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."
