This Tuesday, eToro announced that it has reached a milestone of 13 million registered users, with a noticeable upward thrust in the first four months of 2020, a period defined by the COVID-19 spread and epidemic.
The broker saw an increase of 427% in new users during these critical 4 months, when billions of people were in isolation- a direct contribution to these impressive numbers. According to a statement released by the brokerage firm, these new users had, at some point during these 4 months, deposited their first amount.
CEO and co-founder Yoni Assia commented in an official statement,
“Coronavirus induced market volatility has been a focus for media globally and has brought the topic of investing increasingly onto people’s radars. We have seen a large increase in trading volumes on eToro since the start of 2020 from both new and existing users.”
Recently, the broker had been flooding social platforms with high quality ads, which have undeniably played their part. The focus of these ads was eToro’s new commission-free stock trading policy for UK and EU residents. Current reports claim that stock trading has tripled in the last couple of months.
The company is currently on a role, with plans on expanding its commission-free stock tradings to the United States and Asia Pacific by the end of the year.
Assia says that the company is fixating towards a product evolution accustomed to the dynamic demands of new and old customers. If that was not enough, eToro is on the lookout for additional acquisitions, following last year’s buyout of Belgian cryptocurrency monitoring startup Delta and Danish blockchain firm Firmo.