eToro has launched a new feature allowing users to trade in their local currencies, GBP and EUR, eliminating the need for converting funds into USD. This move aims to help investors avoid currency conversion fees and gain better control over their currency exposure when trading UK and European stocks.
Improved Currency Management for Investors
Previously, eToro users had to convert their local currencies into USD before trading UK and European stocks, leading to additional conversion costs. With this new feature, investors can now trade directly in GBP or EUR, saving on fees and simplifying the process of investing in locally-listed stocks.
Doron Rosenblum, eToro’s Executive Vice President for Business Solutions, commented: “The introduction of GBP and EUR trading is a significant enhancement to our platform. It not only adds more functionality but also improves the way our users tailor their investment strategies by offering a more seamless domestic and international trading experience.”
This update aligns with eToro’s broader strategy to localize its services for key markets while maintaining its global reach. By offering trading in local currencies, eToro aims to provide UK and European users with a more personalized experience. Users can now deposit, hold, and trade in their local currencies without needing to convert to USD, marking a significant improvement in managing portfolios.
Expansion of eToro’s Services
In recent months, eToro has broadened its offerings in the UK and European markets by adding a variety of local assets. Earlier this month, the platform teamed up with Deutsche Boerse to introduce 290 German-listed stocks, following a partnership with the London Stock Exchange that added over 1,000 UK stocks.
eToro is also expanding globally. Recently, it partnered with Dubai Financial Market to offer access to leading companies listed in the region. Additionally, eToro acquired the Australian investing app Spaceship for AUD 80 million ($55 million), strengthening its presence in Australia and expanding its services internationally.
This acquisition marked eToro’s entry into the long-term savings and investing space. Spaceship currently manages over AUD 1.5 billion ($1 billion) in assets and serves more than 200,000 clients.
