Buy and sell crypto on this popular social trading platform.
eToro provides Australians with a secure and licensed gateway to invest in cryptocurrency.
This makes it well suited to beginners, even those who have never traded before.
But that also means that experienced traders who want highly detailed charts and interfaces may consider other options like Kraken Pro or Binance.
eToro is most famous for its wide range social trading features, notably Copy Trading.
This gives users the ability to track, interact with and copy other traders on eToro. In that sense, eToro is like social media for investors.
The downside is that the fees can add up quickly. You're charged a forex fee to convert AUD into USD, and there's a fee when you withdraw cash.
But crypto trading fees are charged at a flat 1%, which is higher than some competitors but not too bad.
eToro also offers customers the ability to add traditional stocks and commodities to their crypto portfolios (or vice versa).
| Product Name | eToro Crypto |
| Fiat Currencies | USD, EUR, GBP, AUD, SGD, THB, IDR, MYR, VND, PHP & 17 more |
| Cryptocurrencies | BTC, ETH, XRP, SOL, BNB, DOGE, ADA, TRX, LINK, AVAX & 170 more |
| Deposit Methods |
Bank transfer Credit card Cryptocurrency Debit card |
| Trading Fee | 1.00% |
| Deposit Fees | AUD: None |
| Withdrawal Fees |
AU$5 (min. of US$30) Up to a 3% currency conversion fee for AUD |
eToro Crypto is an experienced player in the digital trading market, founded in 2007.
It was founded inTel Aviv, Israel and now has headquarters in Cyprus, Britain, the US and Australia among others.
eToro supports over 179 cryptocurrencies, but some notable assets are missing. Namely, Tether, Lido Staked Ether and Wrapped Bitcoin, which are in the top 20 cryptos by market cap. In total, 14 of the top 20 cryptos are available on eToro.
Popular assets on eToro| Transaction type | Fee |
|---|---|
| Deposit funds | AUD: None |
| Withdraw funds | AU$5 (min. of US$30) Up to a 3% currency conversion fee for AUD |
eToro uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.
| Type | Fee |
|---|---|
| Maker | 1.00% |
| Taker | 1.00% |
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
Before you can get started trading on eToro, you'll have to go through a Know Your Customer (KYC) verification process (which usually involves proof of identification).
eToro is regulated by a host of financial authorities including the US, Europe and Australia. In Australia, it's licenced 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 withdrawal fees and spreads.
The positive reviews highlight eToro's user-friendly platform and Social Trading features that allows users to share live trading news and ideas with one another.
Customer support is primarily available via live web chat which operates Monday to Friday.
Outside of those times you can interact with a chatbot which is available 24/7.
If your request is not time sensitive you can lodge a support ticket via the help centre or read many of the articles available.
Capital at risk
James Finder
Journalist
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