Online broker eToro has doubled down on its Australian offering with the launch of AUD accounts, providing users of the global platform with a more localised experience.
eToro will roll out several new updates set to improve how Australians build wealth on the platform, including reduced currency conversion costs, interest on cash balances, recurring investments, and instant bank transfers.
The platform has launched AUD accounts, allowing users to deposit, hold, withdraw and invest directly in their local currency. Australian users can now choose to fund trades from their AUD or USD balance, rather than converting to USD by default. When investing in ASX-listed stocks, they can eliminate conversion fees by funding trades in AUD.
In addition, users will enjoy major discounts on currency conversions between AUD and USD when buying USD-traded assets. Conversion fees start from only 0.75%, and can be reduced to as little as 0.15% depending on the user’s eToro Club tier. 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 tier. With the introduction of AUD accounts, users will soon also earn interest on their AUD cash holdings. Users will also be able to invest in over 200 more ASX-listed companies. These updates mark another step in eToro’s strategy of complementing its global platform with a more localised 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 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.”
To enhance its long-term investing offer in Australia, eToro has also enabled recurring investments in the region. eToro users can now set up an automated repeat purchase of an asset at regular time intervals, helping users to consistently contribute towards their investment goals and free up the time of placing manual orders. The new feature is available for stocks, ETFs, and cryptoassets.
Furthermore, 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 instruments on eToro, withdrawn or spent.
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.”
The company has also announced upcoming improvements to how 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 swiftly.
These announcements follow eToro’s continued expansion in Australia, marked by its acquisition of Australian investing app Spaceship in September 2024. eToro users will soon be able to sign up to Spaceship seamlessly and view all their Spaceship investments alongside their existing eToro portfolio in an integrated way.
The introduction of AUD accounts and new product offerings reflects eToro’s commitment to strengthening its presence in Australia, delivering a product that combines the scale of its global platform that serves 40 million users worldwide, with features tailored to the needs of Australian investors.
“Australian investors are unique, and as such, deserve tailored products to fit their specific goals and investing strategies,” said Robert Francis.
“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 a phased rollout, first to existing eToro users, then to new clients.
Initial recurring investments start from USD$25, with a maximum of USD$5,000 per transaction and $25,000 in total transactions per month. Recurring investments are currently not available for CFDs, SmartPortfolios or CopyTrading.
