Online trading platforms have become more popular than ever before. These platforms are developed by companies to provide an enhanced and user-friendly trading experience. Speaking of which eToro Australia is one of the best social trading platforms.
eToro is a well-known trading platform that offers services in international markets, primarily in Australia. With a high-quality trading platform like eToro, it becomes easier for traders and investors to make deals on different types of stocks.
If you are intrigued to know more about eToro online trading platform, then you should read this article till the end.
About eToro Australia
Founded in 2007, eToro is one of the biggest online social trading platforms in the world. It has its headquarters in Israel, London, and Cyprus. Its operations in Australia are looked over by ASIC.
In 2009, the company launched its WebTrader platform to enable users to trade financial assets online. The best thing about eToro is that it offers a wide range of tradable commodities, indices, and assets.
With eToro, Australian clients can access various markets with just one account. From ETFs to stocks, and CFDs to cryptocurrencies, users can choose from a wide range of options to trade.
The thing that sets eToro apart from other trading platforms is ‘social trading.’ They offer a social media setup where traders can interact with other traders. Not just that, but they can also copy top traders. This makes eToro a great choice for beginners.
Key Features of eToro
eToro is popular all around the world, including in Australia. This is due to the range of features available on the platform. The main features that make eToro more preferable are:
- It allows to trade forex and crypto with a single account.
- It charges a 0% commission on stock trading.
- The platform has a user-friendly interface.
- Traders can access stocks from various world markets.
- It has a mobile app for easy trading.
- It offers the facility of a demo account with $100,000 virtual money.
- Traders can choose from 50 different crypto coins to trade.
- It allows margin trading with up to x30 leverage.
- It enables users to interact with other traders.
- It is a safe and secure trading platform.
- Users can deposit money using PayPal, bank transfer, POLi, debit card, or credit card.
- It allows you to invest in ready-made and leading portfolios.
- You can copy the trading strategies of top traders.
How does eToro platform work?
eToro offers a user-friendly interface to make online trading easy. If you are a new trader, you will need to first create an account on the platform. For this, you will have to enter your name and contact number. After that, you will be asked to create a password and username. To complete the setup process, you are required to submit your tax file number and ID documents.
Once your account is verified, you can start trading by depositing money into your trading account. The minimum deposit amount is $50. You can make the deposit using your card, bank transfer, or PayPal.
Remember, eToro accounts operate only in US dollars. If you use a different currency, you will be charged a 0.5% conversion fee for bank transfer. For other deposit methods, the currency conversion fee is 1%.
After your deposit gets confirmed, you are all set to trade US stocks. The good news is that Australian clients don’t have to pay any charges for trading US stocks, except for the currency conversion fees.
Every time you withdraw money from your eToro account, you will be charged $5. You will be charged an additional $10 each inactive month. This is only if you don’t use your account for more than 12 months.
Tradable Assets
eToro is more than just a share trading platform. Australian clients can use this platform to trade in a variety of assets which includes:
- US stocks on NASDAQ and NYSE
- Market index, stock, currency CFDs, and commodity
- Company fractional shares
- Cryptocurrencies
Free Demo Account
This feature comes in handy for beginners. eToro offers a free demo account so you can practice trading before getting into the real game. Additionally, it offers free $100,000 virtual money. That means you can practice without spending your real money.
You can use the free money to carry out virtual trades and get the hang of the market. This is a great way to learn how the stock market works. Once you feel confident, you can open an actual trading account and start.
eToro CopyTrader
eToro CopyTrader was introduced in 2010. This is one of the most unique features offered by eToro. It allows users to copy other top traders. Not just beginners, but this feature can be used by anyone.
For someone who has less knowledge about trading can use this feature to earn possible profits. It makes the trading process easier and more fun.
While using eToro CopyTrader, you don’t need to formulate your strategies. All you have to do is choose a successful trader and copy their trading decisions.
eToro Mobile App
Like most other trading platforms, eToro also has its trading mobile app. This enables users to trade and manage their accounts any time, any place.
This is one of those features that pushed eToro to the top. eToro mobile app is compatible with both iOS and Android devices. Once you get the app installed on your smartphone, you can trade on the go.
Who is eToro made for?
eToro is used by millions of users around the world. It has its presence in 140 countries. This trading platform is ideal for both beginners and seasoned traders.
If you are passionate and serious about trading, you should consider joining eToro.
Verdict
Overall, eToro Australia is a great online broker. It has built a user-friendly trading platform for both advanced traders and beginners. From stocks to cryptocurrency, you can trade in a variety of trading components. Plus, it offers the benefit of a free demo account and mobile trading app.
Last but not the least, it offers a safe environment for users to trade.
