eToro has enabled trading in pound sterling on its platform, bringing it further in line with more advanced broker platforms.
In an email sent to clients on 10 October, eToro hailed the decision to allow trading directly in pounds as a “milestone in creating a fully localised trading experience” which “brings all the benefits of a local broker and global platform in one”,
“We’ve added the ability to open and close positions using your GBP account alongside your USD account,” it stated in the update.
Previously the platform required users to convert their currency into US dollars before trading.
It noted the change should help users “save on conversion fees”, which previously included a charge of 0.45%.
eToro noted that trading in Trading in pound sterling has only been made available to UK residents and is gradually being released, meaning it “may not be available to all users”.
In its latest review in September, The Good Money guide noted the firm’s platform has been consistently adding features, but remains somewhat basic.
The decision to enable trading in pound sterling addresses one of our main criticisms of the platform.
Highlights noted in the review include the ability to look at the positions and then copy) of consistently profitable traders. With more than 20 million customers now signed up, eToro’s simplicity and social aspect has been successful at attracting new users.
Founded in 2007, eToro now has users from more than 140 countries.
In our 2019 interview, its founder and chief executive Yoni Assa placed emphasis on its vision of “opening up the global markets for everyone to trade and invest in a simple and transparent way”.
In September, the firm announced its acquisition of Spaceship, an Australian investing app which offers a pension funds service and range of managed investment portfolios.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
