Yes it is. But if you convert 10k USD worth money on eToro, you will pay 50 pips. What’s better?
The cashback shouldn’t be the focus in here. It’s only a sweetener, because the main concern was how to top up and withdrawal USD in eToro without paying the eToro FX fee (50 pips).
If you could transfer in/out reducing the FX costs, it’s already good and having also an extra income this way, it’s the cherry on the top.
N26 is out of UK. N26 now only have EUR accounts for continental Europeans and USD accounts for US customers.
EDIT: Error correction
Talking in here about T212 competitors and ways to pay less T212 fees, could be considered as inappropriate and being red flagged.
So more information about it should be considered as being shared on less public ways like private messages.
There is usually nothing wrong about making comparisons with other brokers, it can be inforamative to the users. Only balatent advertising or false information can be flagged.
RLX I send you a PM. No 50pips to be paid only US$5
Deposit and withdrawals from and to Revolut work just fine with eToro. I confirm from personal experience. So this means you can avoid the 0.5% FX fee. The only fee you pay is the fix rate 5$ when processing withdrawals. For me that’s better than paying 0.15% fx fee per trade. Moreover as I already mentioned, stamp duty is not charged on UK stocks like SMT.
Thanks. There are also several reports about bad experiences on withdrawals to Revolut. It’s seems like a lottery, we never know if can win the prize to get money out from the platform.
But buying GBP stocks and Investment Trusts on them will be expensive. Because you still have to pay USD-GBP FX fee…
From the information I could gather many of those cases were due to accounts not fully verified prior to withdrawal request.
No you don’t. Fx fee is paid only once you deposit (and only if you deposit from non USD account). Once funded, your account will be in USD. For stocks traded in other currency, e.g., SMT the USD/GBP conversion is done at current FX rate. I have calculated the rate of conversion for a given trade and I confirm eToro doesn’t charge FX fee. The execution time is surprisingly fast compared to T212.
For UK stocks T212 will be charging on non-UK accounts stamp duty fee + FX fee = 0.65%. Additionally 0.15% after closing the position. That’s a lot for frequent traders.
Yes, that I already know.
Thanks for the confirmation, the FX fees on transactions aren’t explicit on their site. So this way, there is an advantage with transaction FX fees on them. Nice to know.
N.B. We’ve taken into account the feedback and have decided to not apply an FX fee for payments arising from corporate events such as dividends.
thank you. saves me overhauling my dividend pie spreadsheet to factor in that 0.15%
Game changer thanks @David saves 0.15% three times and helps long holders save me moving else where now.
Thanks for update and for the news
Can you confirm that: When we receive the dividend, we don’t pay FX fee, but when reinvest it we pay?
@David thank you for listening to your customer base credit where credit is due
@pintas Yes, it’ll be applicable only for trading activity.
So 1 AZN at 71.89 GBP
Support claims that estimated cost = stock price + stamp duty, which if true, means T212 still has better rate then revolut.
71.89 GBP = 98.96 USD
71.89 GBP = 99.08 USD.
That is if Estimated cost include stamp duty.
Wait this is April fool’s day !!! I’m not sure if I would laugh at an absolute cracker or cry
Absolutely not happy with FX fees. 0.15 % is quite a lot. Need to think about paying monthly fees instead. One will get absolutely hammered when multiple trades are done in a day.