Follow the lead of experienced forex traders with eToro, the world’s largest social trading network.
Social trading is a relatively new investment concept, where online investors use crowd wisdom and user-generated content to make better trading decisions. eToro is the largest social trading network in the world, boasting more than five million members globally.
eToro makes it simple and convenient to make trading decisions by giving you the ability to follow traders with a profitable track record. You’re able to filter down to the best traders, helping you learn from the crowd and developing your own forex trading skills in the process.
eToro Australia provides access to more than 45 currency pairs on global forex markets, including majors like EUR/USD and a wide range of exotics. Combined with tight spreads and a leverage of up to 400:1, they offer a unique and competitive social trading platform.
- Social trading broker
- World's biggest social trading network
- Educational material and data
Not so great for
- Account base currency always in USD
- No MetaTrader 4 (MT4)
Who is eToro?
eToro was first created in 2007 to make online trading and investing available to anyone. Whether you had experience or not, eToro helped open up online trading to every day investors, through their initially offered WebTrader platform. The company has however, gone through a comprehensive evolution to reach the point it's at today.
eToro provides clients with a multitude of traditional and copy trading broker services, through an easy to use platform available on desktop or mobile. Starting with their OpenBook platform and now with their brand new eToro trading and investing platform, they can almost be solely credited with started the social trading revolution.
If you're looking for more than just a standard forex or CFD broker, then the social trading elements outlined in this eToro review are for you.
What are the key features of eToro social trading?
As a leading social trading broker, eToro already differentiate themselves from the pack, but here are a few key account features worth highlighting.
As an eToro user you can view trading activity of other users. You can then copy them to make your own, better informed trades. The trades of eToro users upload to the eToro network, where you can view them in different statistical ways. If you follow other traders, eToro duplicates every trade made in the accounts you choose to follow.
Market data and research
The eToro trading and investment platform is a connection point for traders of all types and backgrounds. You're able to use this platform to discuss, share and learn about market ideas and trading strategies. It's here that you can learn, share and have discussions about trading strategies, while sharing market ideas.
Access to to markets
The eToro trading and investment platform provides easy access to global forex and CFD markets through any web browser. If you're on the go, you can access your eToro trading account via your mobile browser, or on dedicated Android and iOS apps.
Through the eToro trading and investment platform, you can edit both your desired risk level and the amount you invest with each trade through the use of mandatory stop loss levels. This allows you to clearly tailor each trade to suit your risk/reward strategy and always keeps your risk level in front of you.
What markets can I trade with eToro?
- Forex. eToro offers traders the ability to choose between over 50 forex currency pairs. Currencies are traded on eToro as CFDs.
- Stock market CFDs. Trade individual, publicly listed companies as CFDs. eToro gives you the option of trading a number of global share market CFDs.
- Indices. Instead of investing in individual companies, stock market indices allow you to invest in a basket, such as the top 500 US stocks in the S&P 500.
- Commodities. If you're looking at diversifying your portfolio by investing in commodities, the options eToro has on offer include silver, gold, copper, palladium, platinum, natural gas and oil.
- Cryptocurrencies. eToro have recently added the ability for you to trade cryptocurrency CFDs such as Bitcoin or Ethereum.
What customer support options are available from eToro?
If you ever have a question about your eToro account or how you can get more out of this social trading network, the broker offers an extensive help section on its website. There you will find the answers to hundreds of frequently asked questions about trading with eToro. If you can't find the answer you're looking for, you can ask a question on eToro's Customer Service Wall (available 24/5) or open a support ticket online.
You can also learn more about the ins and outs of forex trading through the eToro Trading Academy, which provides webinars, an e-course, trading tips and a dedicated education centre.
What are eToro's spreads and fees?
- Spreads. eToro offers tight spreads across a wide range of currency pairs. The spread offered for AUD/USD is now just 1 pip.
- Leverage. The maximum leverage available with eToro Australia is 400:1.
- Base currency. The base currency on your eToro Australia trading account is always in USD.
- Minimum deposit. The minimum deposit when opening an eToro trading account is $200.
What are the pros and cons of using eToro?
- Social trading broker. This is a unique feature that allows traders can follow each other's performance and copy each other's trade positions.
- World's biggest social trading network. eToro has 4.5 million users in over 170 countries, representing a vast pool of traders and their expertise.
- Educational material and assistance. New and seasoned traders have access to eToro's online Trading Academy, as well as trading eCourses and live webinars.
- MetaTrader 4 is not supported. MetaTrader 4 is not compatible with eToro's other products.
- Account base currency always in USD. There is limited information about eToro Australia's forex trading services on the company's website. You'll need to sign up for an account to find out more about what you can trade with this provider.
How do I apply for an eToro Australia account?
It's free and easy to create an eToro account and connect with other traders and investors around the world. Simply apply online by clicking the go to site button on this page and following these steps:
- Supply your full name
- Enter your email address and phone number
- Create a username and password
In order to satisfy financial service regulations, you'll also need to provide proof of ID so your account can be verified. To do this, you'll need to provide scanned colour copies of a government-issued ID, such as your driver's licence.