Cryptocurrencies have been consistently outperforming themselves in recent days, turning into one of the hottest asset classes out there in the global financial market. Their performance has ensured complete attention from traders and investors who are now actively looking for ways to further diversify their portfolios with cryptocurrencies.
The trend is quite evident by the number of new sign-ups garnered by various online trading platforms in the past couple of weeks alone.
Many crypto exchanges, online trading platforms and brokerages have reported strong growth since the beginning of this year, many times higher than the same period in 2020. According to eToro – a global online trading and brokerage platform, the recent Bitcoin rally that eventually led the cryptocurrency across the $40,000 mark, albeit briefly resulted in the entity registering over 380,000 new accounts within the first 11 days of the new year.
Complementing the increase in new accounts, crypto trading volumes also shot up by 25 times compared to the same period last year.
Meanwhile, eToro is also pushing for increased adoption of cryptocurrencies and crypto trading by offering attractive rewards to new users.
One such ongoing promotional campaign allows traders and investors to get a $500 reward for opening a crypto trading account and placing trades worth $5000 (approx. BTC 0.14) or higher.
Those signing up during the promo campaign not only get an opportunity to trade crypto on a highly volatile yet lucrative market but also enjoy the additional capital earned as a reward.
Trade $5000 Get $500
The $500 reward for crypto accounts is the first of many promotions to come on eToro this year. Announced at the end of 2020, it will go on till the end of January 2021 and is available exclusively to investors who are residents of the United States.
In order to secure the reward, all one has to do is signup for an eToro account, deposit funds into it, and open crypto trades worth at least $5000 in their portfolio.
The account opening process itself is straightforward where they have to just provide a username, email address, set a password, and complete a simple KYC process.
Once all these criteria are satisfied, they will automatically receive $500 into their trading account balance, to be used to place more trades.
Protecting User’s Interest at All Times
On one hand, eToro encourages people to join the crypto trading community while on the other it continues to proactively take appropriate steps to minimize the market/trading associated risks to its community. Most recently, when Bitcoin price hit all-time highs, the platform anticipated the possibility of a sudden crash and started taking necessary steps to mitigate the potential of severe losses.
Some of these steps included a brief suspension on opening new leveraged crypto trading accounts. In addition, it also asked existing users to enhance their margin on deposit so that it covers the full value of all open positions or close them.
In a statement, the spokesperson for eToro, Any Butler said, “We did this in response to the volatility of crypto markets, and we believe it was the most prudent action to take.” Further adding, “Trading with leverage can be highly dangerous in the current volatile crypto-market conditions”
Trade More Than Just Crypto on eToro
Apart from cryptocurrencies, eToro users can also trade a variety of CFD products including stocks, commodities, currencies, ETFs and more.
The platform offers access to some of the most popular instruments to traders across the world. Users can also explore the platform’s CopyTrader feature where they can replicate the trading strategies followed by highly successful investors and mirror their positions in the market.