eToro has announced the expansion of its cryptocurrency services in Germany by introducing a new service: spot trading. Previously, the platform only offered German users the ability to trade cryptocurrency through contracts for differences (CFDs).
According to its press release, though the partnership with DLT Finance is a recent development, eToro had secured a deal with the German arm of the broker, Tangany, earlier this year. It noted that it had already transferred its clients’ crypto assets to Tangany from a previous custody provider.
For German customers trading cryptocurrencies, DLT Finance will serve as the trading counterparty, and Tangany will be responsible for securely storing the digital assets on their behalf.
The press release also highlighted that users will need to agree to the terms and privacy policies of DLT Finance, Tangany, and eToro when engaging in crypto transactions. Initially, a 1% fee will apply to buying and selling crypto assets, though these fees could be subject to change in the future.
The expansion of eToro’s crypto services in Germany comes just weeks after the broker settled with the U.S. Securities and Exchange Commission (SEC), paying $1.5 million. As part of the settlement, eToro agreed to scale down its crypto offerings in the U.S., limiting trading to only Bitcoin, Bitcoin Cash, and Ether.
Meanwhile, eToro has partnered with Deutsche Börse to enhance its offerings by adding over 290 newly listed German stocks. This expansion allows users in Germany and worldwide to invest in smaller, less liquid stocks, in addition to the 120 stocks previously available. The platform already included the 40 largest companies from the DAX40 index. With this expanded portfolio, eToro users can access higher-quality price data, significantly improving their trading experience.
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