Competition

Competitors describe eToro Group Ltd.'s market in their own filings and calls. These verified passages and visual pages show where their strategies meet, using source documents preserved in Sources.

Robinhood Markets (HOOD)

The closest structural analog to eToro: a mobile-first retail app bundling commission-free stocks, options and crypto for a young, self-directed audience, now pushing hard into eToro's home turf — the UK/EU, tokenized equities and a 'verified trades' social layer that mirrors eToro's copy-trading DNA. Featured on its scale and share, its EU/tokenization strategy and Robinhood Social; the US credit card, banking and prediction-market lines are out of scope except as evidence of the super-app wallet-share push.

Robinhood's own full-year 2025 scorecard and share claim: platform assets up ~70% to $324bn, a record $68bn of net deposits, and $4.5bn of revenue, with management asserting double-digit share gains across equities, options, crypto and margin plus eight straight quarters of net inflows from rival brokers. These are Robinhood's reported figures and its own characterization of share, not an independent measurement — but they set the scale yardstick eToro's funded-account and trading metrics are judged against.

Vladimir Tenev, Chairman & CEO — prepared remarks: Strong double-digit year-over-year market share gains across equities, options, crypto, and margin. By the way, this includes positive net transfers and positive inflows from all of our major brokerage competitors for the last eight quarters in a row, which is pretty amazing. […] Total platform assets grew nearly 70% year over year to 324 billion. Net deposits, a record 68 billion, which is a 35% growth rate. Gold subscribers grew nearly 60% year over year to 4.2 million. Revenues, putting it all together, which were less than 3 billion a year ago, grew to 4.5 billion in 2025.

p. 2 · Read in context →

Robinhood building the feature that is eToro's signature: a social layer with verified profiles, returns and trades, pitched on the premise that users have 'real positions and real returns' — the same transparency-of-track-record hook underneath eToro's Popular Investor / copy-trading network. Rolled out to a first 10,000 customers here, so it is early, but it is a direct move onto eToro's differentiator.

Vladimir Tenev, Chairman & CEO — prepared remarks: Robinhood Social, strong engagement. We've rolled out Robinhood Social to the first 10,000 customers. What we're hearing is they absolutely love verified profiles. They love verified returns and trades. The value proposition for Robinhood Social, as opposed to other social media platforms or places to chat about finances, is you have a guarantee that customers have actual skin in the game with real positions and real returns.

p. 2 · Read in context →

Robinhood's stated European playbook, framed on the call as a 'test case' for a brokerage built entirely on crypto rails: no traditional stocks in the EU, only stock tokens, with management predicting tokenized offerings will beat traditional ones by year-end and its ~750,000 international customers scaling 'into the millions.' This is the same UK/EU retail market where eToro is a scaled incumbent, attacked with a tokenized-equity model.

Vladimir Tenev, CEO — Q&A on international expansion: We are pushing hard on tokenization. By the end of this year, you'll see that tokenized offerings will be better than the traditional offerings. We are going to continue to close the gap with other offerings in the EU as well. We have three-quarters of a million international customers; I think you'll see that getting into the millions relatively quickly.

p. 8 · Read in context →

Coinbase Global (COIN)

Crypto is eToro's single largest revenue driver, and Coinbase is the scaled crypto platform now expanding the other way — into stocks, tokenized equities and prediction markets under its 'Everything Exchange' vision, i.e. eToro's exact multi-asset retail collision, approached from the crypto side. It is also the only peer in this set that names eToro. Featured on that pivot, its crypto scale/share and the eToro relationship; the stablecoin/USDC, Base chain and institutional lines are context, not the focus.

Coinbase's stated pivot from a spot-crypto exchange into a multi-asset trading app — stock trading, 24/7 equity perps, derivatives and prediction markets — the 'Everything Exchange' strategy that converges on eToro's stocks-plus-crypto model. The $200m derivatives and $100m prediction-market annualized revenue run-rates are Coinbase's own early figures for nascent lines, offered as validation of the strategy.

Brian Armstrong, Co-Founder & CEO — prepared remarks: We heard from customers that they wanted to trade more than just crypto on Coinbase, and I'm excited to share that in the past year, we've transformed Coinbase from a primarily spot-focused crypto platform into a place where you can now trade any asset class. We've added stock trading, 24/7 equity perps, retail access and geographic expansion for derivatives, we've added prediction markets. And we're starting to see real traction now validating our Everything Exchange strategy. Derivatives trading is now over $200 million in annualized revenue. Prediction markets are scaling fast, reaching $100 million in annualized revenue in March. That's just 2 months after launch.

p. 2 · Read in context →

Coinbase's own sizing of its crypto position — a claimed 12% of all crypto globally, 'more than our next four competitors combined,' and doubled trading volume/share — alongside the plan to add ~10,000 equity tickers, offer tokenized equities and take the Everything Exchange international. The share figures are Coinbase's self-assessment; the equities and geographic-expansion moves are the direct threat to eToro's multi-asset retail franchise.

Brian Armstrong, Co-Founder & CEO — prepared remarks: We hold 12% of all crypto globally, more than our next four competitors combined. Our platform's assets have nearly tripled in the last three years, and they tend to remain with us as we enhance our offerings. Second, we've doubled our trading volume and market share annually. We began as the market leader in the U.S. and are now expanding our international presence as regulatory clarity improves worldwide. […] We are also rolling out nearly 10,000 equity tickers this month and have acquired Echo to facilitate efficient on-chain capital formation, paving the way for unique investment opportunities. We’re working towards offering tokenized equities, which can significantly enhance the financial system. With the supportive leadership of the SEC towards crypto, we see a clear pathway forward. We will also broaden the Everything Exchange to additional countries.

p. 1 · Read in context →

The one place a peer names eToro — and it is as a customer, not just a rival. Coinbase lists eToro among ~240 institutions using its Crypto-as-a-Service infrastructure (alongside JPMorgan, Revolut and Webull), a 'frenemy' dynamic in which a direct retail competitor also leans on Coinbase's crypto rails. Coinbase's framing; it does not disclose the scope of the eToro relationship.

Brian Armstrong, Co-Founder & CEO — Q&A: Many companies are entering the crypto space and they often do not want to build the necessary infrastructure themselves. Storing private keys securely and integrating with various blockchains is complex, as is executing trades and onchain payments. Therefore, many are turning to Coinbase. We have a long history in this area and previously decided to offer the services we developed for our own needs to third parties, similar to what Amazon did with AWS. We refer to this as Crypto-as-a-Service or CaaS. […] Currently, around 240 institutions are using these Coinbase solutions in different ways. We recently announced a partnership with PNC, which has been going well, and we are also working with several others like JPMorgan, eToro, Revolut, and Webull, with more partnerships in the works.

p. 4 · Read in context →

Plus500 (PLUS)

A direct retail multi-asset competitor with the same DNA as eToro — an Israel-founded, proprietary-platform trading business whose core is retail CFDs across shares, indices, FX, commodities and crypto, now diversifying into share dealing ('Plus500 Invest') and US futures across the UK, EEA and international markets eToro also serves. Featured on its product scope, retail customer/ARPU metrics and diversification; the US-futures B2B infrastructure build is context for the diversification, not the focus.

Plus500's CEO sizes the group and its diversification: 30m+ registered customers across 60+ countries, and a non-OTC (share dealing and futures) business now ~10% of revenue, ~15% of new customers and ~36% of customer deposits. The registered-customer count is a cumulative sign-up figure, not active users; the exhibit shows Plus500 moving beyond CFDs toward the multi-asset mix eToro runs.

David Zruia, Chief Executive Officer — CEO review: In recent years, as guided by its strategic roadmap, Plus500 has expanded and diversified its global operations to become a provider of market infrastructure services and proprietary trading platforms in the US futures market, as well as trading platforms across OTC markets and share dealing. Today, the Group offers a wide variety of products and services across its OTC, share dealing and futures offerings. It operates in more than 60 countries and has over 30 million customers registered on its platforms globally. […] In FY 2024, the non-OTC business as a whole contributed approximately 10% of total Group revenue and approximately 15% of New Customers, which highlights the growing importance of these businesses to the continued success and future growth of the Group. Non-OTC customer deposits in FY 2024 were $1.1bn, representing approximately 36% of total customer deposits on a Group level.

p. 9 · Read in context →

Plus500's reported retail funnel for FY2024: 118,010 new customers (+30%), 254,138 active customers (+9%), average deposit per active customer of ~$12,000, $3.0bn of total customer deposits and annualized ARPU of $3,023. These are the funded-account and monetization metrics most directly comparable with eToro's own — a smaller active base than eToro's but a high-value, CFD-led one.

The Group onboarded a total of 118,010 New Customers during the year (FY 2023: 90,944), equating to an increase of 30% year-on-year, reflecting its investment in its multi-channel approach to customer acquisition. This improved performance also reflects the expansion of the Group’s businesses in the US futures market and wider strategic investments in its technological marketing capabilities.

Customer deposits grew once again during the year, with the Average Deposit per Active Customer reaching approximately $12,000 (FY 2023: approximately $10,300), highlighting the level of confidence that customers have in Plus500 and the Group’s ongoing focus on higher value customers. Total customer deposits in FY 2024 increased to $3.0bn (FY 2023: $2.4bn), which are both record levels for Plus500. […] The number of Active Customers during FY 2024 increased by 9% to 254,138 (FY 2023: 233,037), thanks to the Group’s customer retention, monetisation and activation technologies.

ARPU reached an annualised level of $3,023 in FY 2024 (FY 2023: $3,116), which highlighted the depth of the Group’s product offering, the high-quality nature of its trading platforms

p. 40 · Read in context →

The audited self-definition of the product overlap: Plus500 as a 'global multi-asset fintech group' spanning CFDs, share dealing and futures, with trading income arising on client positions 'primarily in OTCs on shares, indices, ETFs, options, commodities, cryptocurrencies and foreign exchange' — essentially eToro's asset menu, offered largely as leveraged CFDs.

Plus500 Ltd. (the “Company” and together with its subsidiaries, the “Group”) is a global multi-asset fintech group operating proprietary technology-based trading platforms. Plus500 offers customers a range of trading products, including OTC (“Over-the-Counter” products, namely Contracts for Difference (“CFDs”)), share dealing, as well as futures and options on futures. […] Trading income represents Customer Income, which includes revenue from OTC Customer Income (customer spreads and overnight charges), non-OTC Customer Income (commissions from the Group’s futures and options on futures operation and from the Group’s share dealing platform) and Customer Trading Performance, which includes gains/losses on customers’ trading positions, arising on client trading activity, primarily in OTCs on shares, indices, ETFs, options, commodities, cryptocurrencies and foreign exchange.

p. 115 · Read in context →

IG Group Holdings (IGG)

The self-described largest retail OTC/CFD provider worldwide — the leveraged-trading category that is eToro's largest business — now diversifying straight into eToro's other lines: commission-free share dealing (IG Invest and the Freetrade acquisition, aimed at 20–30-somethings) and cash crypto. Featured on its market leadership and economics, and on the equities/crypto diversification; the US tastytrade options franchise is adjacent and noted in more_documents.

IG's claim to be the largest retail OTC/CFD provider worldwide, with 19,000+ instruments, and its framing of the OTC model — revenue from spread, commission and funding charges, 'not driven by client losses.' The leadership claim is IG's own; the economics statement is the industry's live debate over CFD business models, the same one that shapes how eToro's leveraged-trading revenue is scrutinized.

IG pioneered the retail over-the-counter (OTC) derivatives category, and we are the largest provider of these products to retail traders worldwide. Our platform provides access to over 19,000 underlying instruments globally. […] Our revenue is driven by spread, commission and overnight funding charges, it is not driven by client losses. We want our customers to trade successfully and we invest in content, education and tools to help them do so.

p. 8 · Read in context →

IG's push into eToro's non-CFD lines: the Freetrade acquisition (AUA +38%, a young 20s–30s customer base that 'broadens our addressable market') gives it a commission-free share-dealing brand, and its UK cash-crypto launch with Uphold — the first by a UK-listed company — adds spot crypto. Two of eToro's core propositions, entered by IG in a single year.

Breon Corcoran, Chief Executive Officer — CEO statement: Freetrade delivered strong growth in FY25, in line with expectations, with assets under administration up 38% and total revenue increasing 22%. It brings us capabilities I have talked a lot about, including a strong brand, differentiated user experience, rapid product velocity, highly scalable technology and a proven ability to acquire and serve customers at low cost.

With most of Freetrade’s customers in their 20s and 30s, the acquisition broadens our addressable market and provides us with optionality around new product and market entry. […] We achieved a significant milestone in May 2025 when we launched our UK cash crypto offering in partnership with Uphold, becoming the first UK-listed company to provide the product to retail customers and we are now live with 35 coins.

p. 17 · Read in context →

IG sizing the shared UK crypto opportunity: combined OTC and spot-crypto revenue growing 30–40% year on year and a self-estimated ~5% share of UK direct-to-consumer crypto trading revenue. The share figure is IG management's own estimate, offered to argue its earnings are diversifying beyond CFDs — the same crypto-plus-trading retail pool eToro competes in.

Clifford Abrahams, Chief Financial Officer — FY2025 results call: In the UK, our combined OTC and spot crypto revenue is growing 30% to 40% year on year, and we estimate around 5% share of UK direct-to-consumer crypto trading revenue.

p. 4 · Read in context →

CMC Markets (CMCX)

A direct multi-asset direct-to-consumer competitor: a UK/Australia-listed leveraged-trading firm (CFDs and spread betting) that, like eToro, has layered on a non-leveraged investing platform (equities, ETFs, ISAs/SIPPs) and is building a multi-asset 'Super App' — while also running a B2B/institutional infrastructure arm eToro largely lacks. Its annual report parsed with heavy OCR damage, so both exhibits are page images of the actual pages. Featured on its product/segment breadth and its trading-vs-investing client economics.

Interactive Brokers Group (IBKR)

The global multi-asset electronic broker for individual and professional investors across 200+ countries — the low-cost, worldwide-access benchmark eToro's international retail franchise is measured against, and increasingly a direct rival as IBKR rolls out retail crypto across Europe, prediction/event contracts and localized retail products. Featured on its multi-asset reach/scale and those retail-facing moves; its institutional and market-making businesses sit outside the eToro overlap.

Interactive Brokers' own sizing of its multi-asset, global platform: every major tradable class — including cryptocurrencies and forecast contracts — across 170+ venues in 40 countries and 29 currencies, serving ~4.4 million customers. This breadth-and-reach is the benchmark eToro's 'invest globally from one app' proposition is compared with, at the lower-cost, more sophisticated end of the retail market.

We offer our customers access to all tradable classes of primarily exchange-listed products, including stocks, options, futures, forex, bonds, mutual funds, ETFs, precious metals, cryptocurrencies, and forecast contracts traded on more than 170 electronic exchanges and market centers in 40 countries and in 29 currencies around the world. […] Since the launching of our electronic brokerage business in 1993, we have grown to approximately 4.4 million institutional and individual brokerage customers. We provide our customers with what we believe to be one of the most effective and efficient automated brokerage platforms in the industry.

p. 9 · Read in context →

IBKR's recent account momentum and its move onto eToro's turf: 34% new-account growth, a record $182bn of uninvested client cash and $930bn of client equity, plus retail-facing launches — the SpaceX IPO offered to UK and European retail clients and crypto rolled out across Europe (live in the UK since 2024). The metrics are IBKR's reported results; the European retail crypto/IPO access is the direct collision with eToro.

Nancy Stuebe, Director of IR (presenting CEO Milan Galik's remarks) — Q2 2026 call: 34% growth in new accounts drove client uninvested cash balances higher by 27% year-over-year to a record $182 billion. With competitive interest rates and a solid balance sheet, IBKR provides an attractive choice for clients to place their idle cash. Client equity rose 40% to $930 billion. We introduced multiple new products and initiatives this quarter. […] In Europe, we directly offered the SpaceX IPO to eligible U.K. and European retail clients, providing access across multiple countries. We also began offering cryptocurrencies throughout Europe. We have been offering crypto in the U.K. since 2024.

p. 1 · Read in context →

More peer documents

HOOD_annual_report_FY2025 — 221 pages · The 10-K defines Robinhood's competitive set (incumbent brokers, fintechs, crypto exchanges) and discloses 'Robinhood Stock Tokens' launched in the EEA in June 2025 — filing-grade confirmation of tokenized US equities offered to European retail. · Open →

COIN_annual_report_FY2025 — 179 pages · Item 1 states the 'Everything Exchange' mission — 'a single platform to trade any asset, anywhere in the world' — and Coinbase's competition framing against US/European fintechs; the durable, filed version of the multi-asset collision. · Open →

PLUS_annual_report_FY2025 — 30 pages · The Plus500UK subsidiary report gives the retail product scope in one line — CFDs across 2,500+ underlying instruments (equities, ETFs, FX, indices, options, commodities) on a proprietary multi-device platform. · Open →

Q1_FY2026 — 8 pages · IBKR details its retail crypto build — EEA expansion, crypto transfers, access to the Coinbase Derivatives Exchange and 24/7 prediction markets — the fullest account of it moving retail crypto onto eToro's ground. · Open →