Online Broker eToro to Update FX Conversion Fees for Deposit and Withdrawal Transactions

The social investment and trading network, eToro, will update its FX conversion fees for EU currencies to USD for deposit and withdrawal transaction on August 2, 2022.

eToro explains that the move is aimed at providing users with a seamless experience while simplifying their operations. The eToro platform operates in U.S. dollars, so all currency deposits and withdrawals on the platform must be converted to U.S. dollars, which incurs currency conversion fees. eToro states that clients can see the amount in USD and the conversion rate applied before depositing or withdrawing.

The dealer noted that FX conversion fees vary across currencies. FX conversion fees in the eToro system are based on PIPs, and the value of a PIP depends on the currency pair, exchange rate, and deposit and withdrawal amount, so each currency has its own FX conversion based on the exchange rate of that currency against the US dollar.

The following are the currency conversion fees that eToro will apply at that time:

CHF GBP EUR AUD 150 PIPs

NOK SEK DKK 1500 PIPs

PLN HUF 650 PIPs

CZK 3500 PIPs

It is reported that users with an eToro Money account will still enjoy free FX conversion services when depositing from this account to the eToro platform. Currently, the account is available to users in the UK, Italy, Spain, Cyprus, Romania and Ireland, and will be rolled out to more EU markets in the future.

eToro is expanding its global footprint. Last month, the company was registered as a Digital Asset Service Provider (DASP) with the Autorité des Marchés Financiers (AMF)​, which allows its Europe subsidiary to offer direct crypto trading in France. Meanwhile, the broker announced the acceptance of new users from South African​.