eToro has obtained a licence to trade stocks in the US on the New York licence, making its services available to eligible investors in all 50 states.
Retail investors in New York are now able to trade fractional stocks, exchange-traded funds, and options on the eToro platform.
eToro co-founder and CEO Yoni Assia said: “Our New York launch is a key milestone as we celebrate our US business being accessible to investors in all 50 states.
“New York is the economic capital of the world and we’re excited to now be able to provide New Yorkers with access to investing opportunities, financial education, and the power of a global community.”
In addition to New York, eToro is now available in Nevada, Hawaii, Puerto Rico, and the US Virgin Islands, bringing coverage to all 50 states.
Users can trade fractional stocks and ETFs commission-free, as well as trading options without contract fees.
In a televised interview with the New York Stock Exchange, Assia said: “We are very excited to launch today in New York, where our customers will be able to trade stocks and options.
“Obviously there’s a wealth of knowledge and information in New Yorkers trading the market, so we are very excited to add them to the platform and continue to see growth in all of the countries and all of the states here in the US.”
eToro emphasises its well-developed and unique social trading functionality as a key selling point. This includes copy trading, which allows users to copy each others’ portfolios.
Earlier this month a top trader on the platform, Jeppe Kirk Bonde, revealed that more than 30,000 eToro users had copied his portfolio.
The trader, who claims to be the most copied on the platform, had achieved a 37% return on investment over the previous 12 months, above his historical average of 25% per year since 2013.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
