EToro

Last updated

eToro
Company type Private
Industry Financial services
Investing online
Social investment
Founded2007;17 years ago (2007)
FounderYoni Assia, Ronen Assia, David Ring
Headquarters Tel Aviv, Israel
Area served
Worldwide
Key people
Yoni Assia, CEO
Products Electronic trading platform, stocks, copy trading, social trading
Services Investment management
RevenueDecrease2.svgUS$630 mln (2023) [1]
87,200,000 United States dollar (2020)  OOjs UI icon edit-ltr-progressive.svg
82,900,000 United States dollar (2020)  OOjs UI icon edit-ltr-progressive.svg
Number of employees
1400 (2024) [2]
Website www.etoro.com

eToro is a social trading and multi-asset investment company focused on CFD offerings. [3] [4] eToro was founded in 2007 in Tel Aviv by Yoni Assia, Ronen Assia, and David Ring. The company's headquarters are located in Central Israel. [5] [6] [7] [8] At the start of 2024, eToro had 35.5 million registered users, and over 3 million funded accounts. [1]

Contents

eToro has faced regulatory scrutiny and criticism from authorities in the US, Canada, India, Italy, and the Philippines. The company's business model has been criticized for profiting from customer losses, lacking transparency, and has been fined in multiple countries for operating without licenses and engaging in misleading advertising practices.

History

eToro was founded as RetailFX in 2007 [9] in Tel Aviv, by brothers Yoni Assia and Ronen Assia together with David Ring. [10] [3] In 2010, the firm released the eToro OpenBook social investment platform. This included the CopyTrader feature, enabling users to replicate the trading strategies of top-performing investors automatically. [11] Later that year, the firm released an Android app. [12]

Between 2007 and 2013, the company raised $31.5 million across four funding rounds. [13] [14] By December 2014, it had secured an additional $27 million from Russian and Chinese investors. [15]

In 2013, eToro expanded its product range, allowing investments in stocks and CFDs alongside commodities and currencies, with an initial offering of 110 stocks that later grew to over 3,000 financial products. [16] [17] The same year, it was authorized to provide services in the UK under its eToro UK subsidiary. [18] [19] By 2014, some referred to eToro as "Israel's biggest export." [20] In January 2014, the company added cryptocurrencies to its available instruments, [21] [22] [23] [24] and later that year, it introduced currency futures investments for the Russian ruble and Chinese yuan. [20]

In December 2017, eToro partnered with CoinDash to develop blockchain-based social trading. [25] The following year, it raised $100 million in private funding, [26] bringing total investment to over $162 million from various firms. [27]

In March 2019, eToro acquired Danish blockchain company Firmo. [28] [29] In October 2019, eToro released a sentiment-based crypto portfolio that uses AI to assess Twitter's real-time sentiment on digital asset. [30] Shortly after, in November 2019, eToro acquired Delta, a crypto portfolio tracking app based in Belgium. [31] [32] In March 2019, the company launched its cryptocurrency trading platform and standalone cryptocurrency wallet for US users. [33] [34] [35]

Financially, 2020 proved a landmark year for eToro, with a 147% year-over-year growth, a 275% increase in funded accounts, and a gross revenue of $605 million. The company reported 1.2 million funded accounts, managed by a team of 1,100 employees worldwide. [3] That year, eToro also acquired Marq Millions, its UK e-money division, rebranding it as eToro Money, [36] [37] and obtained Visa's primary membership along with an electronic money institution (EMI) license from the UK's Financial Conduct Authority. [38] In December 2021, it launched the eToro Money debit card for UK residents. [39] In 2021, the company reported operating in 140 countries [40] [41] and having 20 million users. [42]

In March 2021, eToro announced plans to go public via a merger with FinTech Acquisition Corp V (NASDAQ:FTCV), a special-purpose acquisition company (SPAC) backed by former Bancorp CEO Betsy Z. Cohen. [43] The combined entity was expected to operate as eToro Group Ltd with an implied enterprise value of $10.4 billion, supported by $650 million in funding from private nvestment funds. [44] [45] However, due to market instability and internal challenges within the SPAC, including “material weaknesses” in its financial controls, the deal was canceled by mid-2022. [46] [47] By that time, eToro had invested heavily in preparation for the IPO, contributing to a net loss of $265 million for 2021. [48] Following the cancellation, eToro implemented cost-cutting measures, including laying off approximately 100 employees, or around 6% of its workforce, to stabilize its finances. [49] In 2023, eToro completed a $250 million funding round that valued the company at $3.5 billion, a stark contrast to its initial $10 billion valuation target. [50] However, eToro's financial performance in 2023 showed mixed results: eToro UK reported a 14% drop in net income and a 28% decrease in comprehensive income. [51] In March 2024, the company announced that it is considering New York or London as potential venues for an IPO at an unspecified future date, with the aim of achieving a valuation higher than its last funding round. [52]

In August 2022, eToro signed a definitive agreement to acquire Gatsby, a fintech startup specializing in options and stock trading, for $50 million in cash and stock. [53] In April 2023, the company announced a partnership with Twitter to allow users to click on ticker symbols preceded by a dollar sign, redirecting them to an eToro trading page. [54]

In July 2024, eToro announced a partnership with the London Stock Exchange, aiming to add over 1,000 new UK stocks in the coming months. That month, it also collaborated with Bocconi University and joined the European FS Financial Services Tech Hub. In September 2024, eToro acquired the Australian app Spaceship for nearly $55 million. [55] [56]

Operations

eToro's primary research and development hub is based in Tel Aviv, Israel. The company operates under regulatory oversight from several major authorities: CySEC in the EU, [7] FCA in the UK, [18] [19] FinCEN in the United States, [5] and ASIC in Australia. [57] As of 2022, eToro maintained operations in 140 countries. [58]

The company's business model, centered around Contracts for Difference (CFDs), has faced significant criticism. CFDs are high-risk financial products that frequently result in substantial losses for customers. eToro's model allows it to profit directly from customer losses, and the company retains the option not to hedge its CFD positions, raising questions about transparency and client interest. [3]

Marketing

eToro is known for substantial investments in marketing, which include sports sponsorships and traditional advertising. In 2020, eToro released a high-profile ad starring Alec Baldwin that quickly accumulated 3 million views on YouTube. [59]

In February 2022, eToro aired its first Super Bowl commercial during Super Bowl LVI, also dubbed the "Crypto Bowl." [60] [61] The 30-second ad, titled "Flying Your Way," featured a consumer seeking cryptocurrency advice while crypto enthusiasts descended from the sky, asking, "To the moon?" The commercial also highlighted a Shiba Inu dog, referencing the meme coin Shiba Inu (SHIB), and included an appearance of a Bored Ape NFT, targeting a crypto-savvy audience. [62] [63] [64]

As of 2024, eToro's sponsorship portfolio encompasses five English Premier League clubs (Crystal Palace, Everton, Leicester City, Southampton, and Burnley), five Bundesliga teams (Eintracht Frankfurt, FC Augsburg, 1. FC Köln, Hamburger SV in Bundesliga 2, 1. FC Union Berlin, and VfL Wolfsburg), as well as the UK's Premiership Rugby Cup, Spain's Basketball Liga ACB, and Rugby Australia. In September 2024, eToro signed a two-year sponsorship agreement with Bayer 04 Leverkusen. [65] [66]

Controversies

Critics argue that eToro's business model inherently conflicts with its customers' interests, as the company directly profits when customers incur losses. [3]

CySEC, 2013

In 2013, CySEC fined eToro €50,000 due to weaknesses identified in its organizational and operational structure, dating back to 2010. [67]

Quebec Blacklist, 2015

In 2015, Quebec authorities placed eToro on a blacklist of unauthorized foreign companies, citing its encouragement of local residents to invest in binary options through its platform. [68]

Leveraged crypto position closures, 2021

On 8 January 2021, eToro informed its European clients that "due to extreme market volatility in the crypto markets," margin positions for all leveraged crypto positions needed to be converted into non-leveraged. Customers were warned that failure to comply would lead to position closures within four hours. [69] [70]

Closure of customer positions in Magnit stock, 2022

On 2 March 2022, eToro liquidated customer positions in Magnit stock (MGNTL.L), compensating customers at $0.01 per share. Prior to the Russian invasion of Ukraine in February 2022, Magnit shares were valued at $14.20 per share. [71] [72] [73] Investors holding Russian American (ADRs) and global depository receipts (GDRs) argued that the forced closure was unlawful and initiated a petition, which quickly garnered a thousand signatures, though media reports have not confirmed any subsequent outcomes. [74] [75] [76]

Misleading advertising in Italy, 2023

In 2023, the Italian Competition Authority fined eToro €1.3 million for misleading advertising. The Authority found that eToro's Italian website promoted zero-commission share trading but did not disclose various costs and financial risks, such as currency exchange fluctuations and operational limitations on customer rights. These omissions led consumers to make choices they might not have otherwise made, in violation of Articles 20, 21, and 22 of the Italian Consumer Code. [77] [78]

ASIC lawsuit, 2023

In August 2023, the Australian Securities and Investments Commission filed a case against eToro Aus Capital Limited in Federal Court, alleging that the company of lack of compliance, more specifically, of violation of design and distribution obligations. The screening test for onboarding clients was so lax that nearly anyone could qualify. ASIC argued that eToro's target market for CFDs was overly broad for such a high-risk product. Between 5 October 5 2021 and 14 June 14 2023, almost 20,000 eToro clients reportedly lost money. [79]

As of November 2024, court proceedings have been postponed eight times. [79]

US SEC lawsuit for unregistered crypto trade, 2024

An investigation by the U.S. Securities and Exchange Commission discovered that since at least 2020, eToro operated as an unregistered broker and clearing agency, facilitating crypto asset trading as securities. On 12 September 2024, eToro USA LLC agreed to pay a $1.5 mln penalty to settle charges, no comments had been given to admit or deny the SEC's findings. The US clients were given 180 days to liquidate other crypto positions, with only Bitcoin, Bitcoin Cash, and Ether remaining available for trade. [80] [81] [82]

Unlicensed operations

Malaysia

In May 2020, eToro announced the expansion of its commission-free offering to customers in the Asia-Pacific region. In a related statement, eToro noted that 11% of its customers in this region were from Malaysia. [83] In response to eToro's announcement, the Securities Commission Malaysia (SC) publicly stated that eToro was operating without proper licensing in the country. [84]

Canada

From 2008 to 2017, eToro operated in Canada without a license despite warnings from the Ontario Securities Commission (OSC). [3] In 2018, eToro agreed to pay a $550,000 fine and an additional $25,000 in costs, and to disgorge nearly US$1.8 million. The company also committed to closing Ontario accounts and blocking its site from Canadian IP addresses. [85]

India

In September 2022, the Reserve Bank of India (RBI), India's central bank, released a list of 34 forex trading online platforms, in which eToro was also listed as an illegal platform in India. [86]

Philippines

On 14 March 2024, the Securities and Exchange Commission of The Philippines issued an advisory against eToro. The company was marketing its offerings to Filipinos and allowed them to open accounts without the necessary license, an act punishable in the Philippines with up to 21 years in prison. [87] The company spokesman denied active promotion of its services in the Philippines and highlighted that it has no local presence in the country. In October 2024, the company announced that it will stop operations in the Philippines citing "risk management considerations". Philippines residents' access to all accounts will be stopped on 15 February 2025. [88]

The Times of Israel investigation

In July 2021, The Times of Israel published an investigation on eToro, exposing dozens of cases of staffing connections between eToro and Israel's largely fraudulent binary options industry. [3] For example, Shmuel Hauser, former chairman of the Israel Securities Authority (ISA), joined eToro as an advisory board member after overseeing regulatory decisions that impacted the company. During Hauser's ISA tenure from 2011 to 2017, he agreed to modify a Knesset bill that would have restricted eToro's operations, which allowed eToro to continue expanding internationally. Although eToro did not engage in binary options, a sector under heavy scrutiny for fraudulent practices, the modified bill exempted companies like eToro from stricter regulations. In the same year, he resigned from his post at ISA amidst several high-profile anti-corruption scandals. After leaving the ISA, Hauser began advising eToro on regulatory issues worldwide. In 2021, Hauser became an advisory board member at eToro. [3] At the same year, eToro announced that it had appointed he , former supervisor of banks at the Bank of Israel, in 2021 was appointed deputy CEO and global COO. [3]

The Times of Israel also covered the story of Nir Barkat, Likud MK and former mayor of Jerusalem. Barkat was linked to eToro in the "Pandora Papers," revealing he holds shares in the company, which is registered in the Virgin Islands despite most operations being based in Israel. While mayor, Barkat claimed his assets were under a blind trust, but leaks indicate they remained in his name until he transferred them to his brother upon joining the Knesset in 2019, contrary to Knesset Ethics Committee guidelines. In 2019, Barkat's net worth was valued at $139 million. [3] [89]

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