Digital trading and investment platform eToro has received approval for a financial services permission from the Abu Dhabi Global Markets’ Financial Services Regulatory Authority to operate as a broker for securities, derivatives and crypto assets in the UAE.
The company, which has more than 34 million registered users and operates in more than 100 countries, allows users to open an account free of charge and start trading with a minimum of $200, which can be funded by either a debit card, bank account or PayPal.
“The approval of our operating licence by ADGM is a key milestone in our continued global expansion,” Yoni Assia, founder and chief executive of eToro, said.
eToro was founded in Israel in 2007 and has developed a platform in which users can buy and sell traditional assets such as stocks, currencies, exchange-traded funds or commodities alongside newer ones such as cryptocurrencies and other emerging digital assets.
The online trading platform is regulated in Europe, Australia, the UK and the US.
Retail investors are increasingly seeking access to markets with the help of technology, leading to a surge in popularity for zero-commission trading apps such as Robinhood and eToro.
Demand for trading platforms soared during the Covid-19 pandemic as monetary easing by the US Federal Reserve and other central banks around the world gave novice day traders more money to invest in stocks and other assets during lockdowns, according to a report by Finra Investor Education Foundation and the National Opinion Research Centre at the University of Chicago.
In March, eToro raised $250 million from investors including SoftBank Vision Fund 2 and Velvet Sea Ventures that valued the company at $3.5 billion.
Copy trader is one of eToro’s most popular features, which allows new investors to mimic the trading strategies of more experienced users.
“We believe this will help retail investors be as successful as hedge fund managers,” Mr Assia said.
“We have created self-regulation when it comes to copy trading and we offer clarity on not only the returns generated by popular investors but also the risk and volatility they faced over time.”
The platform automatically blocks investors from copying someone with a high risk score. Users will only be allowed to copy investors with a moderate risk score, according to Mr Assia.
High risk, high leverage and irresponsible trading are not tolerated, according to eToro.
“We have more than 3,000 popular investors being copied. We know who they are, they write their biography, and if they have more users copying their strategy, they must go through a certification in investment management,” the chief executive said.
“They have to adhere to the safety guidelines and risk parameters set by eToro.”
Novice investors can also use the educational videos on investment strategies and discussions with industry leaders on eToro Academy, which was formed to empower people to grow their knowledge and wealth.
Available in 10 languages, including Arabic, it is a free platform to help eToro users and the general public increase their financial literacy and education, according to Mr Assia.
“A team of more than a dozen analysts in our key markets provide customers with updated information on market trends,” he said.
Mr Assia also recommended new investors to learn how to trade and invest on the eToro demo platform using virtual money.
Artificial intelligence was the most popular investment theme among eToro users in 2023, he said.
“Our investors were investing in companies like Tesla, Nvidia and in AI thematic portfolios,” he added.
In 2021, customers were interested in meme stocks including AMC and GameStop and meme coins such as Dogecoin.
“We see these cycles circulating around different assets. Now, we are seeing a lot of our customers shifting into lower-risk fixed-income ETFs,” Mr Assia said.
“Customers are learning about the benefits of both yield and dividend stocks. Tech stocks, especially the Magnificent 7 [Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla], will continue to play a significant role in the market.”
Meanwhile, Arvind Ramamurthy, chief of market development at ADGM, said that the financial hub’s “dynamic ecosystem and progressive regulations” would enable eToro’s vision.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
RESULTS
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KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
Launched a 641billion-rupee federal health scheme
Allotted 200 billion rupees for the recapitalisation of state-run banks
Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
Abu%20Dhabi%E2%80%99s%20Racecard
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Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
Afcon 2019
SEMI-FINALS
Senegal v Tunisia, 8pm
Algeria v Nigeria, 11pm
Matches are live on BeIN Sports
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The specs: 2017 Porsche 718 Cayman
Price, base / as tested Dh222,500 / Dh296,870
Engine 2.0L, flat four-cylinder
Transmission Seven-speed PDK
Power 300hp @ 6,500rpm
Torque 380hp @ 1,950rpm
Fuel economy, combined 6.9L / 100km
