In this comprehensive review we will show you how to use eToro, Australia's most diverse multi-asset investing brokerage platform. We will touch on the fees, features, security and functionality involved in using this cryptocurrency exchange.
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eToro is a the worlds largest and most secure investing and multi-asset brokerage platform. On its platform, users can invest in stocks, foreign currencies, commodities, cryptocurrencies and ETFs. The platform is one the first ever exchange to offer investing in multiple asset classes.
It also offers a number of tools to assist with investing, such as copy trading, which lets users automatically mimic the trades made by other investors on the platform. There are also many resources available on the platform (such as the eToro Trading School) to help educate you. With its community-focused design, it can sometimes feel more like an investors community opposed to a trading platform.
eToro does not currently charge any traditional broker fees or commissions on stocks. They do however charge a 1% flat fee when buying or selling any cryptocurrencies. The 1% fee is added to the market price and will not be highlighted as a fee when trading.
As soon as you open a new position on eToro, you will see a 'loss' in your position. This is because the displayed Profit & Loss (P&L) includes the 1% buy fee you’ve just paid and the 1% sell fee you will pay when closing the position.
Although eToro may have higher fees than most cryptocurrency exchanges, they do offer multiple free deposit methods which are Credit/Debit card, Paypal, Bank Transfer, POLi, Neteller & Skrill.
Supported Coins (Cryptocurrencies)
eToro currently supports 50 different cryptocurrencies and the number is regularly increased as the exchange introduces new cryptocurrencies. Users have access to the most popular cryptos such as Bitcoin, Ethereum, Cardano & Ripple plus many more.
If you are unsure which cryptocurrencies you should invest in, you can use eToros 'Copy Trading' function and directly mimic the same trades made by eToros top crypto investors.
eToro Australia Mobile App
Their app is available in Android and iOS format and provides all the same functionality of their desktop service. All current features offered on their desktop version is available on their app such as self-trading and copy trading, as are the news and social trading functions.
UI wise, the mobile app keeps things simple and easy to navigate. The app is ideal for less-experienced traders while more experienced traders may find it lacking in certain areas, such as access to charting tools. The clean layout of the trading dashboard comes over well on the smaller screens of mobile devices.
Security, Licensing & Regulation
eToro is a high security exchange with over 20 million registered users from more than 100 countries. They are regulated by financial authorities in Australia, Europe and the US. In Australia, it's licensed by ASIC under the trading name eToro AUS Capital Pty Ltd. This entity is licensed to deal in derivatives and foreign exchange contracts as the agent and as principal.
On their platform, clients’ funds are kept secured in tier 1 banks, and all of their personal information is guarded under SSL encryption.
How to sign up to eToro in Australia
Follow the below step-by-step guide on how to open an account with eToro Australia.
Create a username and enter your email address and password
Verify your email address and identity details
Complete questionnaire and short quiz
eToro customer support is multilingual and available 24 hours of the day, Monday-Friday. At the moment you can contact customer service via email by lodging a ticket. If you don't want to wait and hear back via email, users can access the FAQ-style Help and Education section on their platform.
Best eToro Alternative Exchange Australia
If eToro doesn't have the cryptocurrency you wish to invest in or the fees are too high, we recommend using using CoinSpot. They are Australia's largest and most trusted cryptocurrency exchange with over 350 supported coins available to invest in. They also offer staking on 7 different cryptocurrencies as-well as the option to invest in ETFs. They also offer the lowest fees to invest in crypto starting at just 0.1%.