairs using 8 eToro native stablecoins - pegged to a different fiat currency.The post An insider's look at eToro's cryptocurrency exchange for 'professional traders' appeared first on The Block.

eToro, the global multi-asset trading platform has officially unveiled its fully regulated cryptocurrency exchange.

The exchange will offer 37 crypto-to-fiat trading pairs using 8 eToro native stablecoins - pegged to a different fiat currency. It will trade the 6 largest cryptocurrencies but it may increase as the year goes on.

eToro's existing trading platform already has 10 million registered users, many of whom the company are hoping will migrate over to the new API-driven exchange.

"It will a gradual process," eToro CEO and co-founder, Yoni Assia told The Block. "eToro is catering towards a more professional traders versus the trading platform," which he described as "the easiest way to enter the crypto world." He also said an announcement about a large advertising campaign was pending.

eToroX is now hoping to capture new audiences, launching in 80 countries barring the US. "I definitely think there is demand for regulated, secured exchanges. Especially when you look at those wanting to trade fiat currencies against crypto assets," Assia said. "So if you're looking at Mexican peso trading with Litecoin, there's maybe one [existing exchange] that offers that."

Assia also hinted at plans to launch an STO platform through a Danish subsidiary, seeking to "tokenise more and more assets" this year. However, he said it would steer clear of the DEX market for now, saying "interest in non-custodial solutions" had been "less than expected" over the last seven years, despite having built a pilot. 

Assia also clarified the firm had decided not to list BSV based on its volume criteria, but said the firm hadn't taken sides on the dispute with fellow exchange Binance.

Fees

Trading fees will compete with existing major exchanges, with a tiered approach going to 0.1% for market makers and 0.1% for takers. The firm also said it's looking at supporting margin with leverage at 5x.

Last month, eToro also launched a trading platform and wallet service to 32 U.S. states and territories, enabling users to trade 13 cryptocurrencies.