eToro is a popular broker, especially in Australia Famed for being the largest social trading network in the world, eToro was founded in 2006 by the Assia brothers, Ronen and Yoni, and business partner David Ring. Based in Tel Aviv, Israel, it now counts over 5 million users spread across 170 countries, one of which is Australia.
Registered as a Cypriot Investment Firm, eToro is regulated under CySec and the FCA.
eToro For Australian Traders
The headline stats you need to know about eToro Australia is that it boasts access to over 45 major and rare currency pairs. Leverage can be as high as 400:1 and the spreads are very tight.
The platform allows you to adjust the level of risk as well as how much you want to invest in each trade. The default setting will not do leverage going past 50:1.
Then, there is a feature called Copy Trader which lets you duplicate the strategies of the more successful forex traders. All that is required from you are the funds. Copy Trader will take it from there.
The base currency for opening an account with eToro Australia is USD.
While there are over a dozen different payment methods that are compatible with eToro, for Australian traders, the only options are credit/ debit card, bank wire transfer or PayPal. The minimum initial deposit to open an account can vary from $50 up to $1000 pending on your location and local regulations.
There is a demo account available with virtual funding by which you can test out the platform without risking any of your own cash.
Trading platform review
The original trading platform for eToro was a bit simplistic and only interested novice traders. But it has been undergoing continuous development and is now prominent in the online trading community at large. It is fully compatible with both your Android and iOS devices.
eToro’s social trading platform, called ‘OpenBook’, was launched in 2010, same as the ‘CopyTrading’ feature.
Now, however, both the ‘OpenBook’ and ‘WebTrader’ platforms have been merged to create an all-inclusive trading platform from which all their functions can be accessed.
You can reach eToro’s customer support services 24/5 via telephone or email. The typical response time for emails is 48 hours, not the quickest in the area. There has been no mention of a live chat option as yet.
Usually, client queries are answered with the help of online guides. However, you can also request a direct communication with one of the representatives. You can communicate either in English, French, German, Spanish, or Italian.
Aside from being heavily regulated by the FCA and CySEC, eToro also uses a Secure Socket Layer to authenticate users and data transfers. That is a huge contributing factor to the high success and reputation of this broker.
All things considered, this is one of the best Brokers to partner with. Highly efficient and comprehensive in its services, it also employs the latest security measures to make sure that your trades are safe as they are convenient.