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eToro's $620 million Nasdaq listing was built on a product US traders cannot use

7/30/2026

The roughly $620 million offering that put eToro (ETOR) on the Nasdaq at $52 in May 2025 relied heavily on revenue from contracts for difference, an instrument its American customers are not permitted to trade.

CFDs are the dominant leveraged product across Europe, Australia, and much of Asia.

European regulators have documented that between 74% and 89% of retail CFD accounts lose money, a figure that explains both the instrument's global reach and the logic behind American restrictions.

How a contract for difference settles A CFD is an agreement between a trader and a broker to exchange the cash difference in an asset's price from open to close.