In a bid to expand its offering and transform into a “super app”, Twitter has partnered with eToro to provide its users with the option to buy and sell stocks, cryptocurrencies, and other financial assets. The new feature will allow users to view market charts for a broader range of financial instruments and trade via eToro’s platform. The partnership marks a rare deal for Twitter since Elon Musk took the reins as CEO after buying the platform for $44 billion last year.
eToro's Offering and Business Model
Founded in Israel in 2007, eToro is an online brokerage that allows users to trade stocks, cryptocurrencies, and index funds, and mimic other users' trading strategies. The company has over 32 million registered users globally and has seen a rise in popularity due to its social trading platform. eToro uses TradingView as its market data partner.
Yoni Assia, eToro’s CEO, noted that Twitter has a growing user base interacting with financial content, making it an ideal platform for eToro to connect with new audiences. The partnership will enable Twitter to expand its "cashtags" feature to cover a wider range of asset classes.
Musk's Vision for Twitter
Musk has expressed his desire to transform Twitter into a super app that offers financial services on top of social media. In a Morgan Stanley conference last month, Musk announced that he wants Twitter to become "the biggest financial institution in the world." He has already made staffing cuts, reducing the headcount from 8,000 to 1,500 to cut costs and improve profitability. However, these actions have worried advertisers, with some brands leaving the platform due to concerns over its content moderation standards.
Twitter's Growing Role in Fintech
Assia noted that financial Twitter, or "Fintwit," has become increasingly popular on the app, with many people using it to stay informed about the latest financial news and updates. Twitter was also involved in the boom in retail trading in 2021.
As Twitter continues to expand its financial offering, eToro hopes to see its partnership with Twitter expand further in the future. Musk's ambition to turn Twitter into an everything app has already seen the corporate name changed to X Corp after merging with a shell company with that name. The move underscores his desire to transform Twitter into a super app.
How to Sign Up with eToro?
Signing up with eToro is easy and straightforward. All you need to do is follow these simple steps:
- Go to the eToro 'Create an account' page here
- Choose a username, enter your email address, and set a password
- Check eToro's Terms and Conditions, Privacy Policy, and Risk Warning
- Provide a telephone number to protect your accounts security
- Answer the eToro questionnaire about your trading experience and financial background
- Submit your application for verification
- Once verified, you can start trading on the platform!
eToro offers an intuitive platform that allows users to trade stocks, ETFs, currencies, commodities and more with ease. With its user friendly interface and low fees, it’s no wonder why so many people are signing up with eToro!
How to Trade on eToro?
Trading on eToro is a straightforward process. To begin trading, you will need to login or create an account. Once logged in, head to the Markets page and select Stocks to access the full list of stocks available for trading. You can then search for the instrument you would like to invest in using the search bar or by browsing through the list of stocks. When you have found the stock you wish to trade, click “Buy” and enter the amount you wish to invest. Finally, click “Open Trade” and your position will be opened.
It is also possible to trade options on eToro. To do this, first search for your favorite companies that offer stock options and select one that you like. Then hit “Trade” and enter the amount you wish to invest before clicking “Open Trade”.
Twitter recently announced a partnership with eToro which will allow users to access stocks and crypto assets directly from their Twitter accounts. This new feature makes it even easier for users to trade on eToro as they no longer need to navigate away from Twitter in order to open trades.
In conclusion, trading on eToro is a simple process that can be done quickly and easily with minimal effort required from the user. With its recent partnership with Twitter, it has become even easier for users to access stocks and crypto assets without having to leave their social media platform of choice.
FAQ
What is the eToro partnership with Twitter?
The partnership will allow Twitter users to view market charts on a wider range of financial instruments and buy and sell stocks and other assets from eToro, an online brokerage that lets users buy and sell stocks, cryptocurrencies, and index funds.
When did the eToro partnership with Twitter start?
The partnership started on 14 April 2023.
How will the eToro partnership affect Twitter cashtags?
With the eToro partnership, Twitter cashtags will be expanded to cover far more instruments and asset classes.
What is "Fintwit"?
"Fintwit" refers to financial Twitter, which has become a popular trend on the app. Many people use Twitter to find breaking news and updates on stocks and other assets.
What is a super app?
A super app is an app that offers users a range of services such as instant messaging, banking, and travel. The concept has proven wildly popular in East Asia.
Conclusion
Twitter's partnership with eToro highlights the platform's growing role in the fintech industry. As Twitter aims to expand its offering and become a super app, its partnership with eToro offers users greater access to trading stocks, cryptocurrencies, and other financial assets. eToro's social trading platform has already seen significant success, and the partnership with Twitter is set to further expand its reach.