As of February 19, 2024, online broker eToro will no longer support long unleveraged crypto CFD positions in Australia.
From that date, any remaining open unleveraged cryptocurrency CFD positions will be closed at market value.
In case you want to close your unleveraged cryptocurrency CFD long positions before February 19, 2024, you can go ahead and open a corresponding position in real crypto. You will no longer be charged overnight fees. This is because overnight fees are only charged on CFD positions.
eToro will credit the margin cost incurred for the purchase of the actual crypto position, up to the original trade amount, as long as you open the new trade within 30 minutes of closing the CFD position. This credit will be added directly to your account within 8 business days.
To close your current CFD positions and open them as real crypto:
- Log in to the eToro platform and go to your portfolio. You will be able to identify unleveraged cryptocurrency positions held as CFDs by the red CFD symbol next to them.
- Close the relevant unleveraged long cryptoasset positions held as CFDs.
- Immediately re-open an equivalent trade as a long position with 1x leverage. As long as the position is long and unleveraged, it will open as real.
Any unleveraged long cryptoasset positions held as CFDs remaining in your account on February 19, 2020 will be automatically closed.
Although you can change the invested amount when you reopen your real crypto position, the fee compensation will be calculated according to the amount that does not exceed the original trading amount.
Real crypto is an unregulated product and carries no investor protection.
These transactions may have potential tax implications. Be sure to check with your tax professionals for more information.