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eToro Australia Review: Leverage and spread fees

Follow the lead of experienced forex traders with eToro, the world’s largest social trading network.

Social trading is a relatively new investment strategy 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 around the world (including in Australia).

Founded in 2007, eToro makes it simple and convenient for you to follow traders you like or respect and copy the trades made by others. By learning from the crowd, you can then hopefully become a more profitable forex trader.

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, it offers a unique and competitive trading platform.

Maximum leverage is 400:1

Pros

  • Mobile Trader app available for iPhone and Android devices
  • Your funds are secured in tier-1 European banks.
  • Copy Trader.

Cons

  • Limited information.

What are the features of eToro Australia?

WebTrader platform

eToro’s WebTrader platform provides easy access to global forex markets through your web browser.

Choose your risk level

Through the WebTrader platform, you can edit your desired risk level and the amount you invest with each trade. This allows you to tailor each trade to suit your risk/reward strategy. The default Responsible Trading setting does not allow a leverage of more than 50:1.

Copy Trader

This unique feature makes it quick and easy to copy the moves of the most successful forex traders on eToro. Simply find a trader you’d like to copy, allocate a portion of your funds to start copying them and the Copy Trader function takes care of the rest.

No Dealing Desk

eToro uses a market-maker model in partnership with straight-through processing (STP) technologies as well as a Non Dealing Desk system.

Compatible devices

The eToro mobile app is available on Android and iOS smartphones and tablets, allowing you to trade whenever and wherever is convenient for you.

Spread fee

eToro offers tight spreads across a wide range of currency pairs. The minimum spread for AUD/USD is 4 pips and the minimum spread for EUR/USD is 3 pips.

Leverage

The maximum leverage available with eToro Australia is 400:1.

Base currency

The base currency on your eToro Australia trading account is USD.

Minimum deposit

The minimum deposit to open an account with eToro varies from $50 to $1,000 depending on where you live and the regulations in place.

Order types

The following order types are available to help you maximise profits and minimise risk: market, limit, stop-loss, stop-entry and take-profit.

Payment methods available

You can deposit money into your eToro account by credit card, debit card, PayPal or bank wire transfer.

Demo account

If you are new to forex trading, you can open an eToro Australia demo account. Demo accounts mirror live accounts and provide you with a virtual balance with which you can trade.

What support is available with eToro Australia?

If you ever have a question about your eToro account or how you can get more out of this social trading network, the provider 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 the pros and cons of using eToro Australia?

Pros

  • Copy Trader. This feature allows you to copy the trades of leading forex traders to increase your chances of trading success.
  • Learn from the best. As eToro is a social trading network, it gives you the opportunity to learn the ins and outs of forex trading from experienced traders.
  • Mobile trading. With its Mobile Trader app available for iPhone and Android devices, you can access the global forex markets at your convenience.
  • Secure. Any funds you deposit with eToro are kept safe in tier-1 European banks.

Cons

    • Limited information. 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 more than five million investors around the world. Simply apply online by taking the following 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.

Do you have more questions about eToro Australia?

How can I deposit money into my account?

You can deposit money into your account using your credit card or via PayPal.

Does eToro charge a withdrawal fee when I withdraw funds from my account?

Yes, a processing fee applies but varies depending on the amount you withdraw. The minimum fee is US$5.

How do I “follow” another trader?

When you find a trader you would like to keep track of, click the relevant icon and add them to your watchlist.

How often is the data in the eToro OpenBook updated?

The live activity feed in OpenBook features data that is updated in real-time.

How does the social trading network choose its top-ranked traders?

Rankings are based on a trader’s total gain or winning ratio.

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