Seen an eToro ad lately? Chances are, you have. From flashy billboards to Instagram reels, they’ve been pushing hard to be Australia’s top trading platform. Their CopyTrading feature gets a lot of attention. But, is it worth the hype? And how does its fee structure measure up to Aussie exchanges like CoinSpot and Swyftx? I’ve asked these questions, and in this eToro review, I’ll take you through everything you need to know.

Find out eToro’s best features, its weaknesses, and how it compares to the competition.

Let’s go.

Key Highlights

eToro’s not a perfect fit for everyone. If you’re a beginner with limited time, it’s a great choice. But for full-time day traders? Not so much.

Who is eToro Best For?

Who is eToro For?	Why?
Crypto Beginners	CopyTrading lets you mirror the moves of top traders and learn as you go, all on a ASIC-regulated platform for your peace of mind.
Diversified Crypto Investors	Trade crypto alongside stocks, ETFs, and commodities on one platform.
Social Crypto Investors	Connect with a community of traders to discuss and share crypto strategies
Long-term Crypto Holders	Integrated wallet provides a secure and convenient option for storing assets.

Who Should Avoid eToro? 

Who should Avoid eToro?	Why?
Advanced Crypto Traders	Lack of advanced trading features like crypto-to-crypto pairs and margin trading.
High-Frequency Crypto Traders	Higher spreads (starting at 1%) make it less cost-effective for frequent trades.
Traders Seeking Low Fees	Withdrawal and currency conversion fees can add up, which might make it a bit more expensive than some competitors.
DeFi Enthusiasts	Doesn’t offer access to decentralized finance (DeFi) tokens or blockchain-based trading features.

eToro at a Glance

Mobile App:

Is eToro Good for Beginners?

Absolutely! eToro is a fantastic choice for beginners for these reasons:

• CopyTrading: Copying others won’t make you a great investor overnight, but it can help you learn, save time and reduce the biggest risk to your portfolio—your own mistakes.
• Demo Account: $100,000 in virtual cash lets you sharpen your trading skills without the risk of losing money.
• Regulated Platform: eToro is fully regulated by ASIC here in Australia, so you can trade knowing it meets strict industry standards. It’s a secure choice for beginners.

eToro’s Strengths in Detail

1. Social Trading and CopyTrading

eToro’s Social Trading feature is a game-changer for beginners. It allows you to join a global trading community, see what the top investors are doing, and pick up valuable insights from their strategies. The CopyTrading tool takes this to the next level by enabling you to automatically replicate the trades of top-performing investors with just a few clicks. It’s the ultimate shortcut for beginners.

What’s even better? Every trader’s performance history is fully transparent, so you can review their success, risk level, and past returns before copying their moves. It’s a clever way to build your trading skills and grow your portfolio at the same time.

2. Diverse Asset Options

For new traders, eToro’s variety of assets is a massive advantage. Not only can you trade popular cryptocurrencies like Bitcoin and Ethereum, but you can also explore stocks, ETFs, forex, and more—all in one account. This flexibility is perfect for building a diverse portfolio from day one.

Imagine trading Bitcoin alongside shares of Tesla or Apple—it’s all possible with eToro’s one-stop-shop approach.

3. Regulatory Compliance

eToro is ASIC-regulated, so Aussie users can trade with peace of mind. This means strict standards for security, transparency, and protection for your money—all things that matter, especially if you’re just starting out in trading.

eToro’s Weaknesses in Detail

While eToro is a fantastic platform with many strengths, it’s not perfect. Here are some of the weaknesses to keep in mind before you start trading:

1. Fees for Certain Actions

eToro’s fee structure can be a bit challenging for beginners to navigate. The platform uses spread-based fees (the difference between the buying and selling price). These fees start at 1% for cryptocurrencies.

There’s also a $5 withdrawal fee, which can add up over time for smaller withdrawals. And, currency conversion fees for deposits or withdrawals in currencies other than USD—something Australian users should keep in mind.

Also, eToro charges an inactivity fee of $10 per month if your account is inactive for 12 months. While active users won’t need to worry about this, it’s worth keeping an eye on if you plan to trade infrequently or leave your funds sitting for long periods.

See below for a breakdown of eToro’s crypto fees from the eToro website:

2. Limited Advanced Crypto Trading Options

For advanced traders, eToro may feel a bit limited. The platform doesn’t support crypto-to-crypto trading pairs, which means you can’t trade one cryptocurrency for another directly. This is a drawback if you’re used to more specialised crypto exchanges.

eToro also lacks margin trading as well as some advanced tools for technical analysis that experienced traders might expect.

3. Customer Support Limitations

Although eToro offers live chat and a ticket system, customer support isn’t available 24/7. This can be frustrating if you encounter an issue outside their operating hours. On top of that, response times for tickets can vary, leaving some users waiting longer than expected.

I also found eToro’s ticket system a bit clunky, so I ended up switching to email. Not exactly ideal.

On the bright side, eToro does offer a reliable Help Centre with plenty of FAQs to answer common questions.

Is eToro Safe for Beginners?

Yes, eToro is safe for beginners, and here’s why:

1. Reputation and Longevity

eToro has 38 million registered users across 100 countries. It has been around since 2007—before crypto was even a thing! For beginners, a platform with this kind of record offers security.

It’s a trusted, well-established choice for starting your crypto journey.

2. Secure Platform

eToro takes security seriously with industry-standard measures to keep your funds and data safe, including:

• SSL Encryption: Protects your personal and financial information from hackers.
• Two-Factor Authentication (2FA): Adds an extra layer of protection to your account.
• Advanced Firewalls: Prevent unauthorised access to eToro’s servers and user data.
• Real-Time Monitoring: Continuously monitors transactions and accounts to detect and prevent fraud or hacking.

3. Segregated Client Funds

eToro safeguards your funds by keeping them in segregated accounts, completely separate from its own operational funds. This ensures that your money remains secure and protected, even if something happens to the company.

4. User Feedback

eToro has a generally positive reputation among users. Plenty of traders applaud its easy-to-use interface and its stand-out feature, CopyTrading. While no platform is perfect, eToro is known for being transparent and reliable.

eToro has a 4.1/5 star rating on TrustPilot (from 25,736 reviews)

How does eToro Stack Up?

eToro competes well against popular crypto exchanges on the Australian market like Coinspot and Swyftx. While CoinSpot is praised for its simplicity and has a wider range of cryptocurrencies, eToro does give you the chance to trade stocks, ETFs, forex, and commodities along with your crypto —all on one platform.

Yes, Swyftx has much lower crypto fees and better customer support, but like CoinSpot it is a dedicated crypto exchange and lacks the social and copy trading features eToro is noted for. Plus, eToro includes an integrated wallet, making it easier to securely store your crypto without needing third-party services.

With ASIC regulation and global presence, eToro has the edge over many other smaller crypto trading platforms.

How to Open an eToro Account 

Opening an eToro account is quick and easy. Here’s how to get started:

1. Sign Up: Go to the eToro website and click “Join eToro.” Enter your email address, create a secure password, and provide your phone number.
2. Verify Your Identity: Upload a government-issued ID (e.g., passport or driver’s license) and proof of address (e.g., utility bill or bank statement).
3. Fund Your Account: Deposit funds using methods like PayID, bank transfer, credit/debit card and PayPal. The minimum deposit for Australian users is $50.
4. Start Trading: Use the demo account with $100,000 in virtual funds to practice before trading live. Explore the platform and trade cryptocurrencies, stocks, ETFs, and more.

Final Thoughts

eToro offers a wide range of assets, a sleek interface, and a strong focus on social and copy trading. It’s ideal for those who’d like to start by relying experienced investors to guide their trades and not spend years learning the intricacies of the market.

That said, it does come with some drawbacks. eToro has a narrow selection of crypto coins and its fees are higher than dedicated low-cost crypto exchanges like MEXC and Swyftx.

Yes, other platforms would definitely save you money on fees but they often require more time and expertise. Trading isn’t easy—it’s a skill that takes years to refine, and many beginners who dive in too quickly end up losing money, especially when using leverage.

eToro is therefore best suited for medium to long-term investors who plan to use its copy trading features to their full potential. If this aligns with your goals, why wait?