Finance & Economics

Social Investing Platform eToro Secures NYDFS Licenses

The American subsidiary of eToro, an Israeli social investing platform, received its money transmitter and virtual currency licenses from the New York State Department of Financial Services (NYDFS)

eToro investing licenses

eToro offers virtual portfolio and integrated social investing tools. Image: pixabay

The New York State Department of Financial Services (NYDFS) approved eToro NY LLC’s application for money transmitter and virtual currency licenses, the latter also known as BitLicense.

As soon as eToro’s NY subsidiary is operational, users in New York State will have access to the platform’s virtual portfolio and integrated social investing tools, enabling them to trade stocks, crypto and options.

Recent eToro’s Retail Investor Beat research shows that 45% of American retail investors either currently invest or plan to invest in crypto assets, despite the bear market.

"The right time to start investing is always now and we are incredibly excited to bring eToro’s unique proposition to the residents of New York State. eToro believes that the secular trend that has powered the growth of the individual trader and investor will continue. Yes, engagement has fallen from the crazy highs of 2021, but we still see growing participation. The overarching story remains one of individual empowerment with ordinary investors accessing a wide array of instruments including crypto, stocks and options."
Lule Demmissie, CEO of eToro US

Founded in 2007, eToro has grown to a global community of more than 30 million registered users who share their social investment strategies. Due to the simplicity of the platform interface users can easily buy, hold and sell various types of assets, monitor their portfolio in real-time, and make safe transactions.

eToro’s main research and development office is located in Tel Aviv, Israel. At the same time, the company operates in 140 countries across the globe via a few subsidiary legal entities registered in the UK, US, Australia and Cyprus.

In the US, securities trading is offered by eToro USA Securities Inc., a member of FINRA and SIPC, a self-directed broker-dealer that does not provide recommendations or investment advice. However, due to the legal complexities, the eToro investment app is not available in all US states for stocks and crypto trading.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.