eToro Australia - Quick Overview
eToro Australia is a popular trading platform for not only cryptocurrencies, but other traditional financial markets such as forex, stocks, ETFs and CFDs. eToro was established back in 2007, when Bitcoin and cryptocurrency wasn't even invented yet. With their extensive experience in the market, they have created an incredible platform complete with 'social trading', which allows users to interact with one another, and even copy the trades that top investors are making.
eToro Australia Pros & Cons
eToro Australia Features
Trade 75 coins and many other assets
eToro has a fairly limited range of only 75 cryptocurrencies available, but they include most of the popular coins that you would expect to find on any crypto exchange. Besides cryptocurrencies, eToro goes beyond what other crypto platforms can offer, with various markets you can trade. You can trade stocks from 16 global markets, including the US, foreign exchange, ETFs, and CFDs which cover commodities and cryptocurrencies. This means that you can even short-sell crypto, which means you make money if the price of the chosen coin falls.
Although eToro Australia does not offer a huge range of coins, they do offer staking, which is a way of earning rewards on the coins that you are holding. At the time of writing they only offer staking on a limited number of coins (ADA, TRX and ETH) but they may offer more in the future.
eToro has a strong focus on social trading, and it has transformed part of their site into a social media newsfeed. You can see what other eToro users are posting in real time, you can comment, ask questions, or post your own thoughts. This is a great way for beginners to learn and gain info from the more experienced.
Copy successful traders
If you are new to trading, or you are finding your strategies are not working, you can use CopyTrader which allows you to automatically copy the trades of someone that you choose. eToro has a list of the most successful traders, so you can pick one that you like. Although past performance is not an indicator of future performance, it helps to know that you are making the same trades as an experienced trader.
From those who have never traded before, to experienced traders testing out new strategies, the demo mode is an amazing feature. You are given $100,000 virtual money that you can use to make as many trades as you like. Make all your mistakes in the demo mode, and perfect your strategies before trying it with your real money.
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eToro Australia Fees & Deposit Methods
eToro Australia accepts a range of deposit methods, which are: bank transfer, credit card, debit card, PayPal and POLi. It is free to deposit using any payment method, but you will incur a currency conversion fee as your AUD will be converted to USD.
For bank transfer, the currency conversion fee is 50 pips (about 0.7%).
All other methods of depositing have a currency conversion fee of 100 pips (about 1.38%).
Withdrawing AUD from eToro to your bank account will cost you $5 plus currency conversion fee of 50 pips (0.7%).
The trading fees vary depending on the asset, as follows.
Stocks: 0% fee
Cryptocurrency: 1% fee
For all the assets below, the fee is incorporated into the spread. The spread is the difference between the buy and sell price.
Forex CFD: Spreads start from 1 pip for EUR/USD, AUD/USD, USD/JPY. For full list of spreads, click here.
Commodities CFD: Spreads start from 2 pips for copper. For a full list of spreads, click here.
Indices CFD: Spreads start from 0.75pts for SPX500. To see the various spreads, click here.
Stocks & ETFs CFD: Spread of 0.09%
eToro Australia Security
eToro Australia, as one of the top Australian crypto exchanges, is a very secure platform. It has been around for a while, since 2007, and is compliant with ASIC, FCA and CySEC regulations. All the funds of eToro users are stored safely in top-tier banks and personal information is always secured with SSL encryption.
eToro Australia is a really versatile trading platform, that is suitable for a range of crypto investors. Newbies will love the demo mode and CopyTrading, casual investors will enjoy the Social Trading news feed, and experienced traders enjoy the fact they can trade crypto and forex from within the same platform. The only small downside is the currency conversion fee from AUD to USD when you deposit, and vice versa when you want to withdraw. However, the features of the platform outweigh the small fee for most users. If you are unsure about eToro and you want to keep researching other exchanges, I suggest you have a look at our article on the best crypto exchanges for Australians (click here), with lots of information about the top platforms.