eToro adds Russian stocks, cuts conversion commission for RUB deposits

eToro adds Russian stocks, cuts conversion commission for RUB deposits

Social trading and multi asset brokerage eToro has expanded its product portfolio with new Russian stocks traded on the London Stock Exchange, including Yandex. Sberbank of Russia, Rosneft, and Norilsk Nickel, the broker said last week.

It has also decreased conversion commission on deposits in Rusisan rubles (RUB) to 50 pips from 250 pips, which is below the average fees offered by banks.

The news comes shortly after in February 2016 eToro announced it is setting up of a joint venture (JV) with Sberbank, which will commence operations by the end of 2016. Under the JV agreement, the new entity would provide eToro’s services to Russian investors, while the bank’s clients would have access to the broker’s social trading platform.

The move is part of eToro’s strategy to dynamically enter the Russian market. In December last year, eToro introduced trading in 139 new stocks, 15 of which were of Russian companies.

eToro has two units- eToro Europe, which is registered and regulated in Cyprus by the Cyprus Securities  and Exchange Commission (CySEC), and eToro UK, which is regulated by the UK’s Financial Conduct Authority (FCA). It operates in more than 170 countries across the globe and has more than 4.5 million registered users with more than 181 million open trades.

New eToro is currently eToro’s only social trading platform after after with its launch in November 2015 it replaced the iconic eToro OpenBook and eToro WebTrader platforms. New eToro is available across all types of devices and allows trade of forex, commodities, indices, and contracts for difference (CFDs) on stocks. Traders can use customizable watchlists, portfolio and risk management tools, real-time charts and live news feeds.

Social trading networking allow investors to trade, follow other fellow traders and copy their trades, or get followed themselves. It is especially suitable for inexperienced traders who want

eToro competes with social trading platforms ZuluTradeTradeo, and Tradency, among others.

Source: eToro

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