Trading platform eToro has reported a 125% increase in its trading volume for the second quarter of 2021. Interestingly, eToro’s 73% of total trading commissions come from crypto. The retail trading app posted a $362 million worth of trading commission in Q2.
eToro is amongst the pioneer trading apps that provide support for cryptocurrencies. In its latest figures reported, eToro has said that they have over $9.4 billion worth of assets under management (AUM).
In its latest update for investors, the company said that crypto brought in 73% of their total commissions. Also, their commission from crypto trading grew by 2259%. For the same period in 2020, it was just $11.2 million.
Yoni Assia, the CEO and co-founder of eToro asserted: “Cryptoassets drove total commissions in the second quarter of 2021 reflecting strong interest from retail investors in crypto markets. Interest was diversified across the cryptos offered by eToro with the highest trading volumes in BTC, XRP, ETH, ADA and DOGE.”
Cryptocurrency trading is becoming increasingly popular and most trading platforms have reported a surge. In Q2 of 2020, crypto accounted for only 7% of eToro’s trading commissions which has now risen to 73%.
The trading platform is also growing its user base. For the second quarter of 2021, they have 2.6 million new registered users. These figures represent a 121% increase in user acquisition when compared with the users acquired during the same period in 2020.