eToro Review Australia 2026

Verdict

eToro is a social trading platform first and a forex broker second. That framing matters. If you came here looking for the tightest EUR/USD spread or a polished MT4 build, you’re on the wrong page. eToro doesn’t offer MT4, doesn’t offer MT5, doesn’t offer cTrader. The forex pair count is modest. Spreads on the major pairs sit above the lowest-cost RAW brokers in this country. None of that is what eToro is selling.

What eToro is selling is the largest copy-trading network in the world, real share investing with zero commission, a proprietary platform that beginners actually understand, and a brand AU traders recognise from years of advertising. The CopyTrader feature, where you mirror the trades of a top-performing user with a single click, is the genuine differentiator. So is the ability to buy real shares (not CFDs) commission-free across thousands of US, EU and ASX-listed companies, all under one AUS Capital licence and one login.

There’s a catch worth flagging up front. eToro accounts are denominated in USD globally, including in Australia. Every AUD you deposit gets converted to USD, and every withdrawal converts back. That’s a real friction point and a real cost over time. Combined with a flat USD 5 withdrawal fee and a USD 10/month inactivity fee after 12 months dormant, the small fees add up if you don’t know about them.

Our verdict: eToro is the right broker if your priority is copy trading or real-share investing alongside CFD exposure. It’s the wrong broker if you trade forex actively and care about commission drag. The middle case (multi-asset retail trader who wants one app for shares, crypto, and a bit of forex on the side) is where eToro genuinely shines.

Quick facts

Trading costs and fees

eToro’s pricing model is different to most brokers in our 30-broker set, and it’s worth slowing down here so you understand exactly what you’ll pay.

Forex spreads

eToro charges no commission on forex. You pay through the spread. Spreads are markup-based, meaning the broker adds a fixed pip-equivalent on top of the underlying market.

If you trade forex more than a few times per month, the spread cost difference between eToro and a Razor/RAW account at Pepperstone or IC Markets is meaningful. On a 1-lot EUR/USD position, you’re paying around USD 10 in spread on eToro versus around USD 5 equivalent on a RAW account. Multiply across a year of active trading and the gap is real.

Stock investing, the genuine differentiator

eToro charges $0 commission on real share investing. That covers US shares, UK shares, EU shares and ASX-listed shares. You’re buying the underlying security, not a CFD, when you go long without leverage. This is competitive with the best AU share-investing brokers (CMC Stockbroking, Stake, Superhero) and undercuts traditional ASX brokerage which still typically charges AUD 11+ per trade.

The catch is the USD account currency. When you buy ASX shares through eToro, the AUD-quoted ASX price gets converted into your USD account balance, with eToro applying its conversion rate at the point of trade. The “no commission” claim is genuine, but the FX conversion is a real cost on every AU stock trade you place. If you’re investing primarily in ASX shares, a domestic Australian stockbroker will be cheaper for you.

For US shares, where the underlying currency is already USD, eToro is genuinely commission-competitive.

Other fees AU traders should know about

• Currency conversion applies on every AUD deposit (converted to USD) and every USD withdrawal back to AUD. eToro’s published conversion fees are tiered by funding method; bank transfer and PayPal are cheaper than card. Budget around 50 pips on the AUD/USD conversion as a rule of thumb.
• Withdrawal fee is a flat USD 5 per withdrawal regardless of amount. Bank transfer, card refund or PayPal all charged the same.
• Inactivity fee of USD 10 per month after 12 months of no login activity (not no-trade activity, but no-login). Applies until the account hits zero or you log in.
• Overnight fee (CFD positions) applies on leveraged positions held past 5 PM New York. Direction-dependent. eToro’s overnight rates are above-average compared to IC Markets, Pepperstone and CMC.
• Minimum trade size USD 10 on most instruments, USD 1,000 on shorting CFDs.

Trading platforms

eToro runs entirely on its own proprietary platform stack. There’s no MT4, no MT5, no cTrader, no TradingView trading integration. If you’ve decided MetaTrader is non-negotiable, eToro is not the broker for you. Look at Pepperstone or IC Markets.

eToro web platform

The web platform is a single-pane interface where forex, stocks, ETFs, crypto and indices all sit under one account view. The design is built for traders who want to look at a portfolio rather than a chart. Charting is functional but not as deep as Next Generation, cTrader or TradingView. You get standard candlestick views, around 70 technical indicators, and the ability to draw on charts.

What sets it apart is the social feed integration. Every instrument has a feed showing what other eToro users are saying about it. You can click through to any user’s profile, see their portfolio, see their performance history, and copy their future trades with one click.

eToro mobile app

Probably the strongest mobile-first broker app in our 30-broker coverage. Touch ID and Face ID supported. Push alerts on price moves and copied trades. Full account management including deposits, withdrawals and customer support chat. iOS App Store and Google Play ratings consistently above 4.5/5.

eToro Money

eToro Money is a separate app, not part of the trading platform itself. It’s a debit card and crypto-wallet product where you can move funds between your trading account and a spending balance. eToro Money is rolling out by region; AU availability has been intermittent.

Copy trading and Smart Portfolios

This is where eToro’s product genuinely leads the industry, and the reason most AU sign-ups choose the broker.

CopyTrader

CopyTrader lets you mirror the trades of any other eToro user. You select a trader, allocate a portion of your account balance (minimum USD 200 per copied trader, maximum across 100 traders), and from that point your account opens and closes the same positions in proportion as the copied user. You can stop copying at any time.

The platform exposes detailed performance data for every user available to copy:

• Annual return for each of the past several years
• Maximum drawdown
• Win rate
• Average position duration
• Risk score (eToro’s internal 1 to 10 measure based on volatility)
• Number of current copiers and assets under copy

The trader being copied earns a Popular Investor commission directly from eToro, which means they have an incentive to attract long-term copiers rather than gaming short-term returns. That said, past performance still doesn’t guarantee future results, and we’ve watched Popular Investors blow up before.

Smart Portfolios

Smart Portfolios are eToro-curated thematic baskets you can invest in as a single position. Examples include the BigTech portfolio, the RenewableEnergy portfolio, the CryptoEqual portfolio. eToro rebalances them periodically. Useful if you want diversified thematic exposure without picking individual stocks.

For more on copy trading platforms across our broker set, see our copy trading guide and social trading platforms.

Trust and safety

Trust score: 8/10.

Regulation

eToro AUS Capital Limited holds AFSL 491139 with the Australian Securities and Investments Commission. The AFSL has been continuously held since 2018, when eToro launched its Australian entity. There have been no material ASIC enforcement actions or licence conditions imposed in the last 36 months.

Globally, the eToro group is regulated by:

• FCA, UK (Tier 1)
• CySEC, Cyprus (Tier 1)
• FSAS, Seychelles (Tier 3, used for offshore wholesale clients only)

Note: eToro USA Securities Inc is a separate US broker-dealer registered with FINRA and SEC. It’s a different legal entity from eToro AUS Capital Limited and AU clients onboard exclusively with the Australian entity.

History and ownership

Founded in Tel Aviv in 2007 by brothers Yoni Assia and Ronen Assia. The company filed to list publicly via a US SPAC in 2021 (deal subsequently terminated) and has remained privately held since, with backers including Spark Capital, BRM Group and SoftBank. Reported global user base above 30 million across 100+ countries. AU operations launched in 2018.

Australian context that matters:

• AFSL since 2018 with ASIC; Australia is one of eToro’s larger non-EU markets
• Visible advertising spend across AU markets (TV, digital, sports sponsorships)
• Member of AFCA for retail dispute resolution
• Segregated client funds at an Approved Australian Bank
• No major ASIC enforcement actions on file

TrustPilot and public reviews

eToro carries a TrustPilot score of 4.3/5 from 30,000+ reviews globally, one of the larger review samples in our coverage. Common positives: ease of onboarding, copy trading product, strong mobile app. Common negatives: USD account currency conversions, slow withdrawal verification at peak times, customer support response times during US/UK overnight hours.

Account types and minimum deposit

Account options for AU clients

eToro doesn’t run separate Standard and RAW account variants like most CFD brokers. There’s a single account type for retail traders, with the same spread-based pricing applied across all instruments.

The Professional account requires you to meet the Corporations Act wholesale client criteria (broadly: AUD 500k+ net financial assets, or AUD 250k+ income for two consecutive years, certified by an accountant). If you qualify and choose to onboard professionally, you give up retail protections including negative balance protection and the standardised risk warning. That’s a meaningful trade-off for most traders.

Minimum deposit

USD 50 (approximately AUD 75 at current rates, depending on conversion fees applied at the funding step). One of the lower minimums in our coverage, lower than most RAW account brokers but higher than zero-minimum brokers like CMC, Pepperstone and IG.

Funding and withdrawals

Deposit methods (AU clients)

The “$0 eToro fee” line means eToro itself doesn’t charge a separate deposit fee. The currency conversion still applies, and that’s where the cost sits. Bank transfer and PayPal tend to land at better effective conversion rates than card payments.

Withdrawals

Flat USD 5 fee per withdrawal, regardless of amount or method. Withdrawals must use the same source as deposits where possible (anti-money-laundering compliance). Processing time is 1 to 2 business days for card refunds, 2 to 5 business days for bank transfers depending on AU bank receiving timing.

The flat USD 5 fee is the bigger pain point on small withdrawals. On a USD 50 withdrawal you’ve lost 10% to fees alone before the FX conversion back to AUD applies. Plan to withdraw in larger lumps to amortise the fee.

Account opening

Account opening is fully online and AUSTRAC-compliant, requiring one form of ID (driver’s licence or passport) and a second proof of address (utility bill, bank statement). Most AU applications are approved within an hour. Our test team rated eToro’s onboarding 13/15, among the smoothest of our 30 brokers, alongside Plus500 and Pepperstone.

Product range

eToro covers around 3,000 instruments across:

• Forex: approximately 50 pairs including the AUD majors and minor crosses. Narrower than CMC (330+) or Pepperstone (90+).
• Real shares: 3,000+ across NYSE, NASDAQ, LSE, Frankfurt, Paris, ASX. Commission-free for unleveraged buy-and-hold positions.
• Share CFDs: same underlying universe, available with leverage and short selling.
• Indices: 20+ including ASX 200, S&P 500, NASDAQ, FTSE 100, DAX.
• Cryptocurrencies: 70+ including BTC, ETH, ADA, SOL, XRP. ASIC’s 2:1 leverage cap on crypto CFDs applies for AU retail clients.
• ETFs: 250+ across major US, UK and EU markets.
• Commodities: gold, silver, oil, gas, plus a handful of soft commodities.

The depth play here is shares and crypto. Forex pair count is the weakest in our top-tier broker comparison, and there’s no fixed-income or treasuries CFD coverage at the depth of CMC or IG.

Customer service

Live chat and email only. No phone support for retail clients. Premium tier members (eToro Club, based on account equity tiers) get faster live-chat queue priority and a dedicated account manager.

Average live chat response in our testing: under 4 minutes during AU business hours, slower during US/UK overnight (8 to 15 minutes). Knowledge of platform features: strong. Knowledge of AU tax treatment: agents correctly defer to “speak to your accountant.”

The lack of phone support is the main customer service negative. CMC, IG, Pepperstone, IC Markets and Plus500 all offer some form of phone line for retail clients. If you want to be able to call your broker during a fast market, eToro isn’t the right fit.

Research and education

eToro Academy is the broker’s education hub. Includes:

• Beginner courses covering shares, crypto, forex basics
• Webinars hosted by eToro analysts
• Weekly market commentary and analysis
• Glossary of trading terms
• YouTube channel

Research stack inside the platform:

• Analyst ratings on stocks (aggregated from major sell-side providers)
• TipRanks integration on share pages
• Crypto research and on-chain data
• Economic calendar
• News feed

Education content is solid for beginners. Less depth than the active-trader research stacks at CMC (Morningstar, Reuters, CMC TV) or Pepperstone (Trading Central, Autochartist). Fits eToro’s positioning: built for new traders learning the basics, not technical analysts running multi-screen setups.

How eToro compares to alternatives

If you value…	Consider
Tightest forex spreads	Pepperstone or IC Markets
Broadest CFD product range	CMC Markets or IG Markets
AUD-denominated account	Almost any other broker on this site
Direct ASX share investing in AUD	CMC Markets (Stockbroking) or Interactive Brokers
MetaTrader 4 or 5	Pepperstone, IC Markets, FP Markets
TradingView integration	Pepperstone, OANDA or Eightcap
Beginner-friendly platform	Plus500 is the closest comparable

Bottom line

eToro is the right broker for a specific kind of Australian trader: someone who wants copy trading, real share investing across multiple global exchanges, or both, alongside the ability to dabble in CFDs through a single clean app. It’s not the right broker for active forex traders who care about commission drag, MetaTrader users, or anyone who wants their account denominated in AUD.

The USD account currency is the single biggest gotcha and the one new sign-ups underestimate. If you trade in small increments and withdraw frequently, the FX conversion plus the flat USD 5 withdrawal fee will eat into returns more than you expect. Trade in larger lumps, plan withdrawals carefully, and the friction becomes manageable.

Where to start: open the demo (USD 100,000 virtual balance, no time limit), spend an hour exploring CopyTrader and the Smart Portfolios feed, and decide if the social-trading proposition is what you actually want from a broker. If yes, eToro is one of one in this category for AU clients. If no, the rest of our 30-broker shortlist will serve you better.

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