eToro massively cuts cryptocurrency spreads
Less is more.
eToro has just sliced its spreads, cutting the cost of crypto for its platform users. The snipping is pretty severe, with bitcoin and others seeing their spreads cut by more than half, although the spreads and the cuts will vary depending on the crypto being traded.
“We’re committed to supporting the mass adoption of crypto," explains eToro CEO Yoni Assia. "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."
"Over and over again we see headlines announcing the end of crypto, yet in reality, we continue to see interest in and demand for these assets," Assia says.
His experience echoes that of many other exchange owners who are still seeing ongoing demand even as the markets remain floppy. It might not be as exuberant as the end of 2017 or the start of 2018, but it's still going off.
"The huge price rally at the end of 2017 brought crypto to the attention of the masses and thrust these infant tech companies into the spotlight. Since then prices have stabilised and the crypto industry has had the chance to catch its breath. It has used this opportunity to engage with and educate regulators and participants across traditional finance services as to the opportunities offered by crypto and blockchain more broadly. At eToro, we welcome appropriate regulation for crypto and believe that it will accelerate mass adoption."
And eToro might see it as a time to educate consumers more generally. As they say, the best way to learn is by doing and the best way of getting someone to do something is by making it cheap and easy.
And in a future of tokenised assets, that kind of education might be valuable.
"Crypto is here to stay," Assia says. "We believe that in the future all assets will be tokenised and that crypto is just the first step on this journey."
“We are also committed to raising awareness among investors of the potential offered by crypto and the blockchain technology that underpins it. This includes sponsorship, advertising, speaking at events and producing educational material. Yes, crypto is highly volatile and not appropriate for all investors, but we also believe that for many it can have a role to play as part of a diversified long-term portfolio."
You can find the newly sliced spreads here.
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VET, XLM, BTC, ADA