Trading 212 has launched its cryptocurrency trading service, weeks after hiring a leader for its cryptocurrency business. However, it plans to offer cryptocurrencies under a Cyprus-based entity.
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Cryptocurrency in trading 212
The company plans to offer Bitcoin, Ethereum, Solana, and other crypto assets that can be traded from crypto accounts apart from regular contracts for difference (CFD) accounts.
It also explains that cryptocurrency trading will be offered under the Cyprus-regulated Trade 212 Market, meaning that European Union users of the platform will be able to access these products. However, UK users of Trading 212, which is the platform’s main source of revenue, may not have access to these products.
Trading 212 generated £150m from its UK brokerage services in 2024, while its Cyprus division generated around £42.2m. But on the positive side, the intermediary has doubled the revenue of its Cyprus operations.
As a group, Trading 212 made a net profit of £43.7m in 2024 on revenue of £194.1m. Germany’s FXFlat added more than £1m to the total value following the acquisition.
The group’s figures include the results of several Trading 212 subsidiaries, including FXFlat’s entities in the UK, Bulgaria, Cyprus, Australia and Germany. The broker, currently focused on the UK and EU, was founded in Bulgaria in 2004 as Avus Capital and incorporated in the UK in 2013.
In the UK, brokers are also moving away from CFDs to stockbroking. Trading 212 has also diversified its services with multi-currency payment cards.
Trading 212 is developing a cryptocurrency strategy
Interestingly, Trading 212 established a dedicated crypto entity in Cyprus last year and also obtained a Crypto Asset Service Provider (CASP) license from the Mediterranean island’s regulator.
The broker could offer physical cryptocurrencies under a new Cyprus entity, but its plans with that entity and license remain unclear.
The latest launch also follows the appointment of Christos Drakos as head of the broker’s crypto operations. He previously worked at Revolut and ETX Capital.
But they are not the only ones pivoting to cryptocurrencies. IG Group, the UK’s largest broker, is also increasing its presence in cryptocurrencies. The London-listed broker first launched spot retail crypto trading in partnership with Uphold, then agreed to acquire the Australian crypto exchange. The company has registered with the Financial Conduct Authority as a cryptocurrency service provider.
