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eToro is making it easier to diversify your investments. The social trading platform has announced users can now directly invest in shares. This will make it possible to hold shares, cryptocurrencies, exchange-traded funds (ETFs), and other financial assets all in the same portfolio.
Previously, eToro allowed investing in shares via contracts of difference (CFD). Unlike CFD investments though, buying shares essentially gives users the option to own the actual asset.
“eToro enables people to invest in the assets they want to own, from newly available assets such as cryptocurrencies, to more traditional options like shares,” said CEO and founder Yoni Assia. “We want investors to be able to hold all these assets in a single portfolio.”
Aside from the updated portfolio service, eToro said it will cover any stamp duty costs for UK users buying shares from its platform. For context, British tax law stipulates share purchases be taxed with additional 0.5-percent stamp duty.
Users buying shares will also be exempt from ticket and management fees. That being said, UK customers can still expect to be charged the platform’s standard fees for trading and investing, which amount to about 0.09 percent per side, according to eToro.
It is worth pointing out the company reserves the right to withdraw its practice of absorbing stamp duty in the future, so you might want to take advantage of this deal now.
eToro has been getting busy over the past several months.
Shortly after securing $100 million in private funding from SBI Group, Korea Investment Partners and The World-Wide Investment Company Limited at a valuation of $800 million, the company announced plans to open a cryptocurrency-only exchange desk and expand its operation to the US later this year.
In addition to the new exchange desk, the company said it will also be rolling out its own cryptocurrency mobile wallet.
eToro currently supports 11 cryptocurrencies. But during an interview at TNW Conference earlier in May, Assia told Hard Fork that more trading options will be added to the platform as part of its US expansion. For the time being though, the company is focused on ensuring its US operation is fully compliant with local regulations.
Published June 27, 2018 — 08:13 UTC