In today’s day and age of fast-paced cryptocurrency trading, any update that makes life easier for the everyday user and trader is welcomed.
That is why, the recent announcement by eToro about adding NEO to its list of traded cryptocurrencies was met with positive response, where both market segments – users of the app and holders of the cryptocurrency – appreciated the move.
Often called the direct counterpart to Ethereum due to its facilities of providing smart contracts, enabling new tokens and offering decentralized apps, NEO has seen an unprecedented rise in the last year, establishing its status as a consistent name on the list of the top 10 cryptocurrencies regarding the market cap.
Therefore, it was not a huge surprise when NEO was considered for trading at eToro, the world’s largest social trading platform that currently holds more than 9 million users and facilitates direct peer-to-peer trading, avoiding the need for third parties wherever possible.
It was mentioned by eToro that NEO has a “limited daily investment amount” available on the platform, which means that only a set amount of NEO can be transacted through the platform each day. Once that amount is reached, NEO stops trading for the day and is available the next day when its limit replenishes.
This is done to test the demand for NEO and to check if it would need more resources by eToro shortly to be managed effectively, while also ensuring that the company’s service level for high demand cryptocurrencies does not get affected.
In further updates on NEO, eToro mentioned that the cryptocurrency would also be added to its Crypto CopyFund program that works on a contract for difference (CFD) mechanism, which helps its users to trade between available cryptocurrencies easily.
eToro looks forward to adding more cryptocurrencies
NEO is the second cryptocurrency to be added to eToro just this month, as the company had announced a few days ago that it has added Stellar to its platform.
Speaking about these developments, eToro’s co-founder and current CEO, Yoni Assia, mentioned that last year was evidence of how new cryptocurrencies are receiving positive reactions from new and old investors alike. Considering these developments, it was only prudent to start focusing on new cryptocurrencies to add to eToro and enhance its current offering. The eToro platform already has a current offering of a variety of coins that contains established names such as Bitcoin, Ethereum, Litecoin, and Dash.
“Already in 2018 we’ve seen attention shift away from mainstream cryptocurrencies and the market share of altcoins is increasing all the time. In our view, this trend is only set to continue.”
He further mentioned that new cryptocurrencies would keep getting added to eToro, and the company hopes that by maintaining a diverse portfolio, it will be able to keep its users up to date with the evolving market trends and products.
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“We are constantly seeking to identify and assess new concepts as they emerge and we are committed to bringing the best crypto assets onto our platform for our users to invest in.”