What is eToro?
eToro is an online broker offering one of Australia's top trading platforms (and regulated). In addition, it provides one of the leading trading platforms worldwide. eToro was established in 2007, and the headquarters are in Cyprus, although they are governed by ASIC and have an operating office in Australia. eToro is the most relevant Social Trading platform: It allows investors to research other users' investment strategies. When saying investment strategies, we are not only referring to general parameters but practically all traders' investment history, orders, traded financial assets, and track records (Earnings or historical losses). With all this available info, eToro allows users to "Copy" other users' portfolios and, in turn, will enable one to be copied by other users (as long as you set up the profile as public). 'Being copied' means that you may attract traders to invest in your trading strategies, generating money in the form of commissions.
Is eToro a trustworthy broker?
eToro is regulated locally, but also in the UK, US, and Cyprus:
eToro Australia Pty Ltd, regulated by the Australian Securities & Investments Commission (ASIC).
eToro (UK) Ltd., regulated by the Financial Conduct Authority (FCA),
eToro (Europe) Ltd. is regulated by the Cyprus Securities and Exchange Commission (CySEC) and retains a cross-border license from the CySEC to offer its services in member states of the European Economic Area and outside it.
Member of the NFA (National Futures Association).
eToro USA LLC, registered with FinCEN as a Money Services Business.
eToro's CopyTrader Platform
Since the launch of eToro's Social Trading platform in 2010, the Broker has incorporated many improvements to its platform, including the possibility of choosing the leverage level of each trade, the opportunity that any average Joe may receive commissions when copied by other investors [By becoming a 'Popular Investor']. eToro's Trading platform also allows 'copying' thematic portfolios in the "CopyPortfolios" section. Cryptocurrencies, Medicinal Marihuana, Travel Industry, BioTech, Internet, and Drones are some available thematic portfolios.
Bid and Ask order types available on eToro's Platform
When trading any financial instrument, eToro's Trading platform allows the following functionalities:
Take Profit: When using this functionality, you may specify a maximum value when the trade should be closed automatically. In other words, if a financial asset rises, the trader can "protect the profits" by cashing in the profits.
Stop Loss: Alternatively, when using the Stop Loss functionality, a minimum price should be specified at which the position traded on the financial instrument should be closed automatically. In other words, if the financial asset's price falls, the trader can minimise the losses of the trade to the specified price level.
Limit Order: You may use a limit to buy or sell a stock at a specific price or better. A buy limit order is executed at the limit price or lower, and a sell limit order is completed at the limit price or higher.
Leverage Level: eToro's platform allows Traders to choose each trade's leverage level. Depending on the instrument, the level of available leverage will vary. In particular, when you select leverage level 1 for equity markets, you are acquiring an instrument as you would obtain the actual stock.
Forex & CFD instruments offered by eToro
Forex: +47 currency pairs – Majors, minors, and exotics.
Stocks: eToro offers +1,800 CFDs on Stocks from 12 major Stock Exchanges, among which there are the New York Stock Exchange, Nasdaq, London Stock Exchange and Xetra, four of the most popular Stock Exchanges among investors.
ETFs: CFDs on 145 ETFs from iShares, Vanguard, PIMCO, Invesco, Market Vectors, Horizons, among other asset managers.
Commodities: CFDs on 13 commodities, being Gold and Oil the most popular among traders.
Indices: 13 major stock exchange indices.
Cryptocurrencies: CFDs on 17 cryptocurrencies.
Thematic Portfolios: eToro offers CFDs on 19 Trading ideas [Portfolios] like Food And Drink, eSports, 5G, among others.
Social Trading: As mentioned before, eToro offers the possibility of acquiring portfolios developed by other traders using the platform via its 'CopyPortfolio' feature.
eToro's Partnership with the Wallabies
eToro is an official sponsor of the Wallabies until the end of 2023. The agreement will see the trading platform as a naming rights partner for all inbound Tests. Dylan Holman, Global Sponsorship, Senior Manager at eToro, commented:
"As a leading investment platform with over fourteen million users, we believe sponsorships are a powerful tool that help build and reinforce eToro as a world-class brand. We will be working with clubs to make the financial markets more accessible than ever, using our partnerships to help bring fans closer to the action and educating them on investing."
eToro's trading platform is simple to use and has an excellent user experience.
eToro's CFD Trading Accounts from Australia
Like any other online service, opening a Forex and CFD trading account with eToro from Australia is a process that takes only a few minutes and requires a valid ID and a proof of address (electricity, water bills, etc.), which are scanned through the platform. Should everything be approved by eToro, the account would be operational in less than a day. You may deposit and withdraw money through:
International Bank Transfer
eWallets like PayPal, Skrill, Neteller, WebMoney, UnionPay
Opening a Demo Account is free, so you may try the Demo, test it, and then decide whether you will deposit funds or not.
You may select AUD as your base currency, which will display your portfolio and orders in it, yet trades fulfil in USD (and then the result, converted to AUD).
eToro's Minimum Deposit in Australia
We have saved some good news: Opening an account with Real funds requires USD 50 only (Or the equivalent in Aussie Dollars). In January 2021, eToro has seen an unprecedented demand for its services from new users. To manage demand and ensure the existing community of 17M registered users can continue to access eToro’s services uninterrupted, the minimum deposit for new users was temporarily increased to USD 1000. However, it was changed to USD 50 in October 2021 (Applicable to Australian residents).
Good luck, and we hope you make money with this popular Trading Platform.
Trading with eToro from Australia [Commission Free on Stocks]
Trade with confidence on the world's leading social trading platform, Forex, CFD, Shares, Crypto, ETFs & more. Trade with eToro's Demo for Free.