Have you heard about the eToro trading platform? It is the most well-known service for social or copy trading on the global market. In this article, you can read a short overview about it, learn about instruments and assets on offer, and find out which advantages and disadvantages they provide to users in Australia.
Again, eToro is one of the biggest brokerage companies on the global market. It offers an extensive variety of trading methods and tools, but it is most known for its advanced copy trading functionality. Obviously, if you are a novice trader with minimum knowledge and skills or an experienced trader with minimum free time, this method is the best choice for you. It requires minimum time, effort, or experience. All you need to do is to subscribe to a professional trader and copy all his trades. On eToro, there is a special social network for copy trading. You can see both the photo and the real name of every trader, as well as his performance statistics. So, it is easy to make an informed choice. Certainly, if you want, you can combine copy trading with other methods for the sake of diversification.
Now, let us mention the key pros and cons of eToro Australia for local traders.
Advantages:
- an AFSL license;
- an extensive range of products, including stocks (all in all, 17 stock markets), CFDs, 49 currency pairs, 110 cryptocurrencies;
- no commission on stock trades;
- a demo account with $100,000;
- a fully intuitive interface, which is extremely easy to use even for beginners;
- an exclusive social network for copy traders.
Disadvantages:
- a complicated fee system;
- a conversion fee for changing Australian dollars into US dollars (which are used for depositing accounts).
Also Read: Best Trading Platform Canada: Guidelines on How to Choose
To sum up, eToro is one of the most advantageous choices for any trader in Australia, both for a beginner and a professional, especially if he is focused on passive trading methods.