ReviewBrokers Exclusive… ReviewBrokers has learned that Retail FX and CFDs broker eToro has seen a flood of new client signups in recent weeks, with a large number of new and potential clients being smaller retail traders looking to get in on Bitcoin and crypto trading surge .
In response – both to deal with what the company called “unprecedented demand” from new users, as well as to protect less sophisticated investors – eToro has upped the minimum initial deposit for new clients to USD $ 1,000. The company previous minimum deposit to open a new account varied by location, from $ 200 in the UK and Europe to just $ 50 for US-based traders.
eToro’s minimum account opening amount remains higher in certain jurisdictions, such as its home base of Israel where for regulatory reasons it stays at $ 10,000, and $ 5,000 for residents of Algeria.
The company tweeted out the following via its service and support arm:
eToro has seen an unprecedented demand for our services from new users. To manage demand & ensure our existing community of 17M registered users can continue to access our services uninterrupted, we have temporarily increased the minimum deposit amount for new users to $ 1,000.
eToro has been most adept of all Retail FX brokers at using and integrating social media into its offering and indeed labels itself as a social trading platform. It also leads most FX brokers at offering trading in various cryptocurrencies to retail traders.
eToro was valued at more than $ 2.5 billion in a recent secondary share sale between shareholders. The company has been rumored to be pursuing an IPO or SPAC public exit at a valuation approaching $ 5 billion.