Multi-asset trading and investment venue eToro’s users have soared in the last months after the platform went commission-free for all activities related to stock trading. The platform actually became one of the first companies to go commission-free on stocks in May 2019 in a bid to open up investing to the masses. That means that eToro customers can buy shares from leading exchanges around the world without having to pay spread fees.
Iqbal V. Gandham, UK Managing Director of eToro, says: “We believe investing should be for everyone, which is why we decided to do away with commission for buying and selling shares back in May. We’ve since seen other players follow suit globally. The spike in user numbers proves how popular the move has been with investors, who have clearly had enough of handing over their hard-earned cash to providers just to buy shares in their favourite companies.”
Unlike other ‘commission-free’ brokers, eToro also does not place a limit on the number of trades. They also give investors greater flexibility by allowing them to buy fractional shares in firms and were the first company in the UK to offer this.
Further, eToro is one of the few platforms that does not charge administration fees and it even absorbs the Stamp Duty levied on share dealing, saving clients an extra 0.5% when buying UK stocks.
The news comes as eToro celebrates crossing the 12 million registered user mark worldwide, 12 years since launching, marking it out as one of the world’s largest fintech companies by customer accounts.
“We are not finished. We pride ourselves on being an innovator, offering unique features such as fractional shares, copy and our Popular Investors programme. We will continue to come up with exciting and helpful ways to help more people meet their investment goals,” Iqbal V. Gandham concluded.