The minimum deposit sum for new users has temporarily been raised to $1000 by eToro.
The eToro exchange of cryptocurrencies raised its new user deposit from $200 to $1000. After Bitcoin’s historic surge, the deal witnessed an
the unprecedented increase in demand for its trading services.
On Twitter, eToro announced that it had taken steps to protect its 17 million existing users. They wanted to: at the start of the year, 40,000 new users signed up in a single day.
It’s all going up.
The eToro spike came as Bitcoin on Dec. 16 rallied above the main psychological level of $20,000. A steep rise in trading activity and trading volumes followed the protest. The BTC search volume is at its highest since hitting $20,000 in December 2017, Google Trends data also shows.
In addition, this time, major media outlets such as the BBC and CNN began to cover Bitcoin on their front pages. The latest increase in demand was generated mainly by individual retail traders bidding, according to eToro.
Fees for Mainstreaming
To cover the costs associated with establishing accounts, some crypto exchanges now demand minimum deposits from new users. The deals did not do this when crypto first emerged, however. Traders also connected conventional exchanges to these charges.
Cryptocurrency exchange Bitfinex, however, took comparable action in 2018. It introduced a minimum deposit of $ 10,000. During the 2017-2018 Bitcoin rally, the exchange faced immense demand.
This year, a move similar to Bitfinex’s may have benefited some exchanges. As Bitcoin broke through $20,000, Binance’s servers stalled. Before trading resumed, the conversation experienced almost two hours of downtime.
Coinbase has encountered this problem as well. Since then, it has been plagued with outages, and because of it, some traders are criticizing the exchange on social media.
EToro said its educational services remain unaffected by the new deposit minimum, including its demo-trading accounts. The step continues until demand declines, or the platform upgrades its capacity.
This shows that the degree of new interest can still stun the crypto-currency industry. The growth of interest in institutions is growing higher. It is essential for the industry to prepare for waves of new investors.