All About eToro Company

eToro is a company that helps people invest money in different things like stocks. It’s based in Central Israel, but it also has offices in other countries like Cyprus, the United Kingdom, the United States, and Australia. Two brothers, Yoni and Ronen Assia, started it in 2007. In 2010, they made an app with a social network, and they added lots of stocks from the UK, Germany, and the US. We’ll tell you more about eToro in this article, so keep reading to learn more.

eToro Key Statistics

• In 2022, eToro made $631 million in revenue, which is 48% less than the previous year.
• eToro had 2.8 million active accounts in 2022.
• By June 2023, eToro had 33 million users signed up.
• In its latest funding round, eToro was valued at $3.5 billion.

The History of eToro

The history of eToro starts back in 2007 when it was founded as RetailFX in Tel Aviv by brothers Yoni Assia and Ronen Assia along with David Ring. They made it so people could invest online. 

In 2010, they released eToro OpenBook, a platform where buyers can see and replicate the trades of the best investors. That’s exactly 12 months, plus they created an app for Android phones.

From 2007 to 2013, they raised $31. Five million from investors. In December 2014, they raised an additional $27 million from buyers from Russia and China. Later, in December 2017, they teamed up with CoinDash to create paintings on buying and selling using blockchain. In 2018, they each raised an additional $100 million from personal buyers, for a total of $162 million.

In 2013, eToro started letting human beings spend money on stocks, currencies and other matters. They started in the UK in the same year. In 2014, they introduced cryptocurrencies like Bitcoin.

In March 2019, eToro sold a business known as Firmo. Then in October 2019, they used artificial intelligence to create a way to peer if people on Twitter felt good or bad about cryptocurrencies. In November 2019, they sold Delta, a company that tracks cryptocurrency portfolios. In the same year, they released a cryptocurrency trading platform in the US.

By 2021, eToro will be used by 20 million people in 140 countries.

In March 2021, they said they wanted to become a public company. They planned to merge with a company called FinTech Acquisition Corp V. They would then be called eToro Group Ltd.

In 2020, they bought a UK company called Marq Millions, which they renamed eToro Money. They also got a membership with Visa and a license to operate from the Financial Conduct Authority. In December 2021, they launched a debit card for UK customers.

In February 2022, they ran their first Super Bowl ad. It featured people falling from the sky to talk about cryptocurrencies. In August 2022, they agreed to buy a company called Gatsby for $50 million. But in September 2022, India’s central bank said eToro was one of 34 online trading platforms not allowed in India.

eToro Founders

The people who started eToro are Yoni Assia, Ronen Assia, and David Ring. Yoni Assia is the CEO of eToro. He’s in a group called YPO, and Financial News and City A.M. recognized him for his work in finance and technology. He studied Computer Science and Management and has a Master’s degree in Computer Science.

Ronen Assia works at eToro too. He’s in charge of making products and managing engineering. Before eToro, he made medical devices and other stuff. He studied Industrial Design and Product Design.

David Ring used to be the CTO at eToro. He also started other successful tech companies and raised a lot of money for them. Now he’s the CTO at IMGN. He studied electronics, computer science, and finance.

eToro Operations and Regulatory Oversight

eToro’s main research and development office is in Tel Aviv, Israel. It has other legal entities in the UK, US, Australia, and Cyprus. Regulators like CySEC in the EU, FCA in the UK, FinCEN in the US, and ASIC in Australia oversee its operations. CySEC fined eToro €50,000 in 2013 for organization and operation issues dating back to 2010. In 2015, eToro was put on Quebec’s blacklist for encouraging residents to invest in binary options without authorization. The company operates in 140 countries.

Services Offered by eToro

eToro’s platform lets you invest in two ways: by yourself or by following others (copy trading). You can use it on the website www.eToro.com or on the eToro mobile app.

If you want to invest by yourself, eToro gives you lots of options. You can buy stocks, currencies, commodities, cryptoassets, ETFs, and indices. They have tools and information to help you make smart choices about what to invest in.

If you’d rather follow someone else’s investment moves, you can do that too. You can see what other people are investing in and copy their trades instantly using eToro’s CopyTrader™ system. The platform shows you everything you need to know about each investor, like how much they’ve gained, how risky their investments are, and what’s in their portfolio.

eToro’s Marketing and Expansion Initiatives

In August 2018, eToro said it was teaming up with seven UK Premier League teams like Tottenham Hotspur, Brighton & Hove Albion F.C., Cardiff City F.C., Crystal Palace F.C., Leicester City F.C., Newcastle United F.C., and Southampton F.C. Then, on Thursday, April 13, 2023, eToro and Twitter made a deal. Now, Twitter users can buy and sell stocks and other stuff from eToro, as CNBC found out.

Controversies Faced by eToro

2021: eToro told its European clients that because the crypto market was very unstable, they had to either change their leveraged crypto investments to non leveraged ones or eToro would close them in four hours.

2022: eToro shuts down people’s investments in Magnit PJSC stock. They did this because the stock dropped to $0.01 per share on March 2. Then, on March 7, eToro gave back all the money clients originally invested in Magnit stock.

Conclusion

So in short, eToro is a large enterprise that gathers people to invest their money. It began small but grew to have hundreds of thousands of users internationally. They will let you invest in stocks, crypto, and different things by yourself or by copy trading by different successful traders. Although we’ve seen that they’ve some, like suddenly closing stock positions.

But, now they’re focused on expanding and collaborating with various reputed companies. Overall, eToro is a popular choice for those seeking to invest inside the economic market, providing an easy and available platform for people to grow their business journey.

You can reach to eToro review page.

We have covered more questions related to this broker for you:

• Can You Buy Bitcoin on eToro?
• eToro Fees Details
• Can I buy Apple (AAPL) Stock CFDs at eToro?