Update 2023: Due to ASIC restrictions, CFD Trading is not available to AU traders.
eToro is a social trading app that was established in 2006. The company has offices in Sydney (ETORO AUS CAPITAL PTY LTD), London, Cyprus, Tel Aviv and other cities.
eToro has a unique proprietary platform that is very user-friendly.
eToro Australia Review 2023
The central vision behind eToro was to design a trading platform that appeals to most users. For this reason, they created the CopyTrading feature which lets you copy the trades of more successful investors.
This social trading feature is amazing and even experienced traders are using it. eToro charges nothing for this.
The selection of stocks is also great.
Currently, eToro is one of the top shares, cryptocurrency and forex trading sites, accepting clients from Australia and other countries. There are many financial products to choose from.
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 on the platform.
eToro lets you buy shares on multiple stock exchanges including Nasdaq, London, Amsterdam and much more.
Best eToro Alternatives
There are many good trading apps in Australia. Take a look at the following alternatives and compare them to eToro:
eToro Accepts Australian Traders in 2023
eToro is regulated by ASIC and other regulatory bodies. This means that they can legally operate in Australia. If you want to open an account, it’s very straightforward.
ASIC regulation also means that the eToro platform must follow strict guidelines. For this reason, eToro is considered a safer option compared to alternative platforms without an ASIC license.
The original platform for eToro was focused primarily on novice users. 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.
With with platform, you have the possibility to copy the portfolios of others. This is also called social trading and looks like this:
Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk..
This might be a good idea, especially if you are new to trading.
Also read this: IG Market Review.
Assets and Markets on eToro
There are many assets that you can buy on Etoro.
Real Shares with 0% commission
eToro offers real share trading, which is a great option for investors who think that other typesof investments are too risky. Australian traders can buy shares available on the US stock exchange with 0% commission. They is also an ASX ETF.
The platform includes all popular US shares like Tesla, Apple, Facebook and even UK shares like Aston Martin and easyJet.
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 trading site. eToro is a platform used for trading and not an exchange. For this reason, you can only buy and sell the shares within their platform.
Forex was the first asset class, eToro offered because it launched as a forex platform 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 Commoditiessite
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.
Crypto assets like Bitcoin, have been one of the hottest assets lately.
Some banks make it hard to deposit or withdraw money from offshore crypto exchanges like Binance. For this reason, many traders choose trading apps like eToro to buy their crypto.
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 crypto is available to each account 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.
How To Make A Deposit on eToro
Here is the list of payment methods you can use to make a deposit:
- Diner’s Club debit/credit card
- Bank wire transfer
Some deposit methods are limited to certain countries. This is how my account looks like:
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 payments are credit cards, PayPal, and bank wire transfers. eToro will also charge a withdrawal fee of $5.
The process requires to first fill out a form on the cashier section of the platform.
The user 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 user 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. The process typically takes up to 5 days but could take longer depending on the method implemented by the third party.
There is a currency conversion fee for all currencies that you deposit or withdraw, that is not USD.
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.
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 a Good Broker?
Are you interested in international share trading? If yes, consider this trading site.
eToro is certainly one of the most competent and reputable brokers, whether it is forex trading or social trading.
The eToro trading app 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.
This social trading app offers outstanding education programs for newbies to pick up the pace. There are plenty of resources available to new traders including a trading academy, eCourse, blog and live webinars to enhance their knowledge about trading.
As one of the world’s leading social trading platforms, eToro offers a range of financial services, including copy trading, allowing users to trade stocks and ETFs easily. The platform is user-friendly, making it easy to navigate, and its educational resources help users gain a better understanding of trading activity and tax obligations.
One of the significant advantages of eToro is its commission policy, making it more attractive for trading in Australian dollars. However, users should be aware of spreads and fees before depositing money. The platform is legally compliant in Australia, holding the Australian Financial Services Licence (AFSL) 491139 (ACN 612 791 803).
eToro provides a social trading feature that allows users to copy experienced traders’ strategies, enhancing their potential for success. Still, it’s essential to remember that trading always carries risks, and the information provided is general, not a solicitation to buy or sell. Before trading, users should review the Product Disclosure Statement (PDS) and understand the value of assets and ownership of the underlying cryptocurrencies.
eToro is a promising platform suitable for all investors, but caution and due diligence are vital when engaging in copy trading or any other financial activities.
AFSL 491139.Capital at risk. See PDS and TMD.
eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD).
eToro Service ARSN 637 489 466 promoted by eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. Capital at risk. See PDS and TMD. Zero commission does not apply to short or leveraged positions. Zero commission means that no broker fee has been charged when opening or closing the position. Limited stock exchanges only.