Online financial trading platform eToro has secured $6.3 million in Series B financing from BRM Group, Cubit Investments and other unnamed investors. In 2007, the Cyprus-based startup raised $1.7 million in Series A funding from Cubit Investments, Chemi Peres, and other investors.
The financial trading company, which launched originally as an online foreign exchange trading platform, is small but growing with an average of 2,000 new accounts opened every month. eToro is also announcing the addition of commodities trading for its users as well as significant additions to its trading methods which will allow traders to conduct more long-term, lower-leveraged trades in both the forex and commodities markets. Jonathan Assia, eToro’s founder and CEO says that the funding will be used to hire additional staff to keep up with demand and it will allow the company to further extend its current platform into the commodities and stock index markets over the next two years.
As we noted in the past, eToro’s trading platform is attractive because it provides basic tools for less experienced traders to easily conduct online trading via a simple user interface. eToro’s interface provides six different “trading arenas” for traders ranging from beginners to experienced traders. It might not seem like the best time for financial startups, but remember: traders thrive in volatile markets. By making it easier to trade, eToro is hoping it will too.
Good job guys, Good luck
Fantastic!
etoro started with a very simple program and developed an excellent platform,
I congratulate them for this funding.
Victor
Congratulation to Jonathan and his team!
Who in their right mind trades stock now?
Deadpool.
@Daves – smart people are buying stocks now.
I have been following these guys for the last one year and saw the fennomenal growth they had. Also, I congratulate them on the way they managed to build a forex platform for both experts and non experts by having seperate interfaces for each group. I am sure that if they will be able to implement the commodities and indices trading in the same way they did for currency trading, they will take this space by storm.
Good luck and congratulations on the funding!
Can anyone explain what trading methods is eToro introducing to conduct “long-term, lower-leveraged trades in both the forex and commodities markets”.
crunchbase location information is wrong. Limassol is in Cyprus, not in israel.
A few years ago, when online gambling had been banned in the US at once, a huge amount of consumers money was left without a market and looked for a legitimate alternative.
They found Forex.
eToro’s brilliancy is the adjustment of a user interface that mimic an online gambling experience to a back-end forex system.
Excellent point Shahar – there is a huge similarity between investing / trading and gambling.
Unfortunately the more puritanical in the investing community will permit no such comparisons.
But I’ve seen lots of references to the casino on Wall Street in the last while.
If people admitted that investing is more like gambling we could teach people how to invest more effectively – or at least how to minimise their mistakes and protect their downside.
I’m trying to spread this gospel with Texas Holdem Investing.
BTW – Triond looks intriguing – I’m going to sign up and check it out!
Their website shows a MBP but download is an EXE. Funny.
Nice product but should be a web-based solution
they also have a web based version, at http://www.etor....com/webtrader/
Hello,
Why arn’t they registered with NFA or CFTC ?
Good to see eToro are expanding in the current environment.
Trading forex has always been a law unto itself, and one where investing legends like Soros and Kovner made, and lost billions.
But the forex market is somewhat divorced from movements in asset prices – despite developed economy stock markets being down more than 50% in some cases, the forex movements have been much less in one direction and remain volatile.
I recall being told that http://www.oanda.com was another site making a fortune by providing a method to trade forex.
Anyway, I very much appreciate eToro’s efforts to promote a “gambling context approach” to helping investors frame their decisions.
I’m trying to do the same thing with Texas Holdem Investing – because your hard earned savings are precious to let other people gamble with them!
Wonderful. Congrats to Jonathan and the team.
All the best — don’t spend it all at once !
Lovely , there is a new financial segment which called Financial Gamig.
see the portal : Fianacialgaming.net
all about financial gmaing at : Fianacialgaming.net
Etoro started with a very simple program and developed an excellent platform,
I congratulate them for this funding.
Nice product but should be a web-based solution .
I like etoro but find that for market trading I like to use a cool app called gnutrade, its really easy to use, like etoro but more game like, lots of fun