eToro was established in 2006 and has offices in Sydney, London, Cyprus, Tel Aviv and other cities.
eToro Australia Overview
The central vision behind eToro was to design a trading platform that appeals to most traders.
Currently, eToro is one of the top shares and forex trading brokers, accepting traders from Australia and other countries.
A large part of eToro’s positive reviews is due to its licensing and regulation under multiple government authorities such as CySEC, FCA, and MiFID. The network now offers trading opportunities to over 5 million users in over 170 countries.
Best eToro Alternatives
There are many good brokers in Australia. Take a look at the following alternatives and compare them to eToro:
|AU License||ASIC #364264||ASIC #417727||ASIC #147055703|
|AUD Forex Pairs|
|Info||Best for Social Trading||Lowest Minimum Deposit||Low FX Spreads|
We recommend real shares trading instead of CFDs. eToro Disclaimer: 75% of retail CFD accounts lose money.
eToro Accepts Australian Traders
eToro has a valid ASIC license which means that they can legally operate in Australia.
ASIC regulation also means that eToro must follow strict guidelines. For this reason, eToro is considered a safer option compared to alternative brokers without an ASIC license.
eToro Trading Platform
The original trading platform for eToro was focused primarily on novice traders. However eToro has been constantly incorporating new elements, to become the all-inclusive award-winning platform that it is now. eToro can be accessed on Android and iOS devices, as well as PC/Mac.
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Deposits and Withdrawals
Trading with eToro is possible in U.S currency and there are no fees for USD deposits. If you make a deposit in any other currency, it will convert automatically to the default currency on receipt.
In addition they accept deposits in the following currencies: AUD, EUR, GBP, RMB, THB, IDR, MYR, VND, PHP.
To open an active trading account with eToro, you will be prompted to make a minimum initial deposit anywhere from $50 to $1000. The specific amount is subject to regulations in the region the trader resides.
Using Neteller, you can make a minimum deposit of $50. The maximum, you can deposit with Neteller is $10,000. The same minimum values applies for GiroPay and Webmoney but the maximum deposit amount can be between $30,000 and $50,000. The maximum amount with Yandex is just only $5,000.
Here is the list of payment methods you can use to make a deposit:
- Diner’s Club debit/credit card
- Bank wire transfer
- China Union Pay
How To Make A Withdrawal on eToro
The first step to make a withdrawal is to fill out a form on the cashier front of the platform. eToro will then keep you informed on the process by email.
The typical online payment systems that are used to make withdrawals are credit cards, PayPal, and bank wire transfers. eToro will also charge a fee for each withdrawal depending on the amount.
The process of withdrawal, requires a trader to first fill out a withdrawal form on the cashier section of the platform. The trader will then receive confirmation of the process via email. The most prevalent methods for making withdrawals are by credit card, PayPal, and bank transfer, in that order.
The first withdrawal, requires the trader to upload a clear, colored copy of their passport along with their written signature. Additionally, they must upload a clear copy of a utility bill that displays the trader’s residential address and is under 3 months old.
Furthermore, if the account was funded via a credit card, a clear copy of both sides of that credit card should also be submitted. A withdrawal typically takes up to 5 days to process, but could take longer depending on the method implemented by the third party.
eToro charges a fee for withdrawals depending on the amount. For a withdrawal between $20 and $200, the fee is $5. Withdrawals between $200.01 and $500 are charged a $10 fee, and withdrawals above $500, are charged a $25 fee.
eToro customer support is available between Monday and Friday for 24 hours each day and can be accessed by email with a response time under 48 hours, or immediately by phone. Unfortunately, we are not aware of the availability of a live chat service at this broker. eToro customer service is available in English, French, German, Spanish and Italian.
Is My Money Safe With eToro?
eToro is a trustworthy broker because it adheres to the standards of agencies such as CySEC and FCA.
In addition, eToro uses an advanced version of Secure Socket Layer technology to authenticate data transfers and protect users.
Is eToro a Good Australian Broker?
eToro is certainly one of the most competent and reputable brokers to trade with, whether it is forex trading or social network trading.
eToro’s all-inclusive, award-winning platform and mobile app provides traders with plenty of excellent trading opportunities.
On top of that, eToro offers outstanding education programs for novice traders to pick up the pace. There are plenty of resources available to new traders including a trading academy, eCourse, blog and live webinars for new traders to enhance their knowledge about trading .
eToro also provides special prizes to its most successful traders. They can enter competitions containing cash prizes, and they can also have their activities followed by other traders. The more followers a trader has , the bigger the cut they will receive from eToro.
Overall, the only identifiable downsides to eToro are the lack of a live online chat service and a 5-day wait on the withdrawal process.