eToro wears a couple of different trading hats. They can either be a market-maker or agency broker, depending on several factors. Market-maker brokers act in opposition to your trade, so if you buy, they will sell. Agency brokers direct your order to other market-makers. Agency brokers may get rebates or commissions in return, profit-sharing, or wider spreads. For instance, eToro Europe and eToro U.K. act as market-makers. But they can hedge their client's trades and act as an agency broker if needed. It's all part of the internal risk management process. What matters to you and all eToro clients is that they adhere to the best execution regulations, which eToro must do mandated by law.