eToro Review Australia & Test 2021: Is eToro safe or scam?
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.
Pros & Cons of eToro Australia
- Unique social trading platform
- Copy the trades and portfolios of successful traders
- Toro Australia offers zero commission
- eToro website and mobile apps are user-friendly
- eToro Australia does not charge commission
- Not compatible with other trading platforms like MT4
- Limited features
- No telephone support
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 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.
eToro Review: How to trade on the eToro platform
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 Review: Reputation and customer feedback
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 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. It is recommended for traders of all experience levels which is 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.