eToro Australia is an excellent trading platform that allows you to trade cryptocurrency and various other financial assets all from the one place. eToro ranks highly in our list of the best crypto platforms for Australians. Perfect for newcomers and experienced traders alike, the platform is easy to navigate, with a demo mode for beginners, and also advanced features such as margin trading for those that know what they're doing. Read on to see what else eToro offers their Australian users.
eToro Australia Features
Trade a range of assets
One of the big factors separating eToro from other cryptocurrency exchanges, is that eToro is your one-stop shop for financial trading. You can trade crypto, global stocks, CFDs, ETFs, commodities and forex from within the one platform. Most other crypto exchanges only offer cryptocurrency, which is great for those that are only interested in that, but astute investors trade various financial markets. By having them all in the one place, it makes it so much easier to keep an eye on your whole portfolio and trade quickly when you need to.
Social trading and CopyTrading
Another popular feature that eToro proudly offers is the idea of social trading. What this means is that there is a social media news feed on the eToro platform where you can view posts from other users, comment on them, and post your own questions or articles that you find interesting. One aspect of social trading is CopyTrading, where you can copy the exact trades of one of the most successful eToro traders. You can peruse the top traders' profiles and elect to copy them, and then every time they make a trade, eToro will automatically make those same trades for you. This is an excellent feature if you are new or don't have time to research and come up with your own trading strategies.
Demo trading mode
eToro is one of the few crypto trading platforms that offers a demo mode (Swyftx is another one). The demo mode is so useful for crypto beginners because they can get the hang of how buying and selling works, and get used to the price volatility of the coins. $100,000 in play money is automatically included in your demo account so you can easily try out some trades and see what would have eventuated if it was real money. Experienced traders will also enjoy the demo mode as they can use it to try out different trading strategies before investing their real money.
Margin trading up to 30x
Experienced traders who want advanced features will love that eToro Australia offers margin trading on CFDs with up to 30x leverage. Margin trading enables users to access higher amounts of capital and potentially increase their profits. However, the converse is also true, and if your trade is unsuccessful, you could lose a lot of money. We do not recommend margin trading to anyone that is not highly experienced in financial trading.
eToro also has an option called CopyPortfolio where users can choose from pre-set diversified portfolios. Each of them have been researched thoroughly, are carefully balanced, and are centred around market segments that you can understand. It is an easy way for you to diversify your investments without needing to spend too much time on research, and eToro does not charge any management fees to use this function.
Pros and Cons of eToro Australia
- 50 cryptocurrencies supported
- Trade a range of assets such as stocks, ETFs, forex, CFDs and commodities
- Staking to earn interest on your cryptocurrency
- CopyTrading to make the same trades as successful traders
- CopyPortfolio lets you choose from pre-determined diversified portfolios
- Currency conversion fee when depositing and withdrawing
- Trading fee of 1% is higher than others
eToro Australia Deposit Methods
eToro Australia accepts the following deposit methods: bank transfer, credit card, debit card, PayPal and POLi.
eToro Australia Fees
Depositing fiat currency is free, but you will be charged to convert AUD to USD. If you deposit using bank transfer, the conversion fee is 50 pips (~0.7%).
For the other deposit methods, the currency conversion fee is 100 pips (~1.38%).
When you withdraw AUD to your bank, the fee is $5. You will also be charged the currency conversion fee of 50 pips (~0.7%).
Trading fees are dependant on which instrument you are trading.
Stocks: 0% fee
For all the other assets which are listed below, the fee is included in the spread. If you don't know what the spread is, it is the difference between the buy and sell price. For example, the spread for Bitcoin on eToro is 0.75%. This means if you buy BTC and sell it instantly before any price fluctuations occur, you will lose 0.75% in fees due to the spread.
Cryptocurrency: 1% fee on all coins
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 is serious about security, just like all of the best Australian crypto exchanges. eToro was established in 2007 and is fully compliant with ASIC, FCA and CySEC regulations. eToro stores all their users' funds in top-tier banks, and their personal data is protected by SSL encryption. You can trade with peace of mind when you use eToro.
To sum it up, eToro Australia is an excellent trading platform, that has plenty of features that no other crypto exchange has. Social trading, CopyTrading, CopyPortfolio, demo mode, stocks, forex, margin trading and staking are just some of what is on offer. It is a great match for crypto beginners as well as experienced traders, as there is something for everyone. One minor drawback to eToro is that there is a currency conversion fee when you deposit or withdraw AUD. However, the fee is minimal and you make up for it with all the great features you can access. If you want to compare eToro to some other crypto exchanges, take a look at this article on the best crypto exchanges in Australia (click here), which can help you make up your mind.