Retail trading platform eToro has recently reported an onboarding of 3.1 billion traders within the first quarter of 2021 alone, bringing its total user number up to 20.6 million retail clients. The most recent figure is up significantly from the 1 million traders who came on board in Q1 of 2020. This year’s onboarding so far is also impressive, considering that eToro opened an overall total of 5.2 million new trading accounts throughout the entirety of 2020.
The platform’s trading activities have additionally skyrocketed during this year’s first quarter, with the platform reporting an incredible 233% increase in trade execution on a year-over-year basis, reportedly touching around 210 million. Despite the impressive figures, the broker has chosen not to reveal any statistics regarding trading volumes despite the impressive figures.
Last year was characterized by accelerating retail investor engagement. Widespread media coverage of the financial markets and more time to upskill in lockdown encouraged a record number of retail investors to enter the markets via online investment platforms and apps. We saw this trend accelerate in 2021, and the first quarter continues eToro’s strong track record of growth.
Just yesterday, Leaprate reported on eToro having already filed a registration statement of its SPAC acquisition with the regulators of the US financial market. This is in relation to its merger as it gears up to becoming a publicly listed entity in the US.
Following the regulatory requirements for any company with firm intentions of becoming public, eToro is set to publish its full interim Q1 of 2021 financial report within the next few weeks.
The recent investor update also included highlights such as plans for the company to launch an eToro debit card and Money App for UK and EU users this year, as well as its addition of seven brand new crypto assets as a response to meeting its increasing customer demand, and to further enhance its diversification of asset classes.
The update also noted recent staff onboarding within the quarter, including that of Dr. Hedva Ber, Israel’s former Banking Supervisor, and Shalom Berkovitz, who has joined the company’s leadership team. Berkovitz will now act as eToro’s CFO and Deputy CEO while. Dr. Ber will steer eToro’s operational infrastructure.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.