Etoro begins testing of Bitcoin trade

Trading platform Asset which is owned by Etoro launched Bitcoin trading. With the launch, the platform hopes to target investors. Communications manager Nadav Avidan said:

«If you want to invest in bitcoin and you’re not a computer geek, you don’t really know where to start. We’re providing a simple way for people to get involved».

5% of eToro’s active user base (about 200,000 users) have open Bitcoin positions at the moment. EToro’s Bitcoin prices are in line with those quoted on Mt. Gox. The platform charges 1% of the transaction value on top of each transaction.

Bitcoin investors on eToro will not require a wallet for the digital currency. The platform trades bitcoin on a ‘contract for difference‘ basis, which means users buy and sell financial derivatives that track the BTC price without actually owning the underlying asset.

eToro bills itself as a ‘social investment network’ that combines trading currencies, commodities, indices and equities with social networking features. Etoro’s chief executive and founder Yoni Assia is an outspoken Bitcoin supporter.

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