Good news for prospective cryptocurrency traders who feel more comfortable with major retail brokerage firms. The E*Trade Financial Group, one of the largest online trading platforms for individuals, is reportedly preparing to offer cryptocurrency pairs for new and existing account holders.
Cryptocurrency Trading Becomes Easier than Ever
Aside from bringing additional liquidity and higher trading volume to the digital currency markets, the advantage of E*Trade getting into crypto trading is that it brings more legitimacy into this world. Many E*Trade customers are casual investors who are more likely to treat Bitcoin and other tokens as long-term investments; however, existing account holders who may have ventured into exchanges could be interested in consolidating their financial activity into a single portfolio.
Trading account consolidation is a good strategy for online retail brokerages to consider when evaluating whether they should embrace digital currencies. For a financial services provider such as Robinhood, for example, this has been a very smart move. Robinhood is a major E*Trade competitor that listened to its account holders when it decided to offer cryptocurrency trading; the company has explained that this has been a major contributor to growth, particularly because it attracts new customers who wish to learn about Bitcoin and the world of digital currencies in general.