eToro Australia Review 2024 - Everything you need to know

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eToro is one of the largest and most innovative trading brokers in the world — and in Australia, they operate under the AFSL license, number 491139. All of its clients have access to a wide range of financial instruments, such as US stocks. And that’s why we’ve prepared an in-depth review of the eToro experience in Australia!

Do you want to start trading? Open an account on eToro !
eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. See PDS and TMD

eToro Australia - General Information

Open an account
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. See PDS and TMD
Account currency:
USD
Minimum deposit:
$50
Leverage:
1:1
Spread:
From 0.1 pips
Instruments:
Stocks, Cryptocurrencies
Special Offers:
Advanced Copy Trading Platform, Free US Stocks Trading
Margin Call / Stop Out:
n/a

eToro Australia Pros and Cons

While eToro represents great opportunities for all kinds of traders, just like any other platform — it comes with its pros and cons. And here are some of the advantages and disadvantages of trading via eToro in Australia!

👍 Pros

$100,000 demo account for beginners

Extremely user-friendly interface

👎 Cons

A limited number of cryptocurrencies

AUS to USD currency conversion fee

Overly complex fee structure

eToro Australia – Best For Copy Trading

In the past couple of years, copy trading is a form of financial investment that has gained immense popularity on the Internet. Basically — as an inexperienced user, you “subscribe” to the trades of more professional traders, and copy their work with your own money — hence the name.

With this in mind, it’s important to point out that eToro Australia has an incredibly well-developed copy trading platform. And it works with demo accounts as well, so you’ll be able to spend a virtual $100,000 you get upon registering before you have to deposit any actual money.

On eToro, the copy trading features are basically a small social network in and of itself. You’ve got a clean feed in the middle, and a dashboard with different sections on the left — where, among other things, you can choose the “Copy People” feature to find new traders.

Crucially, there is far less room for fraudulent activity than on other platforms. All traders have their real photos on their profiles, as well as their full names. Each trader shares market news, their own news, and even some personal content on occasion. There are also comment, share, and like features. Also, most importantly — you can view the trading performance of every trader on their profile through intricate statistics and graphs.

Can I Trade Cryptocurrencies in Australia?

Yep, as an Australian citizen, you can easily use eToro to trade cryptocurrencies. Just bear in mind that, seeing as Australian law recognizes crypto as neither a foreign nor an Australian currency, it’s instead viewed as an asset and property — and that means it’s subject to capital gains taxation.

As for the trading capabilities of eToro itself, it functions perfectly well in Australia — you can use the platform to buy and sell cryptocurrencies as actual tokens, or trade CFD derivatives based on the changes in crypto prices.

When it comes to the different cryptocurrencies you can trade in, you’ll be happy to know eToro supports 110 different cryptos — including all the heavy hitters, such as Bitcoin, XRP, Ethereum, Litecoin, etc.

eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

Summary

Today, eToro is one of the most diverse online brokers, with users from all over the world in a large number of countries — including Australia. All eToro clients can trade in a wide variety of financial instruments, and the broker has gained a lot of traction due to its immensely user-friendly interface and proprietary trading platform.

FAQs

Is eToro safe for crypto trading?

Safety is always one of the most important features for any kind of online broker — and especially for crypto trading. With that in mind, you’ll be pleased to learn that eToro keeps all traders’ funds in tier 1 banks, while all personal information is tightly guarded via SSL encryption.

Can you make money on eToro?

eToro is a perfectly legal and legitimate online broker, where you can trade in all kinds of securities. That being said, any kind of trading, even with the best broker, comes with significant risk — so don’t chase profits with an investment you can’t afford to lose.

Is eToro legal in the USA?

Yes, eToro is regulated by a number of financial entities and agencies in many world countries — and it’s been legal in the United States since 2018.

Is eToro or Degiro better?

For Australians, eToro is better, as DEGIRO is better suited for European citizens — after all, eToro was a purely international brokerage from its inception.

Team that worked on the article

Mikhail Vnuchkov
Author at Traders Union

Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.

The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.

Mikhail’s motto: Learn something new and share your experience – never stop!

Olga Shendetskaya
Author and editor at Traders Union

Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.

Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.

Olga’s motto: Do well and you’ll be well!