eToro, the popular social trading and investing platform, has announced a significant enhancement to its cryptocurrency services for German users. Through a new partnership with DLT Finance, eToro now enables customers to engage in direct cryptocurrency spot trading—a departure from its previous model, which only allowed trading via cryptocurrency Contracts for Difference (CFDs).
The integration with DLT Finance marks a pivotal shift for eToro’s German clientele. Users can now execute trades directly on the cryptocurrency market, facilitated by DLT Finance, which will handle all transactions. This change adds an essential layer of flexibility and choice for traders, moving away from derivative-based trading to a more direct approach.
Furthermore, Tangany has been appointed as the custody provider, ensuring that users' digital assets are kept secure. To utilize the new services, customers will need to agree to updated Terms and Conditions from eToro, DLT Finance, and Tangany. It’s important to note that users must complete a verification process to engage in trading; failure to do so will temporarily restrict access to buying or selling cryptocurrencies.
The new spot trading service comes with a variety of features, although some limitations apply. For instance, advanced trading tools like limit orders, stop-loss, and take-profit will not be available for spot trading, unlike for CFD positions. This change is geared towards streamlining the trading experience while still providing essential options for users who prefer CFD trading.
Despite these limitations, the introduction of spot trading is expected to attract a broader audience of German traders, who can now engage more directly with the crypto market without relying solely on derivatives.
With the expansion of services, eToro is also keen on addressing data protection concerns. The partnership will ensure that only the necessary customer information is shared with DLT Finance and Tangany, in compliance with existing privacy policies. Users will also have the option to withdraw their crypto assets to other regulated custodians, subject to a fee for transferring ownership via Tangany.
This development comes amidst a series of changes in eToro's global cryptocurrency offerings. Recently, the platform has limited non-leveraged crypto trading in countries like France and Australia, and it has had to restructure its services in the US following a settlement with the SEC. However, the expansion into the German market signals eToro’s commitment to growing its cryptocurrency services in regions showing heightened interest.
Additionally, the platform’s recent introduction of staking options for Solana and Ethereum further indicates its focus on enhancing its crypto product lineup. By collaborating with local regulated entities like DLT Finance and Tangany, eToro is ensuring that its trading services align with German laws and regulations.
German users will continue to enjoy eToro’s renowned user-friendly interface while accessing the new spot trading features. Although the popular CopyTrader feature will not be available for spot trading, users can still leverage it for CFD positions, maintaining some continuity in their trading strategies.
As eToro adapts its services to meet the evolving needs of the cryptocurrency market, it’s likely that more features and products will be introduced in the future. This expansion not only enhances the trading options for existing users but also positions eToro as a competitive player in the rapidly evolving crypto landscape.
In summary, the introduction of spot trading via DLT Finance represents an exciting new chapter for eToro and its German customers, promising greater choice and flexibility in the dynamic world of cryptocurrency trading.
September 2024, Cryptoniteuae