I am new to eToro as of this week and share the issue many people have raised with USD-only trading. I reside in the EU but my professional earnings and therefore cash savings are in GBP in the UK. I intend to trade UK stocks on the LSE. I made my first deposit to eToro by bank transfer yesterday. Then eToro Money is now prompting me to open an account with them in order to save money on the currency conversation into USD for trading. However the eToro Money account it will default to will be in EUR! So that means converting the money TWICE (GBP>EUR>USD) before making a trade on the UK stock market. When it's time to sell and withdraw, I will have to trade back USD>EUR>GBP again. Doesn't eToro give us an exchange rate to their own benefit, that is comparably expensive as the banks? Has anyone worked out the costs of all this? Might it start to be just as expensive as going through a traditional UK broker based in the UK charging say £300 per trade?
eToro Money currency charges prohibitive?
25 days later
Trading on eToro with currency conversions can lead to added costs due to spreads. Compare these costs to traditional UK brokers, considering trade fees and currency conversion charges, to determine which option is more cost-effective for your specific trading needs.