eToro has been hinting at an expansion of its businesses in South Africa as the country's trading activity grows at a rapid speed with daily traders estimated at 190,000.
Forex broker eToro announced that its trading platform is now accepting new clients from South Africa. Retail trading activity is booming in South Africa with the number of daily forex traders estimated at 190,000, the second-largest after Nigeria. However, South Africa takes first place in the continent's average transaction size per trader. Based on these statistics, it is not surprising that eToro decided to expand to this country.
"It's been a long time coming, but we are so excited to announce that we are now accepting new users from South Africa," eToro stated in an announcement.
eToro entered the South African trading market at the same time as the company's public listing on the United States stock exchange. The Israeli broker has signed an agreement with an American blank check company for a reverse merger.
The broker also holds licenses from several other jurisdictions such as Australia, Cyprus and Seychelles. Unfortunately, however, eToro does not hold any license from South Africa's financial markets regulator, the Financial Sector Conduct Authority. The company is expanding into the African continent under a UK-based entity, eToro (UK) Ltd, which is regulated by the Financial Conduct Authority (FCA).
Besides expanding into new countries, eToro is also busy strengthening its crypto offerings. Some time ago, it added various popular coins to the list, including KNC, LUNA, Theta, and Fantom.