eToro launches AUD accounts & local features for Australians
Trading and investing platform eToro has launched new features in Australia, introducing AUD accounts alongside additional region-specific offerings aimed at providing a more localised trading experience for Australian users.
The new AUD accounts allow Australian users to deposit, hold, withdraw and invest funds directly in Australian dollars. Previously, all transactions were defaulted to US dollars, requiring currency conversion for every trade. Now, users are able to choose between funding trades from their AUD or USD balances, reducing the need for currency conversions, particularly for ASX-listed stocks.
Australian users will also benefit from reduced currency conversion costs when trading between AUD and USD. eToro states that conversion fees begin at 0.75%, and may be reduced to as low as 0.15%, depending on the user's eToro Club tier. This provides users with greater flexibility and control over currency exposure as they implement their investment strategies.
Interest on balances
At present, Australian users can earn up to 4.05% interest on USD balances, depending on their Club membership level. With the rollout of AUD accounts, eToro will soon extend the interest-earning feature to AUD cash holdings, allowing users to generate a return on dormant cash in their local currency.
The platform has expanded access to Australian equities, adding over 200 new ASX-listed companies to its offering. This step is intended to give investors more choices within the domestic market. As part of a broader initiative to localise the platform in key markets, eToro says these changes are designed to complement its global suite of investment products.
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 their currency exposure more effectively, and gain greater control over their trading experience. This, paired with innovations such as the recurring investments feature, ensures Australian eToro users have a real edge in markets."
Recurring investments and crypto deposits
eToro has launched recurring investments for Australian users, allowing automated repeat purchases of assets at regular intervals. The feature, which is available for stocks, ETFs, and cryptoassets, is designed to assist users in meeting investment goals by systematically contributing instead of manually placing individual trades. Recurring investments start from USD $25 per transaction and are not available for CFDs, SmartPortfolios, or CopyTrading at this time.
Additionally, the platform will soon open up the ability for users to deposit BTC, ETH, USDC, and XRP from external wallets into their eToro accounts. Once deposited, these assets can be converted to AUD and used to invest across the platform or withdrawn as needed.
Enhanced banking integration and Spaceship Super
Plans for an Open Banking integration have also been announced. The new feature will enable instant bank transfers within the eToro app, making it possible for Australian investors to quickly respond to market movements and deposit funds without leaving the platform.
Further, eToro's September 2024 acquisition of Australian investing app Spaceship is being integrated into the platform. Users will soon be able to sign up to Spaceship through eToro and view their Spaceship investments alongside their existing portfolios for enhanced visibility and convenience.
Robert Francis, Managing Director at eToro Australia, commented:
"As we work to enhance our presence and offerings in Australia, our goal is to provide users with the best possible investing 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."
Commitment to Australian market
According to eToro, the roll-out of these new features reflects the company's intention to strengthen its position in the Australian market. The platform serves an estimated 40 million users globally and is seeking to blend this scale with tools catering specifically to Australian investors.
Robert Francis added:
"Australian investors are unique, and as such, deserve tailored products to fit their specific goals and investing strategies... This is a key market for eToro, and today's announcement reflects our commitment to further enhancing our world-class offering in the region. The updates we're announcing today will empower Aussie retail investors to exercise more sophisticated control over their investments and achieve even more with their money through eToro."
eToro's AUD accounts will be made available in stages, initially to current users and then to new customers.
