eToro offers an array of features and services, such as copy trading, which allows investors to emulate the trades of eToro's best-performing users. Additionally, it provides crypto staking options, an integrated social networking platform, and a simulated trading environment where users can engage in risk-free practice trades up to $100,000 without jeopardising their capital.
SelfWealth offers cost-effective stock trading, portfolio monitoring, and access to extensive research data. SelfWealth facilitates peer-to-peer insights, allowing members to compare their financial progress with fellow investors and learn from their strategies.
Winner: eToro provides investors with a more diverse selection of services and products.
On the eToro platform, trading fees are non-existent for purchasing or selling any asset, with the exception of cryptocurrency transactions, which are subject to a 1% fee. Depositing funds is free, while a modest $5 fee is applied when withdrawing AUD to a personal bank account.
SelfWealth charges a $9.50 flat fee on any trade made with any size. This means that even if you buy $1,000 worth of stocks or crypto, you are charged nearly 1% of your total parcel size.
Winner: eToro is the lower fee exchange with $0 in trading fees compared to SelfWealth, which charges $9.50 per trade.
AUD Deposit Methods
eToro offers more than 20 payment options, with only seven accommodating Australian dollar deposits. Australians can transfer AUD to the platform using POLi, Bank Transfer, Credit Card, Debit Card, Skrill, Neteller, and PayPal.
SelfWealth users can deposit AUD to the platform via EFT, Osko and BPAY.
Winner: eToro supports more AUD deposit methods than SelfWealth.
eToro is the largest multi-asset brokerage in the world and offers the widest variety of tradable assets. The platform gives Australian investors access to cryptocurrency, stocks, indices, fiat currencies, ETFs and commodities like Gold and Silver.
SelfWealth offers a slightly smaller range of markets between the Australian Stock Exchange and the US Stock Exchange. The only assets available on the exchange are stocks.
Winner: eToro offers the largest selection of assets out of any global exchange, with over 3000 to trade.
eToro maintains regulatory compliance in more than 100 nations, such as Australia, adhering to the guidelines set by AUSTRAC and ASIC. Client funds are safeguarded in top-tier banks, while data protection is ensured through SSL encryption. Since its inception in 2007, eToro has successfully averted any cyber threats or security breaches.
SelfWealth prioritises security to safeguard its users' assets and personal data, implementing robust multi-layered security measures, employing advanced encryption technology, two-factor authentication (2FA), and periodic security audits. It is registered with AUSTRAC but not licensed by ASIC.
Winner: eToro is overall a more secure platform with customers funds stored and insured by tier-1 banks.
When it comes down to customer service, we would argue that SelfWealth has the advantage here as the truly local share brokerage platform. We tested both response times and found that both eToro and SelfWealth were within 24 hours. However, SelfWealth was a few hours faster on average. SelfWealth’s headquarters are in Melbourne, whereas eToro is a global trading platform.
Winner: SelfWealth is a smaller local platform compared to eToro, which is global and has over 20 million users worldwide. This means SelfWealth may be a little quicker regarding customer service.
To recap, eToro is the superior platform compared to SelfWealth for Australian investors. It offers a broader variety of features, lower fees, more asset classes and better security. If you would like to learn more about this exchange and its features, visit our detailed eToro Review.