Many investors are now searching for alternative options after FTX crashed last week. eToro offers a reliable alternative for traders looking for secure trading platforms.
FTX, one the most prominent crypto exchanges worldwide, went bankrupt last week. The exchange filed for bankruptcy by the end of last week.
According to reports, the cryptocurrency exchange used customer funds for business purposes. Many investors are now looking for alternative investment options that will protect their assets and funds after the collapse of FTX.
Why eToro is a trusted FTX alternative
eToro was established in the financial sector in 2007, long before Bitcoin. Investors can access a wide variety of financial markets through eToro, including stocks and forex.
eToro makes user funds safe thanks to some of its features. eToro has been operating since 2007, and is a multi-asset broker. Some of the most respected regulators worldwide regulate eToro’s brokerage platform, including ASIC, CySEC and the FCA.
FTX’s balance sheet showed that the exchange was diverting some customer funds to its sister company, Alameda Research.
eToro guarantees its customers that they are not lying when they trade with them. The brokerage platform’s underlying business remains healthy and profitable, and its balance sheet is strong.
FTX’s downfall began after its FTT token lost more than 90% of its value within a few days. The company’s holdings drastically reduced during that period.
eToro doesn’t engage in crypto lending
eToro stated that it has not issued its own tokens and does no crypto lending. The lack of an eToro token means that customers don’t have to worry about the token’s price dipping. eToro also doesn’t engage in cryptocurrency lending, unlike FTX.
eToro promised its users that their funds were segregated and reconciled every day to ensure safety, liquidity, and compliance with its regulatory obligations.
eToro, a top brokerage firm, allows you to invest in a wide variety of financial assets including stocks and cryptocurrencies.