eToro introduced a new feature that enables users to trade in their local currencies, GBP and EUR, eliminating the need for conversion fees. This change promises to help investors save on fees and have better control over their currency exposure.

Currency Management

Previously, the comapany's users had to convert their local currency into USD to trade in UK and European stocks, a process that often resulted in additional conversion costs. With this new feature, users can now trade directly in GBP or EUR, allowing them to avoid conversion fees when investing in locally-listed stocks.

Speaking about the new offering, Doron Rosenblum, the Executive Vice President for Business Solutions at eToro, said: “Introducing the possibility to invest directly in GBP and EUR marks a significant addition to our product offering. This isn’t just about adding another feature, it’s about fundamentally enhancing the way our users tailor their investment strategy by improving their domestic and international trading experience.”

This update is part of eToro’s ongoing strategy to localize its services in its key markets while maintaining its global reach. The introduction of GBP and EUR trading complements the platform’s global offering by giving UK and European users a more customized experience.

Investors can now deposit, hold, withdraw, and fund trades in their local currencies without first converting to USD, marking a significant improvement in the way users manage their portfolios.

eToro Expands Offerings

In recent months, eToro has expanded its offerings in the UK and Europe by adding a wide range of local assets. Earlier this month, the platform partnered with Deutsche Boerse to introduce 290 German-listed stocks. This followed a previous collaboration with the London Stock Exchange, which added over 1,000 UK stocks.

The company is also expanding its reach globally, recently partnering with Dubai Financial Market to offer access to leading companies listed there. eToro also acquired the Australian investing app Spaceship for AUD 80 million ($55 million). According to the company, this deal aims to strengthen eToro's presence in Australia and expand its services globally.

This marked eToro's entry into the long-term savings and investing space. Spaceship reportedly has more than 200,000 clients and manages over AUD 1.5 billion AUD ($1 billion) in assets.