eToro review for Australians

We look at the fees, features, pros and cons of one of the world’s biggest online trading platforms.

Finder's rating: 4.1/5


FYI: Buying and selling stocks directly is different to trading CFD stocks. CFDs are leveraged products where traders speculate on the price movements of underlying assets like stocks, without ever actually owning them.

While there are plenty of global online brokers, eToro's big drawcard is its social trading feature that allows you to copy the actions taken by the platform's leading traders.

Although targeted towards more active traders, the fact that you can learn from others and share investment ideas makes this platform a solid option for anyone looking to master their skills in stock, forex, commodities and cryptocurrency trading.

Trading CFDs and forex on leverage is high-risk and not suitable for all investors - you could even lose your initial investment. Always check the provider’s PDS and consider the risks before trading.

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Type of brokerOnline only
Available marketsNASDAQ, NYSE
Standard brokerage feeUS$0
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More Info

Our verdict

eToro has something that will appeal to most investors.

For those starting out their investing journey, eToro’s ease of use, educational resources and copy-trading platform will help newer investors quickly learn the market.

If you’re a more experienced investor, eToro’s range of products including 3,000 tradable CFD, forex, exchange-traded securities and cryptocurrencies could greatly appeal to you.

On the downside, eToro is not the cheapest broker going around, especially for forex and CFD products, while it also uses USD as the base currency.

Good for

  • $0 commission on stocks
  • Copy-trading feature
  • Trade US and European stocks
  • A single account for stocks, forex, CFDs, cryptocurrency

Not so great for

  • Account base currency always in USD
  • No MetaTrader 4 (MT4)

About eToro


★★★★★ 4.2/5

Trading tools

★★★★★ 3/5

Research and education

★★★★★ 3/5

Available securities

★★★★★ 2.5/5

Customer support

★★★★★ 2.0/5

To learn how our star ratings are calculated, read the methodology here.

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.

Is eToro safe?

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:

  • Forex Peace Army: 2*/5
  • AU Trustpilot: 2.5*/5
  • 4*/5

Note: Forex and CFD trading always carry 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.

What markets can I trade with eToro?

  • US stocks. Directly buy and sell US stocks listed on the NYSE and NASDAQ.
  • European stocks. Trade stocks from Amsterdam, Brussels, Frankfurt, Lisbon, London, Madrid, Paris, Stockholm and Zurich.
  • Forex. Currencies are traded on eToro as CFDs and you have 47 forex currency pairs to choose from.
  • Stock CFDs. Trade individual, publicly listed companies as CFDs. eToro gives you the option of trading a number of global share market CFDs.
  • Indices. Stock market indices allow you to trade a basket of companies, such as the top 500 US stocks in the S&P 500.
  • Commodities. eToro offers silver, gold, copper, palladium, platinum, natural gas and oil.
  • Cryptocurrencies. eToro allows you to trade cryptocurrency CFDs such as Bitcoin or Ethereum.

eToro highlights

Here are the notable account features worth highlighting:

  • $0 brokerage. There's no broker fee (commission) when you trade stocks.
  • Copy trading. You can follow the trading activity of other users and imitate their trades if they have a good track record. The trading decisions made by eToro users are uploaded to the eToro network, where you can view them in different statistical ways.
  • Market data and news. eToro's platform connects you with users around the world so you can discuss, share and learn market ideas and trading strategies. Its Twitter-like news feature on the OpenBook platform offers live user updates on which trades your peers are making and the markets they are keeping an eye on. You also have access to training courses, research papers and price data.
  • Access to markets. From a single account you can trade US stocks, global forex, commodities, cryptocurrencies and CFDs through any web browser or mobile phone (iOS and Android).
  • Risk management. You can choose your desired risk level and the amount you wish to invest with each trade with mandatory stop loss levels. This allows you to tailor each trade to suit your risk/reward strategy.
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What are eToro's spreads and fees?

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 is 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.

Stocks versus CFD stocks

eToro's platform is unique from most others in Australia's market because you can trade contracts for difference (CFDs) and stocks from a single 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 underlying asset."

If you choose to add leverage above 1x, you'll automatically switch to CFD trading as you can see in the image below:

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Trading real stocks on eToro.

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CFD trading on eToro.

Account comparison

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.

Minimum opening balanceUS$200US$200
SpreadsFrom 1.0 pipsFrom 1.0 pips
Commission per lot$0$7
Leverage1:1 - 30:11:1 - 400:1
Minimum trade sizeUS$10 (For share trading)US$10 (For share trading)

What customer support options are available from eToro?

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 ecourse, trading tips and a dedicated education centre.

Support options:

  • Trading academy
  • Email
  • No phone service
  • No live chat available in Australia yet

How do I open an eToro Australia account?

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:

  • Supply your full name.
  • Enter your email address and phone number.
  • Create a username and password.
  • Supply proof of ID and tax file number.

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.

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eToro frequently asked questions

ARSN 637 489 466, promoted by eToro AUS Capital Pty Ltd AFSL 491139. Your capital is at risk. Other fees apply.
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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  1. Default Gravatar
    January 10, 2018

    I am having trouble logging I to my account even tried to reset my password ,
    Is the system down.
    Please advice.

    • Avatarfinder Customer Care
      January 10, 2018

      Hi Jaicingh,

      Thanks for your inquiry. Please note that we are not affiliated with eToro or any company we feature on our site and so we can only offer you general advice.

      Please visit eToro official site and contact them directly to report an issue with your log in details.

      Best regards,

  2. Default Gravatar
    December 14, 2017

    I want to buy 1000 ripple and hold them for an indefinite then sell at some future time.
    How much do I have to deposit in my account (Australian dollars). They are currently 60cents US.
    What will be the purchase fees? Sales fees? Are there any other applicable fees?

    • Default Gravatar
      December 21, 2017

      Hello Bob,

      Thank you for visiting Finder.

      If you wish to buy and sell Ripple in Australian Dollars (AUD), you can directly go to Coinspot. According to their website, if you will buy 1000 XRP (Ripple), you will be paying $1257.69 (AUD) which already includes 2-3% of the total transaction. The value of Cryptocurrencies differs/ changes from time to time so it will be better to visit the exchange where you will be making the transaction to check for their current rate.

      Other fees and charges can be found on our review page as it explains how you can buy/ sell through Coinspot.

      I hope this helps.

      Let us know if there is anything else that we may assist you with.


  3. Default Gravatar
    December 9, 2017

    I am in Australia. Can I sell in Australia and what are your payment methods. For example creditcard/debit card, paypal, bank account?

    • Avatarfinder Customer Care
      December 11, 2017

      Hi Rob,

      Thank you for visiting finder, we are an Australian financial comparison website and general information service.

      Yes trading or buying and selling is allowed in Australia. For payment methods, you can deposit money into your eToro account by credit card, debit card, PayPal or bank wire transfer.


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