In an effort to tap into one of the fastest-growing markets for stock trading, industry giant eToro has announced a commission-free stocks offering to Australians.
In an announcement last week, the 2007 founded investment firm stated that Australian users of its popular platform will have the option to buy stocks listed on the NASDAQ and NYSE exchanges, with zero-commission.
The company added that Australia has become one of its fastest-growing markets. eToro has been enjoying a period of aggressive expansion recently, so much so that it now has 13 million globally registered users.
Despite the coronavirus pandemic, the firm has seen an increase of 427% in new users making their first deposit on the platform in the first 4 months of this year, compared with the same period in 2019.
eToro’s Australia Managing Director, Robert Francis, said that since opening the Sydney office, the firm has committed to growing its footprint down under, with a goal of giving Australians access to global markets.
In reference to their latest offering, he said zero-commission stocks removes one of the main barriers to entry for many investors – costs, before adding;
“In addition to this, offering fractional shares allows investors to buy as little as 0.001 of a share. With as little as $50 USD ($77 AUD), Australians can open a position in the most popular stocks traded on the NASDAQ or NYSE without commission,”
Long gone are the days when trading and investing was limited to professionals and those with fat bank accounts.
The emergence of companies such as eToro has brought about the development of easy to use applications and platforms that have opened up trading and investing to the masses.
Francis continued to acknowledge this, adding:
“By reducing the cost of entry, we want to encourage more people to start investing, growing their personal wealth, and get them educated and passionate about it. As eToro matures in the region, we’re looking forward to enabling Australians to build multi-asset investment portfolios, from stocks to commodities to crypto-assets and more.”
In addition to zero-commission stock trading, eToro also pioneers in the field of social trading or, as it’s known on the platform, CopyTrading.
This allows people who maybe don’t have time or knowledge to copy the positions and strategies of more experienced investors on the platform.
eToro has made major inroads to the Australian market and, by the looks of things, it is just getting started.