[José]

Can someone assist me with the eToro platform…

I am living in Spain and interested in trading stocks. I have read lots of good things about eToro and seen their advertisement videos. But I have just run into a stumbling block. They say they accept payments in euros but now I’ve learned accounts are in dollars only so will I always have to pay a fee whenever I fund my account? Can I avoid this?

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[Diego]

Have you looked into opening a multicurrency account? Then you can hold and transfer in both EUR and USD. You’ll still pay a conversion fee but it could well be a better rate than eToro’s.

The other irritating thing about eToro is that they charge $5 when you want to withdraw.

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[José]

I have thought about it sir.

Wise and Revolut seem to be the main ones. Who do you use can I ask?

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[Joseph Gray]

I steered clear of eToro for exactly this. There are so many companies with euro accounts nowadays that you have good alternatives…TradeNation, BlackBull, Octa.

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[José]

I want to use eToro because as well as stocks I’m interested in their copy trading product.

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[MS1980]

Yep, eToro is annoying in this regard.

I’ve used them myself in the past and ran into the same problem.

I found you could keep FX fees down by using exchange services like Wise where the rates can be better than the ones eToro charges. So convert your euros to dollars using Wise or another service and then transfer to your eToro account.

It’s a bit of a hassle but it’s the best way I discovered.

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[Christian Harris]

It’s worth noting that eToro fees can be reduced depending on your ‘tier’ (how much money you have in your live trading account).

For example:

– discount or exemption on conversion fees from 25-100% on accounts with $5k+ balance.

– no withdrawal fees on accounts with $25k+ balance.

 

Have a read here: https://www.etoro.com/about/club/

 

 

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[José]

I did not know this thanks sir.

That link then got me onto this with more details: https://www.etoro.com/trading/fees/conversion/

I will be transferring enough to qualify for a partial discount which makes it somewhat less annoying, mmmm.

 

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[Christian Harris]

A pleasure. Every little helps!

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