With the stock market as the biggest trend in the coronavirus economy, online investment firm eToro announced 13 million users. The platform saw the surge during the first four months of 2020.
When measuring against the same period against the previous year, the firm saw its new users increase by 427 percent. Furthermore, these new users made their first deposits during this period.
Stock trading has tripled since the beginning of the year, according to the platform. It had launched commission-free investing for stocks In the UK and Europe this month. It also wants to expand this offering to the Asia Pacific (APAC) region and the US this year.
The chief executive officer and co-founder of eToro said market volatility in recent months was mostly caused by coronavirus. It’s been a focus for media around the world, which reaches a lot of people’s radars.
As an example, Yoni Assia said the company saw a large increase in volumes for both new and existing users since January.
eToro began with the mission of opening up global financial markets to allow everyone to invest simpler. Its platform helps 13 million people gain the knowledge and confidence to invest and grow their wealth.
To keep up with changing customer demand, even beyond the pandemic, Assia claims that the firm has a new focus. It plans to evolve its product offering while it looks forward to more acquisitions following two acquisitions last year.
eToro bought the Delta portfolio tracker app which provides a dynamic picture of the crypto market. This includes prices, market charts, and an alert system to help users stay updated.
In March, the firm also acquired the social investment platform startup Firmo. Firmo enables exchanges to execute smart financial contracts across a variety of assets. These come in the form of crypto derivatives across major blockchains.