eToro has given clients the ability to deposit funds and buy and hold assets in Great British Pounds or GBP. Historically eToro accounts and assets were denominated in US Dollars, but the firm is launching a sterling eToro money account to provide its clients with what it calls a:
“Truly localised trading experience”
Using the new GBP trading facility, eToro clients will now have the ability to deposit funds in GBP or US dollars. They will only need to convert their GBP funds, as and when they buy a dollar-denominated asset, and even then, only the amount required to settle the trade.
eToro clients will need to update their app to access the new facility, but once that’s done, they can deposit sterling into their account if required and start trading and investing using the UK currency.
eToro hinted that there are other innovations on the way without saying exactly what they were.
Dollar supremacy
FX and other margin trading are often dollar-denominated for historical and practical reasons.
The US dollar is the global reserve currency, and all FX transactions, regardless of whether they are between pairs or crosses, have a direct relationship to the dollar.
Brokerage PnLs, KPIs and trading platforms are usually US dollar-based for those reasons.
The supremacy of the US dollar is receding slightly, as the global economy evolves, however, it remains the principal medium of exchange in the financial and commodity markets.
Etoro was founded in early 2007 and launched its first trading platform in September of that year.
The firm now has some 35.0 million registered users, who are drawn from more than 100 countries around the world.
With over 35 years of finance experience, Darren is a highly respected and knowledgeable industry expert. With an extensive career covering trading, sales, analytics and research, he has a vast knowledge covering every aspect of the financial markets.
During his career, Darren has acted for and advised major hedge funds and investment banks such as GLG, Thames River, Ruby Capital and CQS, Dresdner Kleinwort and HSBC.
In addition to the financial analysis and commentary he provides as an editor at GoodMoneyGuide.com, his work has been featured in publications including Fool.co.uk.
As well as extensive experience of writing financial commentary, he previously worked as a Market Research & Client Relationships Manager at Admiral Markets UK Ltd, before providing expert insights as a market analyst at Pepperstone.
Darren is an expert in areas like currency, CFDs, equities and derivatives and has authored over 260 guides on GoodMoneyGuide.com.
He has an aptitude for explaining trading concepts in a way that newcomers can understand, such as this guide to day trading Forex at Pepperstone.com
Darren has done interviews and analysis for companies like Queso, including an interview on technical trading levels.
A well known authority in the industry, he has provided interviews on Bloomberg (UK), CNBC (UK) Reuters (UK), Tiptv (UK), BNN (Canada) and Asharq Bloomberg Arabia.
