eToro Adds NEO to Its List of Cryptocurrencies

In today’s day and age of fast-paced cryptocurrency trading, any update that makes life easier for the everyday user and trader is welcomed.

That is why, the recent announcement by eToro about adding NEO to its list of traded cryptocurrencies was met with positive response, where both market segments – users of the app and holders of the cryptocurrency – appreciated the move.

Often called the direct counterpart to Ethereum due to its facilities of providing smart contracts, enabling new tokens and offering decentralized apps, NEO has seen an unprecedented rise in the last year, establishing its status as a consistent name on the list of the top 10 cryptocurrencies regarding the market cap.

Therefore, it was not a huge surprise when NEO was considered for trading at eToro, the world’s largest social trading platform that currently holds more than 9 million users and facilitates direct peer-to-peer trading, avoiding the need for third parties wherever possible.

It was mentioned by eToro that NEO has a “limited daily investment amount” available on the platform, which means that only a set amount of NEO can be transacted through the platform each day. Once that amount is reached, NEO stops trading for the day and is available the next day when its limit replenishes.

This is done to test the demand for NEO and to check if it would need more resources by eToro shortly to be managed effectively, while also ensuring that the company’s service level for high demand cryptocurrencies does not get affected.

In further updates on NEO, eToro mentioned that the cryptocurrency would also be added to its Crypto CopyFund program that works on a contract for difference (CFD) mechanism, which helps its users to trade between available cryptocurrencies easily.

eToro looks forward to adding more cryptocurrencies

NEO is the second cryptocurrency to be added to eToro just this month, as the company had announced a few days ago that it has added Stellar to its platform.

Speaking about these developments, eToro’s co-founder and current CEO, Yoni Assia, mentioned that last year was evidence of how new cryptocurrencies are receiving positive reactions from new and old investors alike. Considering these developments, it was only prudent to start focusing on new cryptocurrencies to add to eToro and enhance its current offering. The eToro platform already has a current offering of a variety of coins that contains established names such as Bitcoin, Ethereum, Litecoin, and Dash.

Assia mentioned:

“Already in 2018 we’ve seen attention shift away from mainstream cryptocurrencies and the market share of altcoins is increasing all the time. In our view, this trend is only set to continue.”

He further mentioned that new cryptocurrencies would keep getting added to eToro, and the company hopes that by maintaining a diverse portfolio, it will be able to keep its users up to date with the evolving market trends and products.

He stated:

“We are constantly seeking to identify and assess new concepts as they emerge and we are committed to bringing the best crypto assets onto our platform for our users to invest in.”

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Cryptocurrency Exchanges Stop Taking New Users Due to Excess Demand

You must have heard, or read, about the infamous oil crises in the 70s where the demand for oil was so high that it had to be controlled by unusually long wait times and rationing. While the following developments involving cryptocurrency does not seem as drastic as those past events, one would not be able to do deny that it certainly has a funny resemblance to them. No less than three cryptocurrency exchanges recently announced in the past few weeks that they would be suspending registration for new users.

The exchanges in question are Bittrex, Bitfinex, and Binance (update: Binance very r=cently stated that it will now entertain limited user-registrations). 2017 has been immensely significant in the exposure of cryptocurrencies. While being in play for a few years, most people did not deem cryptocurrency as a substantial investment until recently. The change in that line of thinking was influenced by the rise of Bitcoin and how it was discussed continuously in major publications such as Forbes and even through the satirical perspective of late night television.

The coverage only worked towards further enhancing the general population’s interest in cryptocurrencies and how they can bank on this phenomenon. This, as a result, increased the number of people signing up for means to get into the world of cryptocurrency, which brings us to the developments from these exchanges. Bittrex was the first exchange that came forward with announcing the suspension of new registrations.

Last month, the exchange rolled out the following announcement on its website:

“We have received an enormous number of new account registrations over the past few weeks. We are
excited to have so many new users who want to join the Bittrex community. Unfortunately, we have to
make a few upgrades to our support and backend systems to handle the increased traffic and load. As
such, we have halted new user registrations for the time being.”

The statement continued to assure the exchange’s current users that their existing accounts will not be affected in any manner and they can keep using them without any issues.

Whereas, Bitfinex has decided to inform new users of its decision through a popup window on its sign up page, which relays the following message:

“Thank you for your interest in opening a Bitfinex account. However, due to extraordinary demand, new
account creation has been temporarily paused.”

However, the exchange quickly follows up with a reassurance that new registrations will be back on
track by as soon as January 15

“This pause for new account creation is a temporary measure. New account registration will resume by
January 15th, 2018 at the latest.”

Coming to Binance, the company had announced last month that it was halting new user registrations, but on January 8, it announced that it would be resuming the process in a limited capacity.

“We are pleased to announce that Binance will re-open limited user registrations starting today. To
ensure performance for our existing users, only a limited number of new registrations will be allowed
each day.”

It remains to be seen whether any other exchanges decide to follow this pattern soon.

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