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

Pros

  • Plenty of markets, not just crypto; trade stocks, forex, ETFs and CFDs
  • Social trading feature so users can interact and learn from each other
  • CopyTrading allows you to mimic trades of successful traders
  • Earn interest on crypto by staking
  • Practise your trading strategy with $100,000 play money in demo mode

Cons

  • Limited cryptocurrencies available
  • You will be charged AUD/USD conversion fees when depositing and withdrawing

eToro Australia Features

Trade 50 coins and many other assets 

eToro has a fairly limited range of only 50 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. 

Crypto staking

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. 

Social Trading

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.

Demo mode

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.

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.

Cryptocurrency: 

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 Summary

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.

Frequently Asked Questions

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About the Author Andy Carter

Andy Carter is the CEO of Freedom Dividend, where he teaches you about dividend income that can change your life for the better. As a financial expert, Andy explores securities investing (stocks & shares) with an aim to provide a steady flow of income, enough to sustain you in your life.

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