eToro: Social Trading Giant

eToro is a popular online trading platform founded in 2007. The platform's design makes investing and trading accessible to everyone, regardless of their experience level.

eToro is known for its innovative social trading features, which allow users to interact with other traders and copy their trades. In addition to social trading, eToro offers a wide range of assets to trade, including stocks, cryptocurrencies, ETFs, and commodities.

What Makes eToro Stand Out?

One central aspect that sets eToro apart from other trading platforms is its social trading features. For example, with eToro's CopyTrader and CopyPortfolios, users can copy the trades of successful traders, which can be especially helpful for those new to trading. Additionally, eToro's user-friendly interface and design make it easy for users to navigate the platform and access the necessary information.

Key Features and Benefits of eToro

• Wide Range of Financial Instruments: eToro offers access to various financial instruments with over 2,000 different assets available to trade, eToro provides traders and investors plenty of opportunities to diversify their portfolios.

• Social trading features: One of eToro's unique features is its social trading capabilities, which allow users to follow and copy the trades of other successful traders on the platform. CopyTrading is a valuable mechanism for beginners looking to learn from experienced traders or for busy investors who want to take a more hands-off approach to trade.

• User-friendly interface: eToro's user-friendly interface makes it easy for users to navigate the platform and access the various trading tools and features. Whether you're a beginner or an experienced trader, eToro's intuitive design ensures a smooth user experience.

• Regulated platform: eToro is regulated by reputable financial authorities in multiple jurisdictions, including the UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) in Australia, which ensures that the platform adheres to strict security, transparency, and financial stability standards, giving users peace of mind when trading on the platform.

• Education and research tools: eToro offers a range of educational and research tools, including webinars, video tutorials, and market analysis, to help users improve their trading skills.

How to Open a Trading Account with eToro from Australia

If you're interested in checking out eToro's Trading App, there are a few key steps you'll need to follow.

1. Register at the App (You may try a Demo Account). You'll be requested to provide basic information, such as your name, email address, password, country of residence, and phone number. You'll also need to agree to the platform's terms and conditions.

2. Once registered, you'll need to verify your account. eToro requires all users to complete a verification process to comply with regulatory requirements by uploading proof of ID and address, such as your ID Card or Passport and a utility bill.

3. After sending the documentation, you can log in to eToro's Demo App and explore it. Of course, to start trading, you have to deposit funds. But, before, it is recommended to try out the interface, open and close a few demo orders, and browse the available asset classes.

4. Once eToro verifies your account, you can deposit funds into your account using various payment methods, including credit cards, bank transfers, and e-wallets. We detail every alternative in further paragraphs.

5. Once your Trading account is ready, you can buy your chosen asset. eToro makes this step easy by listing the available traders and their performance metrics. Also, you may use the search function to filter and find traders specialising in particular instruments, trading strategies, and historical performance, among other indicators.

Depositing Funds at eToro from Australia

There are two things to consider when you deposit funds at eToro (and on any other broker). First, it supports your preferred banking method, and second, it supports the minimum deposit amount.

Here is a list of eToro's depositing methods available to local clients:

• Credit and Debit Cards: These are available for deposits in USD, GBP, EUR, and AUD. It supports Visa, MasterCard, Visa Electron and Maestro. Transactions will appear as 'Etoro' or 'www.etoro.com' in your statement.

• Bank Transfers: Funds will reach your trading account in 4-7 days. Remember to quote the Transaction ID to prevent delays in crediting the funds.

• PayPal: Available for USD, GBP, EUR and AUD deposits. You may use funds in your PayPal account or use the credit/debit card linked to it.

• POLi: Deposit up to AUD 10,000. Registering with POLi is unnecessary, but you must access your online banking account to complete the transaction.

eToro is very accessible regarding the required minimum deposit; the minimum deposit amount required in Australia is 50 US Dollars (Or the equivalent in AUD).

Financial Assets offered by eToro

• Stocks

• ETFs

• Cryptocurrencies

• NFTs

• Indices

• Commodities

• CopyTrading

• Smart Portfolios

If you wish to trade international assets like US Stocks or Cryptos, check out the complete list of eToro's tradeable assets.

eToro's Regulation for Clients in Australia

Since eToro is a multi-asset broker serving millions of users worldwide, it is regulated in the following jurisdictions:

• Australia: eToro AUS Capital Limited ("eToro Australia") is regulated by the Australian Securities & Investments Commission ("ASIC") for the provision of financial services and products—Australian Financial Services Licence number: 491139.

Other regulatory agencies include:

• UK: eToro (UK) Ltd is authorised and regulated by the Financial Conduct Authority (FCA)—Firm Reference Number: 583263.

• Seychelles: eToro (Seychelles) Ltd. is licenced by the Financial Services Authority Seychelles ("FSAS") to provide broker-dealer services under the Securities Act 2007, License number: SD076.

• USA: eToro USA LLC is a registered Money Services Business ("MSB ") with the Financial Crimes Enforcement Network (FinCEN) in the United States (registered number: 31000204884179) and holds Money Transmitter Licenses ("MTLs ") in the States where applicable. eToro USA offers a platform for US customers to buy and sell cryptocurrency.

• Gibraltar: The wallet is provided by eToro X Limited (eToroX), a limited liability company incorporated in Gibraltar. eToroX is authorised and regulated by the Gibraltar Financial Services Commission as a distributed ledger technology provider—Financial Services Commission licence No. 1333B.

Being in Australia, your account falls under ASIC's governance.

eToro's Trading App Pros and Cons

Pros

1. User-friendly: eToro's platform is intuitive and easy to use, making it accessible to traders of all levels.

2. CopyTrading: eToro's unique features allow users to follow and copy the trades of other successful traders on the platform.

3. Wide range of assets: eToro offers a wide variety of assets to trade, including stocks, cryptocurrencies, commodities, and more.

4. Low fees: eToro's fees are generally lower than other online brokers, making it an affordable option for traders, especially in stocks and ETF trading.

Cons

1. Limited research tools: While eToro's platform includes some research and analysis tools, it may not be as comprehensive as other platforms.

2. Limited order types: eToro offers fewer orders than other platforms, which may limit trading strategies.

3. Limited customer support: Some users have reported difficulty reaching customer support on eToro, which may be frustrating for those who need assistance.

4. Withdrawal fees: eToro charges fees for lower-value withdrawals, which may concern traders who want to access their funds quickly.

For a full review of eToro's platform, check out our eToro's User Guide.