eToro Modifies Overnight Fees for USD/TRY Due to Lira Volatility

Online brokerage firm, eToro, recently issued an alert about notable changes concerning the Turkish lira (TRY). In recent times, a significant upheaval in Turkey's economic circumstances has driven substantial volatility in the Turkish lira. This turbulence has not only influenced the exchange rate between the US dollar (USD) and the Turkish lira but also the costs related to maintaining open trading positions overnight.

The USD/TRY exchange rate's pronounced fluctuation has, in turn, impacted the financing costs that are tagged to holding open positions after market hours. As a response to these evolving market dynamics and in keeping with standard industry practices, eToro announced that on Thursday, 24th August, it would be revising its overnight fees related to open USD/TRY positions. This modification is primarily in reaction to the heightened financing charges stemming from the lira's volatility.

Potential and existing users should be aware that eToro's fees are subject to change without prior notice. While the company strives to communicate any fee changes beforehand, it may not always be feasible.

Nevertheless, eToro emphasizes its commitment to ensuring clients have the flexibility to adapt their positions to changing market conditions.

About eToro: An Overview and Its Regulatory Status

eToro, founded in 2007, is a leading global trading and investment platform known for pioneering the concept of social trading. Over the years, it has evolved from a simple online forex broker into a multi-asset platform offering various financial instruments, from traditional currencies to cryptocurrencies.

Key Features:

1. Social Trading: eToro's innovative platform allows users to follow and replicate the trades of professional traders in real time, giving beginners a unique way to learn and engage with the market.

2. Diverse Investment Opportunities: Traders can explore a wide array of instruments including stocks, commodities, forex pairs, ETFs, and digital currencies.

3. User-Friendly Interface: Both novice and experienced traders find the platform intuitive, making trading and investing more accessible.

Regulatory Status:

Being a global brand, eToro ensures its operations adhere to strict international standards and is regulated in multiple jurisdictions:

1. Europe: eToro (Europe) Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 109/10.

2. UK: In the United Kingdom, eToro (UK) Ltd operates under the regulation of the Financial Conduct Authority (FCA), holding the reference number 583263.

3. Australia: eToro AUS Capital Pty Ltd is authorized by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.

4. USA: In the United States, eToro USA LLC is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business.

Important Note from WikiFX: Safeguarding Your Investments

eToro stands as a prominent figure in the brokerage arena and is known for its integrity. It's worth noting that some deceptive brokers may claim false affiliations with eToro, providing counterfeit URLs or even feigning to be part of the firm, in an attempt to scam unsuspecting investors.

Investors should always ensure they are dealing with genuine platforms and representatives.

For those interested in ensuring their interactions are with the authentic eToro, WikiFX offers a direct link to eToro's official page, visit eToro's Verified Page on WikiFX: https://www.wikifx.com/en/dealer/0001283907.html.

To stay informed about the latest market news and broker information, consider downloading and installing the WikiFX App on your smartphone. Get the app via this official link: https://www.wikifx.com/en/download.html and safeguard your investments against potential scams.