MILAN (Reuters) - Italy's antitrust authority AGCM on Monday said it had fined online brokerage firm eToro a total of 1.3 million euros ($1.46 million) for allegedly misleading consumers over the costs of its services.
According to the watchdog, eToro "had provided misleading information over the features and the prices of its stock investing services".
In particular, the competition body alleged eToro had promoted its stock trading platform as a zero-fee service, without properly informing users over costs related to exchanges rates and the existence of clauses limiting customers' ability to transfer their portfolio to other brokerage firms.
"We firmly believe in the importance of consumer protection and providing consumers with exhaustive information. We are reviewing the decision by AGCM in full and we are considering our options," said eToro in an emailed statement to Reuters.
