eToro has temporarily increased its minimum deposit for new users due to the overwhelming response from newbie BTC (bitcoin) traders. In a recent tweet, eToro stated that the reason behind this is to protect their 17M already registered users so they can continue to access their services uninterrupted.
The cryptocurrency exchange requires new users for a minimum deposit of $200. The amount is now increased to $1000.
According to Amy Butler, global head of PR for eToro, they have signed up 40,000 users in a single day at the start of the year. She also added that volumes of crypto are being traded at 10 times the average of last year. This can be contributed to the current BTC (bitcoin) bull run where everyone wants to have a dip. In this regard Butler said:
“We have seen huge demand for crypto, especially BTC (bitcoin ).”
eToro is an Israeli social trading and multi-asset brokerage company that focuses on providing financial and copy trading services. It was founded as RetailFX in 2007 by brothers Yoni Assia and Ronen Assia together with David Ring. The company’s value was $800 million in 2018 according to sources.
At the start of the year, BTC (bitcoin) started trading at almost $30K in data by Crypto.co. After breaching the $25K mark on Dec. 26, the cryptocurrency continued on its price rally. BTC (bitcoin) price continued to rise until just recently it has already surpassed the $40K mark and even went as high as $41K plus. BTC (bitcoin) price has declined by 6.09% with its price at $39,554 from its last recorded all-time high at $41,964 on Jan. 8.
Other cryptocurrency exchanges have taken similar action following a spike in the demand for BTC (bitcoin). Bitfinex has increased its minimum deposit to $10,000 in 2018.
eToro’s educational resources and demo-trading accounts will not be included in the new policy. It will be in place and will be lifted until demand wanes or after the upgrade of its platform capacity.