Home / Forex Brokers in Australia / eToro Broker Review

eToro Broker Review

FX Scouts By Jeffrey Cammack Updated: December 3, 2019
Overall Rating
3.78 / 5
Min. Deposit AUD 50
Max. Leverage 400:1
Min. Spread 1.0 pips
Regulators CySEC,FCA,ASIC
Regulator Origin CySEC FCA ASIC
Broker Type Market Maker

Summary

eToro is a large, well-regulated, multi-asset CFD broker and is generally regarded as the world leader in social trading; a concept which it pioneered almost ten years ago. Spreads are on par with other market makers and the minimum deposit is only 200 USD, but educational material is limited and most analysis comes from the community of eToro traders.

eToro offers an unlimited demo account for traders to get used to the platform and social trading concept and setting up a live account is a simple process.

If you are curious about social trading and want to try it for yourself, eToro are the best in the business

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
Bonuses
Beginner Friendly Good
Our Review Process

Trading Conditions

Minimum Deposit AUD 50
Base currencies USD
Number of FX Pairs 47
Hedging Allowed Yes
Scalping No
Swap-Free Accounts Yes

Average Spreads

EUR / USD 3
GBP / USD 4
USD / JPY 2

Company Details

Company name eToro AUS Capital Pty Ltd
Founded 2006
Website Visit Website
Type Market Maker
Regulators CySEC,FCA,ASIC
Office locations Cyprus, UK, Israel

Deposit & Withdrawal Methods

Supported Platforms for eToro

eToro Broker Detailed Review

Is eToro Safe?

eToro was founded as RetailFX in 2006 in Tel Aviv and has the largest social trading network in the world. The company has over five million customers and operates globally from offices in Tel Aviv, London and Cyprus.

In Australia, eToro AUS Capital Pty Ltd has been regulated by ASIC (AFSL 491139) since 2017. eToro Australia arranges for its clients to be provided services by eToro Europe and eToro Europe has been regulated by CySec (Licence Number: 109/10) since 2010. Furthermore, eToro UK has been regulated by the FCA (Reference number 583263) since 2013.

eToro’s innovative social trading platform has received multiple awards and worldwide recognition as a leader in the financial technology industry.

While a relatively new broker, eToro is very well regulated and has established a reputation as a safe and reputable broker amongst both their peers and their customers.

While we are happy to acknowledge that eToro is a safe broker to trade with, customers should treat trading advice from the eToro community with caution until they are able to verify it independently.

eToro for Beginners

eToro’s platform was designed with beginner traders in mind and it is very easy to use.  It was the pioneer of a platform with an integrated social aspect and advice and potential opportunities from other eToro members is always available. Customer support operates 24/5, but chat and phone support are unavailable in lieu of a ticket system. 

Educational Material

eToro hosts a short course title The Complete Guide to FinTech that teaches traders the basics of trading – especially trading on the eToro platform. This is more of an overview rather than an in-depth course and much of the content covers asset classes other than Forex.

eToro also hosts a blog which is updated daily with various trading tips, though these mainly focus on eToro’s platform. Webinars are held infrequently and tend to be more focused on market conditions than the rest of the educational material.

Analysis Material

Most analytical content comes from the members of the eToro community. The news feed is a central component of eToro’s trading platform – it is an unfiltered list of trading ideas and accompanying graphs. Be aware that this analysis is community-created content and should be viewed with deep scepticism.

Separately, eToro does publish a daily market update on the blog which briefly highlights the main fundamental factors likely to affect the coming trading day. 

Customer Support

Since 2017, eToro’s customer service has used a ticketing system for all client support requests. Be aware that there is no phone or chat support available.

eToro hosts a great help section with answers to a large number of frequently asked questions. eToro also operates a Customer Service Wall where you can post questions or help requests while you are waiting for your ticket to be opened.

Trading Conditions

Account Types

eToro offers a demo account and a single live account – though there are tiers available at higher levels of equity, which we will discuss below.

Demo Account – After opening an account with eToro, you will automatically receive the unlimited demo account with 100,000 USD – it is highly recommended that you use this extensively until you are comfortable with the platform.

Live Account – This account gives you access to a free demo account, plus eToro’s exclusive promotions – generally deals and savings sent to users via email. The minimum deposit is 200 USD.

eToro Club and Tiers – Though there is only a single account type, with higher levels of equity you do gain access to the eToro Club – which operates a tier system: The higher your level of equity the more rewards and advantages you receive. 

Though some of the advantages gained at higher tiers are gift items (such as sports tickets, an eToro debit card or a Financial Times subscription) there are also benefits that will enhance your trading experience, such as free market analysis, access to the Trading Signals platform, free withdrawals and analyst consultations.

The minimum equity needed for access to each tier is as follows:

  • Silver: 5,000 USD
  • Gold: $10,000 USD
  • Platinum: $25,000 USD
  • Platinum+: $50,000 USD
  • Diamond: $250,000 USD

Spreads and Leverage

eToro spreads on the AUDUSD are generally 1 pip but the spreads on the majority of the other majors are at 3 pips or wider. This is quite wide when compared to the rest of the industry, but it is almost impossible to compare eToro to other brokers. Leverage at eToro is up to 400:1.

Trading Platform

Trading at eToro is all based on social trading, traders can see what the most profitable trades are and follow successful traders online.

The eToro platform is browser-based, though a mobile app is available, and is available in Arabic, English, Chinese, French, German, Greek, Italian, Polish, Russian and Spanish.

An example currency pair in the web trading platform

To aid traders who commonly trade the same pairs, eToro’s platform gives traders a customisable dashboard overview of different currency pairs.  This customised layout gives traders a simple dashboard to see where opportunities lie.
My currency watchlist in the web trading platform

Deposits and Withdrawals

eToro accepts the majority of payment options for deposits and withdrawals:

  • Bank transfer
  • Credit/Debit card
  • Paypal
  • Skrill
  • Neteller
  • Webmoney

Be aware that eToro only supports USD accounts and will charge a small conversion fee for non-USD deposits and withdrawals. For EUR to USD conversion this fee is 0.025% of the amount.

eToro charges a hefty 25 USD withdrawal fee for every withdrawal – which is unheard of in the industry. Withdrawals generally take 1-2 business days but can take up to 7 business days for credit and debit cards. eToro only returns funds the same way they were deposited, so if you deposited from Neteller, you can only receive your withdrawal through Neteller.

Conclusion

eToro has been widely recognised for its innovative approach to trading – especially for its pioneering work in the social trading sphere. The eToro platform is completely unique and will take traders of all experience levels some time to get used to.

eToro focuses on creating a simple, fun and collaborative trading experience. It falls short when it comes to educational material and analysis; spreads are not competitive and fees are much higher than is usual, but obviously many traders are willing to overlook these flaws for the unique experience offered at eToro.

Most retail CFD accounts lose money. Your capital is at risk.

Compare Brokers

Overall Rating 3.78 / 5 3.89 / 5 4.56 / 5
Minimum Deposit AUD 50 AUD 100 AUD 100
Regulation
CySEC CySEC
FCA FCA
ASIC ASIC
CySEC CySEC
ASIC ASIC
FSCA FSCA
MAS MAS
FMA FMA
FCA FCA
ASIC ASIC
Broker Type Market Maker Market Maker ECN/STP
Trading Instruments Commodities, Cryptocurrencies, Forex,ETFs, Indices, Stocks Commodities, Cryptocurrencies, Forex,ETFs, Indices, Stocks Commodities, Cryptocurrencies, Forex, Indices, Metals, Energies
Forex Pairs 47 70+ 80+
Crypto Pairs 16 9 5
Read Full Review Read Full Review
Trust Rating 5 / 5 5 / 5 5 / 5
Trading Conditions 3 / 5 3 / 5 4.5 / 5
Trading Platforms 4 / 5 4 / 5 5 / 5
Deposit & Withdrawal 3 / 5 3 / 5 4 / 5
Education & Research 3 / 5 3 / 5 4.5 / 5
Assets Available 4 / 5 4.5 / 5 4.5 / 5
Customer Service 4 / 5 4.5 / 5 4 / 5
% Lose with this broker 76% of retail investor accounts lose money when trading CFDs with this provider 76.4% of retail investor accounts lose money when trading CFDs with this provider 78% of retail investor accounts lose money when trading CFDs with this provider
Leverage 400:1 300:1 500:1
Spread 1.0 pips Variable pips 0.0 pips
Hedging Yes No Yes
Scalping No No Yes
Account Types
  • Standard
  • Standard
  • Standard
Swap Free Yes Yes Yes
Trading Platforms etoro Plus500 MetaTrader4, MetaTrader5, cTrader
Funding Methods Bank Transfer, Skrill, Paypal Bank Transfer, Visa, Mastercard, Skrill, Paypal Bank Transfer, Visa, Mastercard, Skrill, Paypal, Unionpay
Trading Commission On ECN Accounts
Clear all brokers

eToro

Visit Website

Plus500

Visit Website

Pepperstone

Visit Website
Overall Rating 3.78 / 5 3.89 / 5 4.56 / 5
Min. Deposit AUD 50 AUD 100 AUD 100
Regulation
CySEC CySEC
FCA FCA
ASIC ASIC
CySEC CySEC
ASIC ASIC
FSCA FSCA
MAS MAS
FMA FMA
FCA FCA
ASIC ASIC
Broker Type Market Maker Market Maker ECN/STP
Read Full Review Read Full Review Read Full Review
Trust Rating 5 / 5 5 / 5 5 / 5
Trading Conditions 3 / 5 3 / 5 4.5 / 5
Trading Platforms 4 / 5 4 / 5 5 / 5
Deposit & Withdrawal 3 / 5 3 / 5 4 / 5
Education & Research 3 / 5 3 / 5 4.5 / 5
Assets Available 4 / 5 4.5 / 5 4.5 / 5
Customer Service 4 / 5 4.5 / 5 4 / 5
Risk Disclaimer 76% of retail investor accounts lose money when trading CFDs with this provider 76.4% of retail investor accounts lose money when trading CFDs with this provider 78% of retail investor accounts lose money when trading CFDs with this provider
Leverage 400:1 300:1 500:1
Spread 1.0 pips Variable pips 0.0 pips
Hedging Allowed Yes Yes No Yes Yes
Scalping Allowed No No No Yes Yes
Platforms etoro Plus500 MetaTrader4, MetaTrader5, cTrader
Funding Bank Transfer, Skrill, Paypal Bank Transfer, Visa, Mastercard, Skrill, Paypal Bank Transfer, Visa, Mastercard, Skrill, Paypal, Unionpay

Stay updated

This form has double opt in enabled. You will need to confirm your email address before being added to the list.

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Sign Up

Most retail CFD accounts lose money. Your capital is at risk.