Regulations: ASIC, CySEC and FCA
Platforms: Online WebTrader & Mobile Trading App
Minimum Deposit: $50
Can you deposit in AUD? Yes
Headquarters: Israel and an Australian office based in Sydney
Support: 24/5 LiveChat, plus the Help Center is available 24/7
Instruments Available: Indices, Forex, Commodities, Crypto, Stocks, Options
Millions of traders are involved with the CFD and Forex trading market, investing and making trades daily. However, there is one leading country for trading activity, and that is Australia.
Australia has many active traders which has led to many online forex brokers to offer their platform services there. With so many brokers to choose from though it can be hard to decide which one to create a trading account with.
So to help with that, we’ve reviewed one of the leading brokers around – eToro Australia. As a broker, eToro has become famous for offering social trading tools and features to their clients.
Besides offering their services in Australia, they have many international clients from all over the world. Which means that it’s the perfect platform to learn from other traders of all different backgrounds using the social tools.
In this review we’ve taken a closer look at these features offered on the eToro platform as well as the minimum deposit. Let’s get started!
eToro Australia: Broker Background
eToro has grown since their launch in 2006 to have more than 3 million traders across multiple countries.
Although the company headquarters are based in Israel, they have subsidiary branches in Sydney and in London in the United Kingdom. In Australia the broker is registered as eToro AUS Capital Pty Ltd.
They are also a fully regulated company, and they hold multiple regulation licences from authorities such as CySEC and the Financial Conduct Authority (FCA).
In Australia though they hold an Australian Financial Services (ASIC licence no. 491139) which means they are legally allowed to operate.
Regulation is important because it means that not only is a broker legal, but they must also follow strict financial rules that are put in place to protect traders from fraud. This helps to keep trading safe and secure.
eToro Platform Key Features
eToro self developed their own platform plus the unique social features within it. This includes video tutorials and an active social where traders can comment and follow on the latest market news.
One of the most important tools eToro offers though is their CopyPortfolio and CopyTrader tools. They are designed so that you can easily copy the investments of other traders.
For example, the CopyTrader tool lets members automatically copy the same trades that other successful users are making.
It is a great way to learn trading from others, especially for people who are new to the market and want to develop their own strategies.
Because the platform is self developed, the broker has been clever with the design and kept things simple. So it’s very easy to navigate around the platform and to find all the features, so ideal for beginners.
eToro Platform Formats
The eToro platform is currently available in 2 formats:
- free mobile app for iOS/Android devices
- as an online WebTrader platform
Both the online platform and the trading app function and feature the same tools as each other, this includes analysis charts and tools.
Most importantly both formats will automatically stay in sync with each other to keep everything up to date.
To get started with the free trading app, it can be easily downloaded directly from the Google Play and Apple stores. A trading app is a very useful option to have because it lets users trade from any location at any time.
The eToro app also come with real time price notification so traders can stay alert of important market changes. This is a very useful feature to have when applied to day trading strategies.
eToro Australia Deposit
Like all brokers, eToro has a set minimum deposit amount for Australian traders.
The minimum deposit is the amount of funds that are required to be in a user’s account before they can start trading.
For all Australian traders, the eToro minimum deposit is just $50, which is good amount to start trading with. The broker accepts AUD as a base currency, which means it’s possible to pay the deposit using Australian Dollars.
To make the deposit the following range payment methods are available:
- debit/credit card (Maestro, MasterCard, Visa)
- online banking
- electronic wallets (PayPal, Neteller, Skrill, WebMoney)
- bank/wire transfer
The steps to make the deposit can be easily followed directly from the eToro platform and takes a few moments to complete.