eToro

eToro is an Israeli online brokerage platform that offers cryptocurrency trading for US clients, with commission-free trading in stocks and ETFs for non-US clients, who can invest in fractional shares as well, through its web and mobile apps. It also offers CFD trading on commodities, indices, currencies, and stocks for non-US clients. Its proprietary CopyTrader feature allows users to replicate the trading activity of high-performing traders on its Popular Investor Program on the platform for no extra charges. The platform requires a minimum initial deposit of USD 50–10,000 depending on the location of the user. Users can trade securities including more than 2,600 equities, 40 cryptocurrencies, and 49 currency pairs.

The platform is monetized through the spreads on cryptocurrency (0.75-5%), as well as spreads and overnight fees on CFDs. It also charges fees on withdrawal (USD 5) and inactivity (USD 10 per month after a year’s inactivity), as well as conversion fees on non-USD withdrawals and deposits.

eToro acquired UK-based e-money business Marq Millions (now trading as eToro Money) in July 2020. Through the acquisition, the company leveraged Marq Millions’ principal membership with Visa and EMI license permission from the Financial Conduct Authority to launch its debit card, which is available to UK members of eToro’s loyalty program, eToro Club. The platform also plans to roll out the debit card to European eToro Club members, as well as non-eToro users, in the future.

eToro is regulated in the UK, Europe, Australia, Gibraltar, and the US, with 10 offices worldwide, including centers in the US, UK, Israel, Cyprus, and Australia.

For FY2023, eToro reported a total revenue of USD 630 million. As of December 2023, the platform had over USD 10 billion in assets under management with over 35.5 million users.

In March 2024, eToro was considering a US listing with a valuation of over USD 3.5 billion, despite the UK being its largest market. Yoni Assia (founder and CEO) stated that the company is considering a New York or London listing as retail trading volumes have recently peaked at levels similar to during the meme stock frenzy of 2021.

Key customers and partnership

In July 2024, eToro partnered with the London Stock Exchange to provide users access to over 1,000 additional UK stocks and enhanced market data. In April 2023, eToro partnered with X (previously known as Twitter) to feature real-time price movements for stocks, crypto, and other assets while on X and also enable users to trade by being redirected to the eToro trading platform. The company expanded the partnership with X in June 2024, to provide retail investors with accurate and timely financial information. eToro will publish a series of educational content, created in collaboration with experts, covering trending topics, breaking news, and investing fundamentals through X's live streams, videos, and audio spaces.