This eToro review will provide you with details of the broker’s unique features that makes it so popular amongst traders. It will focus on eToro in Australia and outline for you the key advantages of trading with eToro in Australia.
eToro’s unique blend of Social Trading coupled with its CopyTrading features have made it one of the most popular brokers worldwide. Furthermore, it will provide not only how to get started but also how to trade with eToro Australia.
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The eToro website is a secure site which is subject to industry-leading security protocol and strict data privacy rules. The site provides traders with comfortable trading conditions which has gained eToro Ranking in first place for Best in Class in the Ease-of-Use and Forex Broker for Beginners, categories in 2021.
The website is designed so that traders will experience an easy to use and functional interface. The eToroX mobile app has the same design and functionality as the website with capability to sync your trading activity to your account.
The eToro website contains a large collection of learning resources that are useful for all traders, from beginner help articles to complex advanced trading topics. eToro provides regular webinars and has its very own Learning Academy which is available for all members upon joining. To see other sites with compatible resources, have a look at our Commsec review for more information.
Trade download speeds are fast to avoid trading delays in executing orders and trading from watchlists. Adding instruments by searching available markets, as well as placing a trade is a seamless and easy process.
Trading on eToro is simple and it is fast. Setting up your account is completed entirely online and once your ID is verified, normally between 1-2 days, you can then access your account so that you can prepare to start trading.
To start, select the Join Now button on the eToro site and follow the instructions. You will be prompted to complete your profile and once your profile is completed all you need to do is make your initial deposit to start trading! Deposits can be made via credit card, PayPal, Skrill, Neteller, Rapid Transfer, IDEAL, and Sofort.
eToro lists a typical variable spread of 1 pip on the EUR/USD with the choice of adding leverage when you trade stocks. You will find more information on the website as part of the learning resources that are available to all traders.
There is the option to set up a Demo account to try out all of the eToro features without the risk. The following types of accounts and programs are available:
VIP accounts: eToro offers this account for traders with balances between $5k -$250k. The benefits vary but may include discounts, private signals exclusive assets, etc.
Popular Investor program: eToro’s Popular Investor program has various benefits for eligible members. Benefits from this program can range from spread rebates, rewards, and other offers. Popular Investor is for traders who allow other investors to copy their strategy.
Cryptocurrency trading: trading crypto costs are standard but the conversion fee is high. If you are converting from crypto-to-crypto eToro will only charge a fee of 0.1%. With the number of crypto assets and CFDs eToro rated the best broker for Crypto Trading in 2021.
Exchange-Traded Securities: CFD shares eToro also offers zero-dollar commission for US stock trading.
The platform is available in multiple languages including English Arabic, Chinese, French, German, Greek, Italian, Polish, Russian, and Spanish.
By the end of this article you will have a sound understanding of the broker and be able to decide for yourself if the broker is for you and most importantly find the answers to – is eToro a scam broker or eToro safe to trade with?
eToro Australia provides Traders with several options for payments and withdrawals that include bank transfer, Credit/Debit card, PayPal, Skrill, Neteller and WebMoney.
eToro Australian customers are charged a conversion fee on any foreign currency transactions. A separate fee for trading conversation from EUR to USD is based on 0.025% of the amount of trade. Most withdrawals to your account take around 1-2 business days but may take up to 7 business days for credit and debit cards.
eToro handles all refunds as per the industry standard to avoid money laundering which means that any refund is automatically sent via the same channel as per the deposit. For example, if the funds were deposited via bank transfer, the refund will be deposited into your bank account.
eToro’s customer service is entirely online which can be accessed on the website via a ticketing system that handles all customer support queries. In addition to this, eToro Australia provides a live chat service for customers who wish to contact a chat agent as well as email support available.
Most traders make use of the self-help section of the website which is part of the learning resources collection. This is where the learning materials, webinars, the Training Academy is located you will find this self-help section.
eToro has a Customer Service Wall for use while you are waiting for your ticket response as well as FAQs and help tools that are useful. It takes a different approach to other trader self help options, take a look at our Self Wealth Review.
eToro Australia operates under ASIC regulations and in addition to this, it meets the global regulations of the Financial Conduct Authority (FCA), which set global standards for online trade. The Cyprus Securities and Exchange Commission (CySEC) and FinCen in the United States.
It has strong investor and financial growth backing which comes with its own set of rules around security and operations. eToro operates in 140 countries and is regulated by strict guidelines of each country in which it operates.
eToro was founded in 2007 and in 2010 launched its pivotal Social Investment and CopyTrading features which has seen it become one of the most popular trading platforms today. eToro went on to raise $31.5 million in funding and by December 2014 raised an additional $27 million backing from Russian and Chinese investors.
In December 2017, eToro and Coin Dash formed a partnership. This partnership developed Blockchain-based social trading. eToro has continued its rapid growth over the years with a consistent financial position, a reliable reputation amongst its customers and is the pioneer share trading website that has millions of registered users.
eToro is known to be a reputable broker amongst its peers as well as customers. Its licenses and regulations show that they are honest and reliable.
Customer feedback overall is positive, with the general feeling of excitement being experienced by the traders. The feedback on the popular user review sites is positive as well as the feedback from the user reviews on the eToro site.
The only negative feedback from traders is the higher fees. But with the 0% commission and the popularity and success of the Copy Trader concept, especially amongst the generation of social media users, the benefits outweigh any negative views. It is also popular for its ease of use and available apps.
eToro offers all customers the option to trade bonds within their service. You will be able to find the likes of corporate, foreign currency, perpetual bonds and many more available on their trading platform. As with any trading option, it is best to obtain as much information surrounding the relevant market as possible, so be sure to do some research surrounding the available bonds to find your ideal investment opportunity and diversify your investment portfolio.
The eToro bonds offer can be traded in the same manner as any of the other trading instruments on offer with the online operator and you will need to have an active account with the necessary funds before you are able to obtain a bond.
All traders will have the option to trade a variety of CFDs at eToro. It is important to remember that due to the high leverage associated with CFDs, it is quite common that traders lose large amounts of money. That being said, the gains could be equal in magnitude.
Cryptocurrency “Crypto” is one of the most popular currencies to trade online and eToro has earned its reputation as a global leader in trading this currency.
Crypto is a digital currency and is traded just as any other currency is handled online. The advantage of trading with crypto is that it is a secure trade because it is transferred directly between digital wallets.
The great thing about crypto is that there is no specific ownership principle which means its value can’t be influenced by any central authority, like a country’s government for example.
eToro offers safe and secure crypto trades with transactions that are fast.
eToro crypto trading is so easy to use it’s suitable for traders regardless of experience which has seen a growing number of non-traditional, mainstream traders who are joining because of its popularity.
eToro Australia also offers other currencies that you can trade such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar, and XRP.
eToro has its own secure trading platform, digital wallet and exchange that provides its customers with a safe environment to trade.
The most important factor to consider when choosing a broker is reliability and a broker’s reliability depends on how long it has operated on the exchange, the availability of its licenses as well as its reputation amongst other brokers and its customers. eToro meets the criteria as a reliable broker as outlined in this section.
eToro commenced its operations on the exchange in 2007, which means that they have more than a decade of experience working with traders. They hold licenses and are regulated in the correct jurisdictions and they have a good reputation amongst both their peers and their customers.
eToro has registered offices in Australia, Greece, Israel, the United Kingdom, and the United States and operates in over 140 countries.
eToro Australia is regulated by the Australian Securities and Investment Commission (ASIC), the CySEC Authority in Europe, the FCA in the United Kingdom, and FinCEN in the United States.
A broker is required to display its licenses clearly on their website as well as provide customer reviews. This is a good way to check the reliability of a broker.
eToro Australia does not charge commission which means that traders receive 100% of their income earned from their trading which is guaranteed.
eToro Australia does not charge fees for opening or closing a long position and there is no fee for deposits into your account.
Some fees do apply to a number of their transactions such as short sales which is 0.18% of the value of the trade. A currency conversion fee of 0.5% applies for any trades that are not in AUD and wire transfer charges also are payable, for example, PayPal fees.
If your account is inactive, E-toro will not charge you until you reach 12 months of inactivity and then fees will be incurred. See the eToro website for more information about fees. You can also take a look at some of the fees and charges by similar sites CMC Markets Review and Plus500 Review to make a comparison.
eToro offers a range of trading instruments that are easily located on their website in their Trade Markets Menu. This is where you will find all of eToro’s various instruments that are available to trade.
If you know which instrument you wish to trade, you can easily navigate directly to your desired instrument or, alternatively, if you are unsure or you want to copy a successful trade, this is where you can use the copy trade feature which is an extremely convenient way to trade.
The trading instruments available with eToro Australia include Currencies, EFTs, Stocks, Indices and Commodities. The following list provides further information about these trading instruments:
eToro offers all validated customer accounts the option to invest in over 250 exchange traded funds (ETFs). Their entry costs are well below the industry standard and there are no management fees applicable to your account. Be sure to take a look at all of your options with eToro right here.
Foreign exchange, or forex, involves the purchasing of foreign currency at a price relative or equal to the current exchange rate. eToro offers this service in certain countries and you will be able to exchange your dollars for most of the industry favourites.
Futures are also available with the eToro service, this will allow customers the opportunity to enter a contract of settlement of an asset at a future point in time. If you are interested in this trading instrument, you will be able to make use of it with the eToro trading platform.
There are plenty of stock options available with eToro. Their state-of-the-art trading platform allows all customers the ability to purchase some shares within a number of different exchanges all over the world. The entire process is fairly simple and 0% commission fees will apply to all of your stock trading.
eToro has been widely recognised for its innovative approach to trading as well as its success with the social trading feature. This is a widely popular feature that is not available with other brokers sites. Traders are connected to each other within a social trading community where you can find mentorship and learning opportunities.
Add to this the successful CopyTrader feature and you have a great trading experience that is accessible to traders of all experience levels. The seasoned traders are making trades and leading by example. The beginner traders are getting practical experience from traders with whom they feel connected.
The eToro Review Australia can describe the broker as unique that continues to pioneer and lead the way in innovative ways to trade that has an excellent reputation amongst its peers – just explore our Plus 500 review and ASX review to compare it to other leaders in Australia. It is recommended for traders of all experience levels which are transforming mainstream novice traders into professional successful traders through its technology, scope for learning and access to resources.
eToro’s exceptional service offers a safe platform that is packed with security features to ensure that traders can trade with confidence. It is a popular way for traders to learn and share as a community that has a high rate of successful earnings and outcomes.
For information on similar sites, check out our reviews of these brokers BaxterFX Review and FX Open Review.
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