eToro Collaborates With Local Businesses To Introduce Spot Crypto Trading In Germany

eToro has expanded its cryptocurrency services in Germany by launching spot crypto trading, according to the company’s recent announcement. Before this, German users were only able to trade cryptocurrency contracts for differences (CFDs) on the platform.

To facilitate its new spot trading services, eToro revealed partnerships with two local firms DLT Finance for trading services and Tangany for custody of digital assets. Both companies are regulated by Germany’s Federal Financial Supervisory Authority (BaFin), ensuring compliance with local regulations.

The Company Sent German Users’ Digital Assets To Tangany For Stronger Security

The broker explained that while the partnership with DLT Finance is new, its deal with Tangany was made earlier this year. As part of this earlier deal, eToro moved its German customers’ crypto holdings to Tangany to keep them safe. The broker said this change ensures a smoother experience for its users and keeps their digital money safer.

eToro added that German users who trade cryptocurrencies will have DLT Finance as their trading partner, while Tangany will take care of keeping their digital money safe. The company stated that before trading, users have to agree to the terms and conditions of eToro, DLT Finance, and Tangany.

eToro shared that when the partnership is live and users want to buy or sell cryptocurrency, they will need to agree to the rules of all three companies.

At first, eToro will charge a 1 percent fee for buying and selling crypto, but this fee could change later.

This move into spot trading comes after eToro made a deal with the U.S. Securities and Exchange Commission (SEC), where the company agreed to pay $1.5 million. Because of this deal, eToro now offers only Bitcoin, Bitcoin Cash, and Ether for its U.S. customers.

eToro Is Considering Going Public, Though A Previous Attempt Failed

The Israeli-based broker has made other significant adjustments to its crypto services this year. In France and Australia, eToro restricted support for non-leveraged CFD crypto trading, instructing users to close existing non-leveraged long positions. However, the company continues to provide physical, non-leveraged crypto trading in both regions.

Globally, eToro has been enhancing its cryptocurrency services. Recently, the broker introduced staking for Solana and Ethereum on physically held crypto assets, enabling clients to gain rewards from their digital holdings.

Moreover, eToro is contemplating going public shortly, though an earlier attempt through a merger with a blank-check company was unsuccessful.