- Copy trading feature
- World's biggest social trading network
- Educational material and data
Not so great for
- Account base currency always in USD
- No MetaTrader 4 (MT4)
- Can't directly buy shares with Australian account
Social trading is a relatively new investment concept, where online investors can learn from and imitate the actions taken by leading traders. eToro is the largest social trading network in the world, with more than five million active members around the world.
eToro makes it easy to trade CFDs, forex, commodities and cryptocurrency by giving you the ability to follow others with a profitable track record. You’re able to filter down to the best traders, helping you learn from the crowd and develop your own 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.
Minimum Spreads for Major Currencies
US$200 (to CopyTrade)
Minimum Trade Size
eToro Trading Platform
|Type of broker||Online|
|Available markets||47 global currency pairings, commodities, cryptocurrency, index CFDs, stock CFDs|
|Minimum Spreads for Major Currencies||3.0 pips|
|Leverage||Up to 1:30|
|Minimum opening balance||50|
|Minimum Trade Size||US$200 (to CopyTrade)|
|Platforms||eToro Trading Platform|
eToro was launched in 2006 in Tel Aviv and soon became a global trading phenomenon. Today it's known for having the largest combined social network of CFD, stock, commodity and forex traders in the world, with 11 million users.
The platform made a name for itself largely thanks to its popular copy trading feature which allows users to track and imitate the actions of the platform's most successful traders.
Starting with their OpenBook platform and later their eToro trading and investing platform, they can be almost solely credited with spearheading 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 review are for you.
eToro is regulated by financial authorities in the US, Europe and Australia. In Australia, it's licensed by the Australian Securities Investment Commission (ASIC) under the trading name eToro AUS Capital Pty Ltd.
Among popular user review sites, feedback has been mixed. On the complaints side, reviewers primarily point to the withdraw fees, spreads and poor online customer service. The positive reviews highlight eToro's user friendly platform and OpenBook feature which allows users to share live trading news and ideas with each other.
Ratings from review sites:
Fund withdrawal: You can withdraw your funds at any time with eToro however the minimum you can withdraw is $50 and there is a $25 withdrawal fee. You can withdraw funds using a credit card (1-2 days), PayPal (1-2 days) or bank transfer (up to 8 days).
Note: Forex and CFD trading itself always carries risks which you should be aware of, so read up before you start investing. Do your research before signing up to any forex or CFD trading platform.
As one of the most popular trading platforms in the world, eToro's platform has more than a couple of draw-cards. Here are the key account features worth highlighting:
eToro does not charge any broker fees or commissions, regardless of the asset being traded. Instead it charges entirely on foreign exchange spreads. For this reason, eToro doesn't have the lowest spreads on the market, starting at 1.0 pips for AUD/USD and running as high as 50.0 pips for exotic currency pairings.
Withdrawal and deposits. eToro users trade in USD, so Australians will need to convert their AUD when they fund or withdraw from their account. The conversion rate for AUD/USD withdrawals and deposits is reasonably high at 100.0 pips. In addition to the FX fee, you'll also need to pay a US$25 withdrawal fee.
Inactivity fee. If there has been no login for 12 months, eToro charges an inactivity fee of US$10 per month until any remaining funds are removed. No open positions will be closed to cover this and the fee will stop once a user logs in.
|Minimum opening balance||US$200||US$200|
|Spreads||From 1.0 pips||From 1.0 pips|
|Commission per lot||$0||$7|
|Leverage||1:1 - 400:1||1:1 - 400:1|
|Minimum trade size||US$1 (For copy trading)||US$1 (For copy trading)|
If you have a question about your account, eToro offers a help section on its website. If you can't find the answer you're looking for, live chat is available.
It's free and easy to create an eToro account. Simply apply online by clicking the go to site button at the top of this page and follow these steps:
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.
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