eToro announced on Wednesday that they are now onboarding new clients from South Africa. The company’s trading platform will allow traders in this African nation the opportunity to trade stocks and other financial instruments just as easily as someone living anywhere else around the world!
In its official statement, the financial giant had this to say, “It’s been a long time coming, but we are SO excited to announce that we are now accepting new users from South Africa.”
eToro, an Israel-based company with offices around the world, is regulated by different regulators around the world. The UK’s Financial Conduct Authority (FCA) and South Africa’s Securities & Exchange Commission(SES) are among famous regulators. This brokerage, however, does not have any licenses from either regulator but registers clients based out of South Africa under a United Kingdom entity which has been registered under FCA regulations.
eToro is a company that offers both copy-trading services and then transitions into full brokerage. They are regulated in multiple other jurisdictions like Australia, Cyprus, Seychelles however most importantly they have their headquarters right here at home – Israel!
eToro has always been on the lookout for opportunities in new markets, which is why it’s no surprise that they’re currently looking into entering South Africa. The company plans to list itself publicly by 2021 and will soon announce an agreement with America blank-check company after successfully completing their reverse merger this coming June 30th!
In a world where cryptocurrency is becoming increasingly popular, eToro has found success by providing investing services to French investors. The broker registered itself as an official DASP in order to provide non-leveraged crypto products and expand its offerings beyond Bitcoin into other cryptocurrencies like Ethereum or Ripple’s XRP token – all while remaining fully compliant within France’s regulatory environment!
Africa – The New Finance Hotbed
The number of South African traders who use Forex to trade in the market is on a rise. While it’s unclear how many people there are, estimates range between 190 thousand and 400 thousand – which would mean they outpace their fellow African countrymen by quite some margin! And what about those average transactions per day? Well according to an Intelligence report last year this figure topped all others across Africa at 2 million rands (around $300).
In a country as large and diversely populated as South Africa, it’s no wonder that there are so many options for traders. With the recent additions of XTB from Poland on plans to launch forex trading operations in 2022 alongside other brokers planning their entry into this lucrative market we can expect even more competition!