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Deluge of Would-Be Bitcoin Traders Prompts eToro to Put Out the Unwelcome Mat
The platform, which mainly caters to "social" or beginner traders, raised its required deposit level to $1,000 from $200.
Updated Sep 14, 2021, 10:53 a.m. Published Jan 9, 2021, 1:25 p.m.
eToro said it's so overwhelmed by demand by newcomers who want to trade cryptocurrencies on the exchange it has temporarily boosted the amount new users have to put on deposit to discourage them from joining.
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.@eToro has seen an unprecedented demand for our services from new users. To manage demand & ensure our existing community of 17M registered users can continue to access our services uninterrupted, we have temporarily increased the minimum deposit amount for new users to $1,000.
— Ask eToro Team (@eToroTeam) January 8, 2021
- The platform, which mainly caters to "social" or beginner traders, raised its required deposit level to $1,000 from $200.
- The number of new registrations and the volume of deposits and trading on the platform hit all new highs in 2021, fueled by crypto, Amy Butler, global head of PR for eToro, said in an email to CoinDesk.
- "We have seen huge demand for crypto, especially bitcoin," she said.
- While institutional funds were the main driver of the bull run last year, this report of "unprecedented demand" by eToro could be a sign that retail traders are finally starting to jump in with both feet.
- "In this first week of 2021 we have seen days with over 40,000 new registered users in a day and volumes of crypto trades at 10 times the average of last year," Butler said.
- After notching more than a 300% gain in 2020, the price of bitcoin has already risen more than 35% this year.
- While last year's performance largely stayed off the front page of non-crypto publications, this year's string of all-time highs has been getting more and more attention from the mainstream media. This is undoubtedly creating increased interest and perhaps a "fear of missing out" (FOMO) on the part of retail investors, the likes of whom are now overwhelming eToro and potentially others.
See also: Why Is Bitcoin Going Up, and Will It Crash Soon? What’s Next as Price Doubles to $40K
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