eToro Adjusts Crypto Trading In France And Australia
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Multi-asset investment firm eToro is changing its crypto trading services in France and Australia, especially for non-leveraged CFD trading. The broker wants its clients to finish any non-leveraged long trades with these instruments before February 21 for France and February 19 for Australia.
Users In France And Australia Will Trade Crypto Without Leverage
Starting from those dates, the Israeli broker will automatically close any remaining open non-leveraged CFD crypto asset positions at the current market value.
This information was disclosed in a notice specifically for traders in France and Australia. The brokerage will still let users in France and Australia trade actual cryptocurrencies without using leverage.
This means that traders can own the real cryptocurrencies directly. If traders in these countries want to keep their positions open, the brokerage has given instructions.
These instructions explain how to close their current crypto contracts for different (CFDs) positions and open a new position with real cryptocurrencies. They allow traders to switch from trading a contract to selling digital coins.
Non-leveraged Positions Of DASH And ZCASH Remain Open
When traders own real cryptocurrencies through eToro, they get a unique benefit: they won’t be charged fees for holding onto their positions overnight. This is much different from CFD positions, where they do have to pay fees if they own them overnight.
According to eToro, because DASH and ZCASH are only offered as CFDs on their platform in France, the non-leveraged long CFD positions for these assets won’t be closed or changed into real crypto. They’ll stay open and unaffected.
eToro Has Also Changed Its Services In Germany
eToro is making changes to how it deals with cryptocurrencies worldwide. Recently, its German branch said it would stop providing crypto storage services for users in Germany by the end of January 2024.
Instead, the platform plans to move its German users who store cryptocurrency to Tangany, a crypto custodian based in Munich with a BaFin license. According to eToro, starting from January 21, 2024, all cryptocurrency assets in eToro Germany will be shifted to Tangany’s custody.
eToro tried to become a public company by merging with a blank-check company, but it didn’t work out. Despite that, the company is still working on getting more licenses in Europe and the Middle East to improve its regulatory standing.
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