eToro fees | All you need to know

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Valuable content to watch:👇😉
eToro Spread fees: https://youtu.be/B6fIaD1XPGg
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Time Stamps:
00:00 Intro
00:50 Conversion Fee
03:20 Spread Fee
04:00 Withdrawal Fee
04:12 Leverage Fee
04:30 Overnight Fee
05:15 Inactivity Fee
05:45 Final Thoughts

#etoromindleaves

The Fees BREADOWN:

1. Conversion Fee
Conversion fees only apply when you are transferring any other currency into eToro other than dollar. This is because eToro functions in dollars. If you transfer dollars into the eToro platform there will be no fee and the amount you transferred is the amount that you will.

For instance: If you have $1000 balance in Paypal and you transfer $1000 to eToro, you will have the full $1000 available to trade with. Quite simple right? This is thus the best way to use eToro is to use dollars to avoid conversion fees.

If you are using another currency like Pounds or Euro, eToro calculates the conversion fee using pips. In the video, I share with you a view of the eToro fee page to see how many pips it costs to transfer other currencies onto eToro.

This is the hardest fee to understand. It is very important to note that your money has to leave eToro the same way it enters. Thus if you paid a conversion fee at the beginning to convert different currencies on eToro, you will have to do the same again when you withdraw your money from the platform. This is very important to be aware of before transferring any foreign currencies onto eToro’s platform.

2. Spread fees
This is very easy to understand. All leveraged stocks have spread fees. Leveraged stocks mean you are borrowing money from eToro to trade and when you do that spread fees occur.
It’s very easy to avoid this fee. DONT LEVERAGE AND BORROW MONEY TO TRADE

For instance:
If you want to buy a stock with leverage that’s valued at $1, but because of a spread fee, the stock will cost you say $ 1,05.

3. Withdrawal fee
eToro charges a withdrawal fee of $5 every time you want to take out money on eToro. This amount stays fixed no matter the amount being withdrawn.

4. Leverage fee
As with the spread fee, this is not a fee I will encounter when trading on eToro as I don’t believe in borrowing money to invest. Leverage fees can easily be seen when choosing a leveraged option below in the tab.

5. Overnight fees
Overnight fees only apply when leveraging. This is simple to understand as eToro lends you money and they charge interest on that at 6,4% over 365 days. There is also a LIBOR fee of 1,55% which basically is the banks interest rate for loaning money. And these rates generally change for long position and short positions. These fees are always changing and it’s important to check them regularly if you go down this path.

6. Inactivity fee
eToro will charge you a fee of $10 when you don’t log into your account for 12 months. The $10 fee will continue every month there after until your account is depleted at $0. This is a very silly fee to pay and can easily be avoided by just logging in regularly or depleting and deactivating your account if you don’t want to invest with eToro any longer.

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