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eToro Continues to Receive Praises from the Trading and Crypto Communities

Global trading and investment platform eToro has been praised for being easy to use, community-focused, transparent, and educational, according to various testimonials. Little wonder the site, which launched over a decade ago, now boasts nine million users.

What is so special about eToro, which has made a name for itself as go-to a cryptocurrency platform, compared to similar websites? Firstly, through educational guides – accessed via www.etoro.com – and also a virtual trading account, newcomers are able to find their feet.

“My advice to any new traders would be: definitely open an eToro demo account, open some trades, and then dip your toes in the water and start opening some real trades,” says Wayne Ryan, who goes by ‘goodgoing’ on the platform.

Mr. Ryan enjoyed a 588 percent gain on his investments in 2016 and 84 percent last year. He is one of eToro’s Popular Investors (PIs), and his investments are copied by many other traders, who make use of the innovative CopyTrader tool.

This facility, which is straightforward to use – eToro clients can view and copy anyone with a profile – is ideal for those who lack time or experience in the markets.

Mr. Ryan continues: “The main features of the website that help me specifically in trading are the live feeds and the charts. To be one of the best traders on eToro is a big achievement. I feel I have worked really hard to get to that level.”

Another PI, Lena Birse – ‘Onegirl’ – who enjoyed a 36 percent gain on her eToro investments in 2017, says: “What I love about eToro is that you can see exactly what each trader is doing. I started trading on eToro because I just loved how easy it was to navigate the website. It felt like anyone could do it. I have no financial background. My main profession is being a housewife.”

Jay Edward Smith, one of the most copied PIs, who goes by the moniker ‘jaynemesis’ on eToro, believes the sense of community is unique. “I think eToro is a very different experience to using any other trading platform,” he suggests. “Most platforms are quite solitary – you don’t really interact with very many people – whereas eToro really focuses on making sure people can communicate with each other and see what each other are doing and check each other’s profiles.”

Mr. Smith yielded a 340 percent return last year. Emphasising the eToro CopyTrader tool, he adds: “A lot of my friends are the kind of people who work in a warehouse and have no idea how markets work. That doesn’t matter on eToro, because you can just find someone else who does.”

Pros and cons of trading on eToro

Pros

– Straightforward, user-friendly, trustworthy and experienced platform
– Instant execution of trades, thereby locking in a price
– Ability to use CopyTrader and other innovative tools

Cons

– Only nine cryptocurrencies offered by the platform, currently
– Users are unable to withdraw the cryptocurrencies directly
– Users’ cryptocurrencies are held by eToro

Call to action: Join eToro’s Global Community Now!

All trading involves risk. Only risk capital you’re prepared to lose. Past performance is not an indication of future results.

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SBI Remit is Using the Blockchain to Make Money Transfers Between Japan and Africa

SBI Remit, a Japanese money transfer company, is teaming up with a venture-backed firm to use its new treasury management service that uses the blockchain for increased transparency and liquidity to small and medium-sized businesses operating between Japan and Africa. SBI Remit and BitPesa The service is provided by BitPesa, which has raised $10 million to turn the Bitcoin blockchain into an enterprise payment rail. Normally, consumers moving money from Japan to Africa have to rely on banks and other middlemen to make their transactions, first exchanging yen into U.S. dollars or euros, then into African currencies. BitPesa, on the other hand, uses a combination of the Bitcoin blockchain and other services to create new currency pairs which greatly simplify the process. The partnership follows a path already laid out by BitPesa, and specifically targets cosmetics companies, electronics companies, and the lucrative used car market between Japan and Africa. It enables direct currency pairs between Japanese yen and the fiat currencies of Ghana, Kenya, Morocco, Nigeria, Senegal, Tanzania, Uganda, and the Democratic Republic of Congo, according to Forbes. Generally speaking, by embracing the decentralized nature of the blockchain BitPesa illustrates how useful Bitcoin is for real world applications. Not only does this system permit remittances to be completed in less than an hour — thanks to the blockchain’s fast settlement times — it will also help jump start African commerce with Japan on a larger scale by adding a much-needed layer of trust and transparency, according to Nobuo Ando, SBI Remit director. “Many companies are doing trade with African countries and they are suffering from the high cost and the slow speed and not very precise administration,” said Ando. “So this is the market that we would like to go in, together with Bitpesa.” Moving Funds from Asia to Africa Historically, individuals and businesses conducting trade between Japan and the countries BitPesa serves had to move Japanese yen through multiple correspondent banks. As noted, along the way the yen was frequently converted to more liquid intermediary currencies like the U.S. dollar or the euro, which added lofty fees each step of the way. According to World Bank estimates, the average remittance fees for this process can reach 7%, but the real cost is often much higher. It can also take several days to complete. By removing these correspondent banks and secondary currency exchanges from the process, BitPesa is able to provide similar services almost instantly for less than 3% of the total transaction. To avoid fluctuations in the price of both fiat currency and Bitcoin, Elizabeth Rossiello, BitPesa founder, said her company’s treasury services are designed to insulate their customers from risk on either side: “If it makes sense for us to settle using cryptocurrency or fiat currencies then we do,” Rossiello said. “And in this case, we’re happy that SBI feels the same way, so we’re open to using digital or fiat currencies to settle between us.” Looking ahead, the remittances market in sub-Saharan Africa it is expected to grow 7% this year to $41 billion. Although this number is just a fraction of the worldwide remittance market as a whole, with relatively little competition for African business Rossiello is confident her company can use the lower costs of the Bitcoin blockchain to help catalyze commerce between Africa and the rest of the world. Rossiello, who is among the earliest founders of a Bitcoin company established BitPesa in 2013 when the cryptocurrency was trading between around $100 and $1,000. As of today, Bitcoin is trading at over $6,600. Featured image from Shutterstock. The post SBI Remit is Using the Blockchain to Make Money Transfers Between Japan and Africa appeared first on NewsBTC.

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