eToro seems to be striking gold with every move it makes regarding crypto trading services on its platform. The trading platform recently made the news for announcing that it would henceforth open its trading services and other services to its customers across the globe.
In their latest statement, the trading platform announced that it would henceforth allow its users to trade using its platform and deposit nothing less than $1,000. Previously, the minimum balance for transactions on the platform was $200. The new maximum balance is associated with the recent rise in the leading digital asset, Bitcoin, in the last few weeks.
eToro has about 17 million users worldwide
According to the crypto exchange, the new rush is coming when the trading platform started witnessing increased patronage by various traders in the crypto sector. In their official statement via microblogging platform, Twitter, eToro mentioned that the new shift in deposits was concluded to help its customers, who are presently about 17 million. Furthermore, eToro claimed that it had witnessed nothing less than 40,000 new sign-ups since the new year started. This recent surge is coming off the back of the surge, which has encompassed the entire crypto market, with Bitcoin cheerleading the surge.
With the price surge, various private and public entities started to rush into the network, increasing its trading volume and several on-chain activities. With the several onchain activities happening in the Bitcoin network, various news outlets and the entire world started to watch the digital asset’s progress, which has now broken above the $40,000 price in the market. According to eToro, this latest increase in trading activity was witnessed because of several retail entities’ activities in the crypto market, with the previous surge seen because of the activity of institutional investors.
eToro says its demo trading account will be unaffected
With the surge in the price of Bitcoin, several crypto trading entities are now announcing their respective minimum deposit amounts for new users who wish to open an account on the respective platforms. This is a new thing in the crypto world as major crypto trading platforms did not measure when Bitcoin first arrived in 2009.
According to analysts and experts, this new trend can be associated with the influx of new traditional exchanges. For example, Bitfinex announced in 2018, where the digital asset platform announced that it would stop accepting nothing less than $10,000 from new investors.
This new resolve from the crypto company came after they were overwhelmed with surging members coming on to the platform to trade digital assets. While most crypto exchanges have not adopted that method to streamline users on their platforms, experts have said that this method could quickly help with the massive influx of people into respective exchanges.
Several exchanges, including Binance, Coinbase had endured situations like these in the past, with several users condemning their services on various social media. eToro has assured that its trading account that teaches people ways to better their trading strategy would not be affected by the minimum deposit issue.