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eToro Australia adds a social dimension to forex trading

eToro harnesses the power of social trading in an investment network.

eToro lets you follow and watch the financial trading activities of other users and make moves based on their activities. With eToro, trading currencies, commodities, indices and CFD stocks online has an added social dimension to help you learn from experienced traders or help others just starting out in investing.

How many currency pairs are available to trade?

The default currency for eToro clients is US dollars. Australian dollars can be paired with Canadian dollars, Swiss francs, NZ dollars, US dollars, Euro and British pounds. Here's the full list of currency pairs available to eToro traders.

What trading levels are available with eToro?

All eToro traders have the same account level. The minimum deposit varies depending on your region, between $50 and $1,000.

Based on your trading preferences, you can select specific traders, watch their trading patterns and copy their positions through CopyTrader. Every time your followed traders make a move, you will be notified.

You are not charged for following other traders, but you have to invest a minimum of $100 to copy a trader’s movements (maximum is set at $500,000). You can follow up to 100 traders at the same time. Other traders can also follow you.

Popular Investor Programme

If you have a substantial number of followers, you can sign on the Popular Investor Programme. This lets you earn fixed payments and your followers pay you a 2% management fee with a 100% spread rebate.

What trading platforms are available?

eToro customers can use the following platforms:

OpenBook

You can follow other traders’ actions and then copy them to make your own trades.

WebTrader

This a web trading programme that can be synced with OpenBook for seamless, uninterrupted following and trading. This way you can carry on with social trading while keeping up to date with traditional trading.

Mobile Trader

This is a free mobile application for Apple and Android devices. You can view market pages, open and close positions, and keep up to date with trading news wherever you are.

Features look-up table

Fill in as many of these cells as possible.

FeatureDescription
Spread fee - AUD/USD-1.00 on a typical spread of 4 pips
Education and resources“Help and Education” and “Trading Academy” sections online
Does it offer fixed spreads?No
LeverageDifferent for each market
Is it MetaTrader supported?No
Minimum deposit requiredBetween $50 and $300
Compatible devicesApple and Android devices
Guaranteed stopsTrailing Stop Loss feature to fix pip distance below market price
Payment methodsVisa, Mastercard, Diner’s Club, Skrill, Neteller
Promotional bonus$100 for each referral.
24-hour tradingYes
Demo account available?Yes

What are the benefits of using this provider?

Here are some of the benefits of using eToro.

  • Safe. eToro is highly regulated and relatively safe. Your personal information is never shared through any platform and your money is kept in a Tier 1 European bank account.
  • Access. Clients can access stocks, forex, indices and commodities markets.
  • Tools. Clients use eToro’s OpenBook platform to follow other traders’ positions, while  CopyTrader allows traders to copy another trader’s portfolio performance. Traders can also use the Webtrader and Mobile Trader platforms to follow markets and make trades.
  • Customer service. eToro provides 24-hour customer service Monday to Friday. You also have access to online help and support.

What are the pros and cons of using the provider?

Below are a few pros and cons to consider when using eToro.

Pros

  • World’s biggest social trading network. eToro has 4.5 million users in over 170 countries, representing a vast pool of traders and their expertise.
  • Social trading. This is a unique feature that allows traders can follow each other’s performance and copy each other’s trade positions.
  • Educational material and assistance. New and seasoned traders have access to eToro’s online Trading Academy, as well as trading eCourses and live webinars.

Cons

  • MetaTrader 4 is not supported. MetaTrader 4 is not compatible with eToro’s other products.
  • High leverage. Making trades with high leverage can lead to heavy losses. Novice or cautious traders have the option of enabling the “Responsible trading” to keep your leverage low.
  • High withdrawal fees. These fees depend on the amount you withdraw, varying between $5 (US) for $20 - $200 and $25 for over $500. Withdrawal requests take five days to process.

How do I sign up?

You can sign up directly online. Click on “Sign up” in the top right-hand corner of any page. You’ll be asked to provide proof of identification and a phone number. A minimum deposit is required (this amount differs based on your region). You can try the practice demo account or start trading as soon as your account is verified.

Here are a few frequently asked questions about eToro

Can I withdraw my eToro credits whenever I like?

Until you meet the trade volume requirements, your credits will be considered a non-withdrawable amount (NWA). The more you trade, the lower the NWA and the closer you get to being able to withdraw your credits.

Do I have a stop loss option?

Yes. You can set stop loss to close an order when the market moves against your position. This is only valid for a certain margin, but it helps prevents big losses.

How do I deposit money into my account?

Click on https://www.etoro.com/deposit/full, enter the deposit amount and click “submit”. The default currency is US dollars

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