eToro was one of the first over-the-counter brokers to cancel stock trading commissions to attract new traders. Consequently, the number of people investing in stocks on the eToro platform has grown by 153% since the company abolished commissions, reported Forex Magnates according to the social broker.
Unlike other “no commission” brokers, eToro also does not limit the number of transactions. The broker was the first in the UK to offer investors greater flexibility, allowing them to buy fractional shares in companies. In addition, eToro is one of the few platforms that does not charge administrative fees and even incurs a stamp duty for operations with shares, which allows customers to save an additional 0.5% when buying shares in the UK.
Iqbal V. Gandham, managing director of eToro in the UK, added: “We believe that investing should be accessible to everyone, so we decided to end the commission for buying and selling shares back in May 2019. Since then, many have followed our example. The sharp increase in the number of users proves how popular this step was among investors who clearly did not want to give their hard-earned money to service providers simply for the opportunity to buy shares of their favorite companies. But that is not all. We are proud of our innovations, including fractional stocks, copying and the program of popular investors. We will continue to offer interesting and useful tools to help people achieve their investment goals. ”