If you’re a UK resident and invest within your tax-free individual savings account (ISA) allowance, you can shield any profits from income or capital gains taxes. While many investment platforms offer ISA-enabled accounts, etoro doesn’t, until now. In an effort to help investors make the most of their ISA allowance, etoro has partnered with Moneyfarm to launch a new Stocks and Shares ISA. See more

EToro is known for its social trading platform that lets users copy trades and invest in stocks, cryptocurrencies and ETFs based on other people’s investment ideas. However, it’s important to remember that trading is a risky endeavor and the returns are never guaranteed. For this reason, it’s important to research the market and the individual traders you decide to follow.

Earlier this week, etoro announced a new partnership with Moneyfarm to launch a new ISA product. The collaboration will allow etoro’s three million registered UK clients to open an ISA investment account, with Moneyfarm providing the technology platform, creating and managing the investments, as well as handling customer relationships.

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The etoro ISA will allow UK residents to invest their PS20,000 annual ISA allowance into Moneyfarm’s globally diversified portfolios, which are risk-rated by experts. Moneyfarm will handle the day-to-day management of the ISA, and you’ll still be able to access your ISA account through etoro’s website or app. The etoro ISA has a fee structure that’s on the higher side, with fees totaling 1% of your investment portfolio a year. Other ISA providers that charge flat fees instead can be much cheaper.