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eToro Australia Review

eToro is one of the most popular online brokers. They accept Australian traders and the broker has low minimum deposit requirements.

etoro australia

eToro is a social trading platform that was established in 2006. The company has offices in Sydney (ETORO AUS CAPITAL PTY LTD), London, Cyprus, Tel Aviv and other cities.

The broker has a unique proprietary trading platform that is very user-friendly.

eToro Australia Review 2021

The central vision behind eToro was to design a trading platform that appeals to most traders. For this reason, they created the CopyTrading feature which lets you copy the trades of successful traders. Currently, eToro is one of the top shares. CFD and forex trading brokers, accepting traders from Australia and other countries.

etoro review
  • ASIC Regulated
  • eToro Minimum Deposit: $200
  • CopyTrading
OPEN ACCOUNTeToro Disclaimer: AFSL 491139. High risk to capital.

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.

You can trade real shares CFDs with this platform. Trade CFDs at your own risk, because more than half of retail investor accounts lose money when trading CFDs.

eToro lets you buy shares on multiple stock exchanges including Nasdaq, London, Amsterdam and much more.

Best eToro Alternatives

There are many good brokers in Australia. Take a look at the following alternatives and compare them to eToro:

Compare Brokers
Broker
Office
AU License
Min. Deposit
Real Shares
AUD Accounts
AUD Deposits
Demo Account
CFD Trading
AUD Forex Pairs
Why Pick This Broker
Trust Score
Overall Winner
Pepperstone
Office: Australia
AU License: ASIC #147055703
Min. Deposit: $200
Real Shares:
AUD Accounts:
AUD Deposits:
Demo Account:
CFD Trading:
AUD Forex Pairs:
Info: Exceptional client service
Trust Score: 4.7
Overall Winner: No
VISIT BROKER
Plus500
Office: Australia
AU License: ASIC #417727
Min. Deposit: $100
Real Shares:
AUD Accounts:
AUD Deposits:
Demo Account:
CFD Trading:
AUD Forex Pairs:
Info: Low Minimum Deposit
Trust Score: 4.7
Overall Winner: No
VISIT BROKER

eToro Disclaimer: AFSL 491139. High risk to capital.
Plus500 Disclaimer: 72% of retail CFD accounts lose money.

eToro Accepts Australian Traders

eToro is regulated by ASIC and other regulatory bodies. This 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 Review – The 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.

Also read this:

With with trading platform, you have the possibility to copy the portfolios of other traders. This is also called social trading and looks like this:

investment product

This might be a good idea, especially if you are new to trading.

eToro offers many risk management tools. For example, you can set a stop loss to your trades. This way you can add protection to your investments and limit your losses.

I don’t recommend trading with leverage if you are new to online trading. You can lose money rapidly due to leverage, if you don’t have the necessary trading experience.

Assets and Markets on eToro

There are many assets that you can trade on Etoro.

Real Shares with 0% commission

eToro offers real share trading, which is a great option for investors who think that CFDs are too risky. Australian traders can buy shares available on the US stock exchange with 0% commission.

shares trading

The platform includes all popular US shares like Tesla, Apple, Facebook and even UK shares like Aston Martin and easyJet.

The 0% commission does not apply to CFDs or US traders.

In addition, eToro does pay dividends. A drawback with shares trading on eToro is that they do not offer the option to transfer your shares to another broker. eToro is a trading platform and not an exchange. For this reason, you can only buy and sell the shares within their platform.

Forex

Forex was the first asset class, eToro offered because it launched as a forex broker in 2006. Many traders still use eToro for forex exclusively, and it is still an important asset for the platform. If you are looking for bigger profits, you can even try leverage.

ETFs, Indices and Commodities

If you are interested in iShares, Vanguard and SPDR ETFs, they are all available on the platform (for example the iShares Core MSCI World UCITS ETF). Commodities like Oil, Gold and Copper are also part of the list of assets on eToro.

If you want to invest in indices, eToro offers AUS200, SPX500 and many more.

Cryptocurrencies

Cryptocurrencies like Bitcoin, have been one of the hottest assets lately.

cryptocurrency trading

Some banks make it hard to deposit or withdraw money from offshore crypto exchanges like Binance. For this reason, many traders choose trading platforms like eToro to buy their cryptocurrencies.

The list of available cryptos is getting longer every few months. At the time of writing this review, there were 16 cryptocurrencies available on eToro.

The list includes: Bitcoin, Ethereum, Ripple but also smaller coins like Binance Coin and Tezos.

Trading cryptocurrencies is available to each account type.

Beginner traders should avoid CFDs with this provider (or any other CFD broker). You have high risk of losing money rapidly due to the nature of this investment type.

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.

The minimum deposit on eToro is $200. After your initial deposit, you can make additional deposits of $50 or more.

How To Make A Deposit on eToro

Here is the list of payment methods you can use to make a deposit:

  • Visa/Mastercard
  • Diner’s Club debit/credit card
  • Bank wire transfer
  • Yandex
  • Skrill
  • Neteller
  • PayPal
  • Webmoney
  • China Union Pay

Some deposit methods are limited to certain countries. This is how my account looks like:

etoro bank account

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 lower deposit of $50. The maximum, you can deposit with Neteller is $10,000. The same minimum values apply 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.

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. The withdrawal fee on eToro is $5, regardless of the amount.

Customer Support

eToro customer support is available between Monday and Friday, 24 hours a day and can be accessed online. A web-based ticketing system and a help center is available to all traders.

customer support

Unfortunately, we are not aware of the availability of a live chat service at this broker for standard accounts. Only eToro Club members can use the live chat feature.

eToro customer service is available in English, French, German, Spanish, Italian and other languages.

Unfortunately, the eToro customer support is no available on weekends.

Is My Money Safe With eToro?

eToro is considered being a trustworthy broker, because it is regulated by these regulatory bodies: ASIC (Australian Securities and Investment Commission), CySEC (Cyprus Securities and Exchange Commission), FCA (Financial Conduct Authority – UK),  MiFID (Markets In Financial Instruments Directive).

The broker was been providing its services since 2006.

In addition, eToro uses an advanced version of Secure Socket Layer technology to authenticate data transfers and protect users.

Is eToro Australia a Good Broker?

Are you interested in international share trading? If yes, consider this trading platform.

eToro is certainly one of the most competent and reputable brokers to trade with, whether it is forex trading or social trading. The eToro trading platform is easy to use and there are different types of trading accounts. Beginner traders will love the clean layout of the platform.

On the other hand, CopyTrading is an amazing eToro feature that you might want to check out.

On top of that, this social trading platform 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.

Conclusion

eToro’s all-inclusive, award-winning platform and mobile app provides traders with plenty of excellent trading opportunities.

Remember that trading CFDs is a high risk-high reward investment, so be careful with them (an investment strategy might be a good idea).

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.

OPEN ACCOUNT
eToro Disclaimer: AFSL 491139. High risk to capital.

eToro AUS Capital Pty Ltd, ABN 66 612 791 803 AFSL 491139. CFDs are highly leveraged and risky, and may not be suitable for all investors. You may lose more than your initial investment. Trading CFDs does not result in ownership of the underlying assets. Copy trading facilities cannot be construed as financial advice. Use these facilities at your own risk and we are not liable for losses incurred. You should obtain your own advice and refer to our FSG and PDS before deciding whether to trade with us.