2020 was a good year for most crypto-related firms, with the digital asset industry gaining immense exposure towards the year’s end. The eToro team created a unique platform with interesting social features so that new traders can learn from experts. New traders learn crypto trading, strategizing, and other essential aspects needed to become a successful trader.
This social feature might be one of its greatest tools for attracting new and old traders, creating a platform where everyone can learn about the business and make the right choices. The trading platform recently revealed its total revenue for the year 2020. The eToro team explained that the firm amassed a gross revenue of $600 million during the year, which Is a considerable increase from the last two years’ revenue.
eToro records higher trading volumes
Many crypto-related firms saw an increase in trading volumes, linked to the new institutional and retail traders. While institutional buyers took most of the trading weight in 2020, retail traders also increased, leading to the congestion of many exchanges.
Early this year, Coinbase reported that the overwhelming volumes on its platform contributed to slower services and technical glitches, volumes caused by new traders who wanted to cash on the crypto surge. Although the platform already had problems since October, with customers complaining of account restrictions, January’s glitches were far worse.
The eToro platform recorded an increase in its volumes in 2020, with trades worth almost $2 trillion, a clear difference from the year before. This growth shows that the digital asset industry is increasing at rocket speed, and many firms providing related services are benefiting from the exposure and crypto price increase.
A factor contributing to the platform’s new volumes is the recent increase of new traders, and the company revealed that at the year’s end, it had 17 million clients. Within the first fourth months of 2020, the firm said it had 13 million users, showing a huge increase within some months.
eToro’s CEO speaks on the platform’s background
The Chief Executive of eToro, Yoni Assia, understood that the growth is due to the platform’s wide range of expertise. He said its growth showed that eToro expanded globally, with different services provided by the company and also expanding the customers.
Concerning the retail traders’ inflow on the platform, the CEO opined that it would be for the long-term. Assia added that because eToro now has wider services, retail traders could easily pick the one they want.
The platform revolutionized a trading platform by infusing a social feature within it. Traders are not alone because they can easily socialize and ask questions. The creation makes trading on the platform easier and more understandable. The CEO opined that the social feature is their primary service because it keeps the network unique and different.
The platform offers investment services in the stocks, forex, and cryptocurrency sectors. The Israeli company revealed that even though 2020 was a good year for the firm, it would improve and expand its services to allow consumers to have a broader range of options.