The burgeoning virtual asset landscape of the UAE is witnessing frequent partnerships and new initiatives that define the country’s goal to become one of the global crypto hubs. This time, eToro, the multi-asset trading and investment platform, has introduced crypto deposits in the UAE, allowing users to transfer crypto assets from external exchanges or wallets into eToro accounts.
eToro crypto deposit venture comes alongside 1% reward
eToro’s move also follows a new reward system — if users in the UAE deposit crypto to the investment platform and convert it into USD, they can earn 1% of the amount they deposited in the form of UAE-listed stocks.
Suppose you deposited $1,000 worth of crypto in eToro. You converted the amount into $1,000 USD. eToro gives you 1% of the converted amount, which is equal to $10 worth of UAE-listed stocks. In other words, the user will get the total value of the listed stocks, which is $10.
The users will get 1% reward in stocks they select from several leading ADX (Abu Dhabi Securities Exchange) and DFM (Dubai Financial Market-listed) equities. The stocks selected by the users will be directly added to their trading account on eToro. Â
eToro’s 1% reward program in other countries
Before launching in the UAE, eToro introduced the 1% stock reward initiative in the UK and Europe a few weeks earlier. Under this program, UK and European users can convert the deposited cryptocurrencies to GBP or EUR and receive 1% back in equities of their choice. Depending on their location, users can choose stocks from European-listed or UK-listed equities.
Crypto is highly volatile, although it gives potential gains through both short-term and long-term investments. However, when users get a portion of their crypto deposits through the stock reward system, their risk is reduced, as stocks are less volatile compared to crypto.Â
For investors with huge crypto holdings, eToro’s new program could bring them a new source of money through a little extra reward in stock.
