22.03.2023
Glory Faleke
Contributor
22.03.2023

eToro announces commission cuts in 2022

eToro announces commission cuts in 2022 eToro announces commission cuts in 2022

Broker eToro published its financial results for 2022, as well as a reduction in total commissions.

Last year, eToro received $631 million in total commissions, a decrease of around 49.6% from the $1.23 billion received in 2021. At the same time, the overall amount of commissions grew by 5% as compared to 2020.

Despite a 17% year-on-year growth in funded accounts, the broker experienced a decline. According to eToro, the overall number of financed accounts reached 2.8 million last year, up from 2.4 million in 2021.

The breakdown showed that 48% of fees in 2022 will come from stock trading, 27% from commodity trading, 19% from cryptocurrency trading, and only 6% from Forex trading.

The dip in indicators occurred against the backdrop of an unstable global financial system and a cryptocurrency sector crisis precipitated by the failure of Terra-LUNA and the FTX crypto exchange.

However, despite lower financials, eToro Founder and CEO Yoni Assia noted: "I am very proud of the success with which we navigated 2022, continuing to grow our user base and enhance our product offering. Our 2023-2025 strategy focuses on scaling our brokerage business in our key markets and increasing profitability via revenue growth and cost management."

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.