Is eToro allowed in Australia?
Yes, eToro is allowed in Australia. The platform is regulated by the Australian Securities and Investments Commission (ASIC) under eToro AUS Capital Pty Ltd., ACN 612 791 803, AFSL 491139. This allows Australian residents to use eToro for trading various financial instruments, including stocks, cryptocurrencies, and forex. eToro is licensed with ASIC in Australia to offer certain financial products and services, and the platform uses advanced encryption to secure users' information
How do I open an eToro account in Australia
Opening an eToro account in Australia only takes a few minutes to complete and get verified, it involves a few simple steps:
- Visit the eToro website: Navigate to the official eToro website and click on the “Join Now” or "Sign Up" button.
- Complete the registration form: Provide the necessary information, including your full name, email address, and phone number, and create a username and password.
- Verify your identity: As part of eToro’s compliance with ASIC regulations, you will need to verify your identity by uploading a copy of your government-issued ID, such as a passport or driver’s license.
- Answer suitability questions: Answer a few questions regarding your trading experience and financial knowledge.
- Fund your account: Once your account is verified, you can deposit AUD using the supported payment methods.
- Start trading: With funds in your account, you can start trading various assets on eToro.
Is eToro free?
eToro is free to join, and there is no charge for opening an account. However, eToro makes money through various fees, including spreads (the difference between the buy and sell prices), overnight fees for leveraged positions, and withdrawal fees. It’s essential to review eToro’s fee structure carefully to understand the costs associated with trading on the platform.
Supported AUD Payment Methods
eToro supports several payment methods for Australian users to fund their accounts in AUD:
- Credit/Debit Card: Visa, MasterCard, and Diners Club cards are accepted.
- Bank Transfer: You can transfer funds directly from your bank account to your eToro account.
- POLi: eToro accepts payments up to 10K AUD via POLi.
- PayPal: This popular e-wallet is a convenient way to fund your account.
- Neteller and Skrill: These are alternative e-wallets that you can use.
To summarise, eToro is a reputable and regulated trading platform that is available to residents in Australia. Opening an account is a straightforward process, and users have various payment options to fund their accounts in AUD. While signing up is free, it’s important to be mindful of the fees associated with trading and withdrawing funds. Whether you're a beginner or an experienced trader, eToro offers a range of assets and tools to help you navigate the financial markets.