Online broker eToro has doubled its offering in Australia with the launch of AUD accounts, giving users of the global platform a more localized experience.
eToro will release several new updates that will improve the way Australians build wealth on the platform, including reduced currency conversion costs, cash interest, recurring investments and direct bank transfers.
The platform launched AUD accounts, allowing users to deposit, hold, withdraw and invest directly in their local currency. Australian users can now choose to fund transactions from their AUD or USD balance, instead of converting to USD by default. When investing in ASX listed shares, they can eliminate conversion fees by funding trades in AUD.
In addition, users will enjoy significant discounts on currency conversions between AUD and USD when purchasing assets traded in USD. Conversion fees start at just 0.75% and can go as low as 0.15% depending on the user’s eToro Club level. This gives users more control over how they manage currency exposure as part of their investment strategy.
Currently, Australian users can earn up to 4.05% interest on their USD balance, depending on their Club level. With the introduction of AUD accounts, users will soon be earning interest on their AUD cash. Users will also be able to invest in over 200 more ASX-listed companies. These updates mark another step in eToro’s strategy to complement its global platform with a more localized experience for users in key markets.
Doron Rosenblum, Executive Vice President, Business Solutions at eToro, commented:
“The introduction of AUD accounts is more than just a convenience. It enables Australian retail investors to reduce costs, manage currency exposure more efficiently and gain more control over their trading experience. This, combined with innovations such as the recurring investment feature, ensures that Australian eToro users have a real advantage in the markets.”
To strengthen its long-term investment offering in Australia, eToro has also enabled recurring investments in the region. eToro users can now set up an automated recurring purchase of an asset at regular intervals, helping users consistently contribute to their investment goals and free up time for manual order submission. The new feature is available for stocks, ETFs and cryptocurrencies.
In addition, users will soon be able to deposit BTC, ETH, USDC and XRP from external wallets to eToro and convert them to AUD, which can then be easily reinvested in any eToro instrument, withdrawn or spent.
Robert Francis, CEO of eToro Australia, commented:
“As we work to strengthen our presence and offerings in Australia, our goal is to provide users with the best possible investment and money management experience. This includes access to a variety of global products as well as features specifically designed to meet the needs of Australian investors.”
The company also announced upcoming improvements to the way Australians deposit funds. An Open Banking solution will enable instant bank transfers without leaving the eToro app. This allows Australian investors to better react to market movements and fund their account quickly.
These announcements follow eToro’s continued expansion into Australia, marked by the acquisition of Australian investment app Spaceship in September 2024. eToro users will soon be able to sign up to Spaceship seamlessly and see all of their investments on Spaceship alongside their existing eToro portfolio with complete way.
The introduction of AUD accounts and new product offerings reflects eToro’s commitment to strengthening its presence in Australia, providing a product that combines the scale of its global platform serving 40 million users worldwide, with features tailored to the needs of Australian investors.
“Australian investors are unique and therefore deserve tailored products to suit their specific objectives and investment strategies,” said Robert Francis.
“This is a key market for eToro and today’s announcement reflects our commitment to further strengthen our world-class offering in the region. The updates we are announcing today will enable Australian retail investors to exercise more sophisticated control over their investments and achieve even more with their money through eToro.”
eToro AUD accounts will be rolled out gradually, first to existing eToro users and then to new customers.
Initial recurring investments start at USD 25, with a maximum of USD 5,000 per trade and USD 25,000 in total trades per month. Recurring investments are not currently available for CFDs, SmartPortfolios or CopyTrading.