What exactly is eToro?
eToro is an online exchange designed for novice traders with just an hour or so. While it doesn’t have a presence in any exchanges, it offers its products in the form of Australian trading platforms by way of an organization that’s controlled through ASIC. Australian Securities and Investment Commission (ASIC) means you can have instant access to over 22,000 shares, including the most popular ones such as Tesla, Google, Apple and Amazon.
While it’s not an officially recognized parent institution, and doesn’t publish Annual reports eToro has been deemed safe because its Australia as well as UK offices are controlled by top-of-the-line banking institutions such as ASIC.
- Trade with crypto and stocks from 1700+, CFDs and EFTs
- Conversion fee in low currency
- Trusted by more than 13 million customers
- Fully controlled with ASIC, the FCA, CySEC & ASIC
- Copy-trading lets you replicate exactly what professionals are doing.
- No VPS
Introducing Social Trading with eToro
This niche that it has created for itself by its emphasis on copy and social trading has led to rapid expansion. The most distinctive feature of the eToro platform’s own proprietary technology is the ease in that it permits an investor with a single account to set up their copy trading.
Its strategy is based on the willingness of a lot of traders, including the more profitable ones who adhere to the rules for risk-control that are replicated. The platform provides access and a close proximity to traders with retail accounts to copy and replicate the trading strategies of these traders as well as the trading strategies made by the top-ranked traders using the service, automatically as well as in live-time. It’s not an original idea, as other brokerages have used copy-trading at different levels. But what separates eToro from its competitors is how well it has integrated social media with its business model. The positive side is that eToro allows users to make it simple and easy trading CFDs and commodities currency, forex, and CFDs by offering investors the option of following others who have a track record of success.
While you may benefit from its patent-pending CopyTrader technology to communicate with fellow traders for discussions on strategies for trading and copy the performance of their portfolios, it’s not an assurance of your own success.
Signing Up With eToro Australia
eToro Australia provides a wide selection of options and flexibility for customers who require quotes and currency pairs in the forex markets around the world including major currencies like USD/EUR as well as an extensive range of exotics.
- Provides extremely effective copy trading feature
- The world’s largest social trading platform
- There is not enough variety of currencies since only USD is supported at present.
- Great educational opportunities through the copy trade
Apart from its renowned reputation in social media Its impact on cryptocurrency isn’t going unnoticed. eToro is regarded as the best cryptocurrency broker, which means it is able to make trades on Bitcoin, Ethereum, and several others. Furthermore to this, there are over 90 crypto-related assets that you can trade.
Saxo Bank vs eToro Comparison
Comparing the forex brokers side-by-side isn’t an easy job. In our annual 2022 review of forex brokers we spent hundreds of hours reviewing 39 brokerages for CFD and forex to identify the most effective Forex brokerage. Let’s take a look at etoro vs saxo bank. The service of eToro is in line with that of Saxo Bank, and an analysis of their charges show that eToro’s charges are lower than those offered by Saxo Bank.
Account opening is easier when you use eToro compared to Saxo Bank. Saxo Bank, deposit and withdrawal procedures are a bit more complicated with eToro as well as the customer service quality is lower than that at Saxo Bank’s. Our experts evaluated the platform for trading of eToro as having similar quality to the platform offered by Saxo Bank, and found that customers have access to fewer products and markets with eToro but Saxo Bank provides better research and education.