What is the Best Stock Broker in Ireland?
For me eToro is the best stock broker in Ireland.
eToro offers Low fees and has a good trading platform for mobile and desktop trading. The service is easy to learn and use. It also has great learning tools, such as a demo account and learning materials.
My trading story.
My trading journey started in Match 2020 during a downturn in work which gave me the opportunity to learn how to trade stocks. I opened an eToro stock broker account and I was lucky I did, the website and app were so easy to use and learn, it really helped with my progress, and still to this day I am using eToro for long-term investment in stocks and to day trade.
Note: I also completed a stock trading course and found a mentor which is important, please note it takes some work to learn the skills needed, but eToro does have a free trading school, also YouTube and investopedia are great resources for learning.
eToro is a well-known Israeli stock broker that started out in 2007 as a stock broker and fintech company.
eToro serves customers in Ireland through a unit that is regulated by the Cyprus Securities and Exchange Commission (CySEC), and it serves customers in Australia through a unit that is regulated by the Australian Securities and Investment Commission (ASIC). UK clients are regulated by the Financial Conduct Authority (FCA).
eToro offers Irish clients commission-free trading on stocks and your funds will be held in separate bank accounts for security and safety.
eToro gives its clients free insurance from Lloyd's of London, which is one of the world's best providers of specialized insurance. This insurance covers up to 1 million Euros.
Overview and Benefits
The Israeli stock broker eToro is good for both new traders and those who have been trading for a while in Ireland.
eToro runs a multi-asset brokerage. It offers stocks, CFDs, ETFs, futures, and commodities.
It has a wide range of tools for technical analysis, news feeds and articles, educational materials, and an online community of traders.
With a minimum deposit of $50 ($500 if using a bank transfer) and an online process that takes no more than a day, you can open an account quickly.
Live chat and email are both ways to reach customer service. Most of the time, the response is quick and accurate, but it isn't available on the weekends.
More than 13 million people use eToro in 140 countries around the world.
The best stock broker in Ireland is also known for its social investing platform that lets you copy the trades of other investors.
You can buy small amounts of stocks, starting at $10. This is great for smaller investors who can't pay a few thousand dollars for a single Apple share.
All deposits in Euro are automatically changed to US dollars, and fees are charged for the change. The fee for bank transfers to deposit Euros is 0.5 percent. If you use a debit card or PayPal to deposit Euros, the conversion fee is 1.5%.
If you don't withdraw US dollars, you will also have to pay a 0.5 percent currency conversion fee if you withdraw into a Euro bank account, debit/credit card, or PayPal.
A flat $5 withdrawal fee is also charged for every withdrawal.
Top Tip to avoid the conversation fees
You can avoid the Etoro conversion fee if you use a debit card with no fees, like N26 or Revolut, to deposit US dollars.
You can use your Revolut account to deposit and withdraw USD on Etoro. You might have to fill out a transfer form and show bank statements that show how you put money into your Revolut account.
Even with foreign exchange fees. Etoro is still a lot cheaper than the "old school" Irish stock brokers that have been around for a long time. Also, there is no stamp duty to pay when buying UK shares and for this reason, I believe eToro is the best stock broker in Ireland.
eToro Review Ireland
Finding the best online brokerage in Ireland for stock trading can be a big deal for both new and experienced investors. Ireland has a long history of trading stocks, going back to 1793 when the Irish Stock Exchange was founded. Over the years, trade platforms have changed. With the rise of digital platforms, it's more important than ever to choose the best stock broker in Ireland. In this review, I go in-depth into the world of online stock brokerage, with a focus on eToro, a major player in the trading services field.
Irish Stock Trading is Changing
When the Irish Stock Exchange (ISE) merged with Euronext, a European megacorporation with exchanges in big places like Amsterdam, Paris, and Brussels, it changed in a big way. The ISE was a symbol of Ireland's financial history. The ISE had been independent for 224 years before this €137 million deal. The way people trade stocks changed as the Irish stock market changed. Online brokerages have become popular among buyers who want to save time and money.
All-In-One Fully Regulated Irish Stock Broker
eToro isn't just for buying and selling stocks; it also lets you trade commodities, foreign exchange, cryptocurrencies, and more. The CySEC oversees eToro, which has a cross-border license that lets it do business in many European countries. The low minimum deposit account of $50 and the fact that the CopyTrader function requires a $200 investment make it easy to get started.
Top-class Customer Service
In a market that is always changing, it is very important to have access to dependable customer service. Traders can get help from eToro's customer service 24 hours a day, 7 days a week through live chat and support tickets. It is known as the best broker for newbies in Ireland in 2023 because its interface is easy to use and its platform is easy to understand. It's also easy to start an account, and trading stocks and ETFs don't cost any fees.
Pros and Cons of eToro
eToro's strengths include commission-free stock trading, new products like social trading, and a wide range of financial instruments. But the spread fees can be expensive, and the news feeds can be spammy, but can unfollow assets and traders to resolve this.
Is eToro Safe for Irish Traders?
Certainly, eToro's safety for Irish traders is a topic of interest for new traders. eToro is a multi-faceted trading platform, offering stock, ETF, CFD trading, and cryptocurrency exchange services. With a user base exceeding 25 million globally, it operates across various regions, including the US, Canada, UK, Europe, South America, and the Middle East.
Fully Regulated in Ireland
The platform's regulatory compliance is a noteworthy aspect, being supervised by reputable authorities such as the CySEC in Ireland, UK’s Financial Conduct Authority (FCA), and ASIC. Additionally, eToro USA is registered with both FinCEN and FINRA, reinforcing its commitment to regulatory oversight.
Amuont Under Management
An impressive record of managing over $9.4 billion, coupled with the insurance coverage provided by FDIC for cash deposits and SIPC for investments, adds an extra layer of security for traders. Notably, eToro boasts a clean track record, having never experienced a security breach or the loss of client funds. This commendable history speaks volumes about their dedication to safeguarding users' assets and maintaining a trustworthy platform.
Security for Irish Traders
eToro takes its account security seriously, employing various measures to protect user data and assets. These include TLS encryption for data transmission, firewalls, and cold storage for data protection. The engagement of ethical hackers for firewall vulnerability assessments further demonstrates their proactive approach to security. Multi-factor authentication (MFA) adds an extra layer of protection, enhancing login security. The constant vigilance of cybersecurity professionals who monitor the network around the clock adds reassurance.
Financially, eToro derives a substantial portion of its revenue from spread fees, emphasizing its vested interest in generating income through trading activity. The platform's structure aligns with industry norms, holding client securities in segregated bank accounts. While the process of transferring assets in case of bankruptcy might take time, regulatory compensation frameworks like ICF, FSCS, and FINRA are in place to ensure client's interests are safeguarded to varying degrees.
Insurance of €1,000,000
For those seeking to trade cryptocurrencies, it's important to note that the aforementioned protections might not extend to this asset class. However, eToro does offer a unique feature – a million Euro, GBP, or AUD investment insurance from Lloyd’s of London. This coverage encompasses scenarios involving eToro's bankruptcy, employee misconduct, and instrument theft. The fact that this insurance is automatically provided to all clients underlines eToro's commitment to client protection.
Summing up, eToro is a safe and regulated platform for Irish traders. Its adherence to regulations, focus on security, consistent financial performance, and commitment to providing unique features contribute to its overall appeal. While no investment is entirely risk-free, the combination of eToro's robust security measures, regulatory compliance, and investor compensation schemes should offer reassurance to Irish traders seeking a secure and innovative trading platform for Irish residents.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
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eToro USA LLC does not offer CFDs and neither does it represent or assume any responsibility for the accuracy or completeness of the content of this publication, prepared by What is Bitcoin, as a partner, using information available and public and not specific to the eToro entity