eToro was established in 2006 and quickly grew into a global trading sensation. With 13 million users worldwide, it is now the world’s largest social network for stocks, commodities, CFD, and forex traders. It is ground-breaking WebTrader technology, which allows anybody to trade financial products online, was released in 2009. Although the corporation has offices in Israel, Cyprus, and London, ASIC oversees its Australian operations.
With its popular copy trading function, which allows users to track and duplicate the actions of the platform’s top traders, the platform quickly established its reputation in the social trading revolution.
Fees & Commission:
There are no fees to open or maintain an eToro account, and there are no commissions charged to Australian customers who buy and sell US equities. However, when you withdraw money from your eToro account, you will have to pay currency conversion fees as well as a USD5 fee. If you don’t use your account for 12 months, you will be charged a USD10 inactivity fee for each month you don’t use it. For more information about etoro fees australia, you can check out their official website.
Pros & Cons:
Pros:
- You can use a demo account to practice virtual trading and get a better understanding of how it works.
- Trading of fractional shares and cryptocurrencies, as well as CFDs, are all available.
- No commission on stock trades in the United States.
- It is simple to trade from anywhere thanks to an easy-to-use website and app.
- Interaction with other traders with the purpose of exchanging advice and experience.
- CopyTrader allows you to follow in the footsteps of successful traders.
- News, market research, and market guides are all available.
- Video lessons, podcasts, and Trading School are among the educational resources available.
Cons:
- A USD5 fee is charged for funds withdrawal.
- Only US stocks, not Australian equities, are available for trading.
- On cryptocurrency trading, there are spread costs.
- You must pay a currency exchange margin when depositing and withdrawing funds because your trading account is in USD.
- CFDs have overnight costs as well as buy/sell spread fees.
Is eToro safe?
They have regulated businesses and must adhere to all applicable rules and regulations. In Australia, eToro is governed by the Australian Securities and Investments Commission (ASIC). The organization maintains users’ data safely through encryption and firewalls. Users can also enable two-factor authentication for their accounts. There are always hazards to consider while developing an investment strategy. However, it has shown itself to be a safe and reliable platform to invest with trust for more than years.
Tools and Features
eToro App:
The eToro app allows you to manage your portfolio from your phone. Mobile trading is growing in popularity since it allows you to buy and sell while on the go. Your profile will sync across all your platforms, including mobile, desktop, and tablet.
Free demo account:
When you join up for an eToro account, you will get a $1 million practice account for free. Before you start trading with real money, you can use it to make simulated trades to acquire a sense of how the market operates.
eToro CopyTrader:
It is eToro’s first social trading tool, & it was unveiled in 2010. This one-of-a-kind tool allows anyone, wherever in the globe, to copy other great traders, making trading more entertaining and potentially profitable. On eToro’s social news stream, users may also follow traders and communicate with other investors. CopyTrader’s rapid growth has been fueled by its focus on social and copy trading, and the company now has over 10 million members worldwide.
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