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Finder's rating: 3.9/5
★★★★★
N/A
Standard brokerage fee
NASDAQ, NYSE
Available Markets
Support
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Type of broker | Online only |
---|---|
ASX products | N/A |
Available Markets | NASDAQ, NYSE |
Standard brokerage fee | N/A |
Support |
Important: Share trading can be financially risky and the value of your investment can go down as well as up. “Standard brokerage” fee is the cost to trade $1,000 or less of ASX-listed shares and ETFs without any qualifications or special eligibility. If ASX shares aren’t available, the fee shown is for US shares. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.
Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider’s PDS and consider the risks before trading.
Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider’s PDS and consider the risks before trading.
Fees |
★★★★★ 4.2/5 |
Trading tools |
★★★★★ 3/5 |
Research and education |
★★★★★ 3/5 |
Available countries |
★★★★★ 1.5/5 |
Available securities |
★★★★★ 2.5/5 |
Customer support |
★★★★★ 2.0/5 |
eToro was launched in 2006 in Tel Aviv and soon became a global trading phenomenon. Today it has the biggest social network of CFD, stock, commodity and forex traders in the world, with 13 million users worldwide.
The platform soon made a name for itself after spearheading the social trading revolution with its popular copy trading feature which allows users to track and imitate the actions of the platform's top traders.
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:
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.
Here are the notable account features worth highlighting:
eToro does not charge any traditional 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 forex spreads on the market, starting at 1.0 pips for AUD/USD and running as high as 50.0 pips for exotic currency pairings.
Deposit fees. There's no fee to deposit money into your account but eToro users trade in USD, so Australians will need to pay a currency conversion fee of 0.5% for wire transfers or 1% for any other method such as PayPal or card.
Withdraw fees. The same currency conversion fee applies again to withdraw funds. You can withdraw your funds at any time however the minimum you can withdraw is AUD30 and there is a AUD5 withdrawal fee. You can withdraw funds using a credit card (1-2 days), PayPal (1-2 days) or bank transfer (up to 8 days).
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.
eToro's platform is unique from most others in Australia's market because you can trade contracts for difference (CFDs) and stocks from the one account, so it's important to understand the difference.
CFDs are risky leveraged products that allow you to speculate on the price movements of stocks and other assets such as cryptocurrencies and commodities without ever owning them. Because they're leveraged, both your profits and losses are magnified and you can lose more than your initial investment.
When you trade stocks, you own the underlying asset and your profits can only be equal to the price rise of the stock. This also means you can't lose more than your initial investment.
On eToro's platform you have a choice of adding leverage when you trade stocks. If you choose 1X leverage, you're buying the real stock and you'll see the message 'You are buying the underly asset'.
If you choose to add leverage above 1X, you'll automatically switch to CFD trading as you can see in the image below:
![]() Trading real stocks on eToro. | ![]() CFD trading on eToro. |
When you sign up to eToro you have the option of opening a retail account or professional account. Below is a comparison of the fees, minimum deposits and spreads.
Retail | Professional | |
---|---|---|
Minimum opening balance | US$200 | US$200 |
Spreads | From 1.0 pips | From 1.0 pips |
Commission per lot | $0 | $7 |
Leverage | 1:1 - 30:1 | 1:1 - 400:1 |
Minimum trade size | US$50 (For share trading) | US$50 (For share trading) |
If you have a question about your account, eToro has a help section on the platform. You'll see a live chat option but this isn't available for Australian users at this stage.
You can also learn more about trading forex and CFDs through the eToro Trading Academy, which offers webinars, an e-course, trading tips and a dedicated education centre.
Support options:
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 need to answer a few questions about how much experience you have trading stocks and other products such as CFDs as well as a short quiz that you'll need to pass to qualify for an account.