eToro is a social trading and multi-asset investment platform built on a simple, contested premise: that retail investors do better when they can see and copy what other investors are doing. Founded in Tel Aviv in 2007 as RetailFX by brothers Yoni and Ronen Assia with David Ring, it launched OpenBook in 2010 — introducing the copy trading feature that still defines it, where you follow other traders and their positions replicate automatically in your own portfolio.
The platform spans stocks, ETFs, commodities, currencies, crypto, and CFDs, with fractional shares and commission-free stock trading. It reports around 40 million registered users across 75 countries, though the more meaningful figure is 3.81 million funded accounts holding $18.5 billion in assets under administration — a gap that says a good deal about how social platforms accumulate signups versus customers.
After a $10.4 billion SPAC merger collapsed in 2022, eToro went public the traditional way, listing on the Nasdaq under the ticker ETOR on 14 May 2025. Shares priced at $52, above the expected range, raised roughly $620 million, and closed the first day valuing the company at about $5.4 billion. The business is solidly profitable — net income of $216 million in 2025, after $192 million in 2024 and just $15 million in 2023 — but the volatility of that trajectory exposes the underlying dependency: eToro's fortunes track the crypto cycle closely, with crypto volumes tripling to $12 billion in 2024 before investors rotated back toward equities.
Its European position rests on regulatory infrastructure rather than origin. eToro is an Israeli company headquartered near Tel Aviv, operating in Europe through a CySEC-regulated entity that secured a MiCA permit for crypto services in February 2025, alongside FCA-authorised UK operations. The copy trading model itself remains genuinely contested — whether it constitutes investor education or a mechanism for propagating overconfidence is an open argument — and in 2024 the company paid $1.5 million to settle SEC allegations that it had operated as an unregistered broker in the US, restricting its American crypto offering.