eToro's UK and European clients able to transfer crypto and invest in other assets

Through this move, eToro aims to enable its clients based in the UK and Europe to move crypto assets held with other exchanges, brokers, or in other blockchain wallets to the eToro Crypto Wallet and then convert their holdings to cash. This supports them in trading and investing across several asset classes on the company’s investment platform.

Additionally, eligible eToro clients having Bitcoin (BTC) or Ethereum (ETH) on external wallets or exchanges can transfer these assets to their eToro Crypto Wallet and convert them to their local currency within their GBP or EUR accounts. This allows them to reinvest in other instruments available on eToro’s platform, with options including the ability to withdraw as cash or spend through their GBP or EUR accounts, or, for UK customers, an eToro debit card.

eToro intends to launch the capability gradually to members of the eToro Club. Initially, the feature is set to be available to Diamond Club members in the UK and Europe, with the company implementing conversion fees ranging from 0.6% to 1%. Commenting on the news, representatives from eToro mentioned that, as many crypto assets are evolving but also going through scaled volatility, the rollout of crypto-to-fiat conversions on eToro focuses on enabling investors to leverage the company as a support for using their gains and diversifying into other asset classes via its multi-asset platform.

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