From February 19, 2024, online broker eToro will no longer support long non-leveraged CFD crypto positions in Australia.
From that date, any remaining open long non-leveraged CFD cryptoasset positions will be closed at market value.
In case you want to close your non-leveraged long CFD cryptoasset positions before February 19, 2024, you may proceed and open an equivalent 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 be crediting the spread costs incurred to purchase the real crypto position, up to the original trade size 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:
- Login to the eToro platform and go to your portfolio.You will be able to identify your non-leveraged long cryptoasset position(s) held as CFDs by the red CFD symbol next to them.
- Close the relevant non-leveraged long cryptoasset position(s) held as CFDs.
- Immediately reopen an equivalent trade as a long position at 1x leverage. As long as the position is long and unleveraged, it will open as real.
Any non-leveraged long cryptoasset positions held as CFDs remaining in your account on February 19th, 202, will automatically be closed.
Although you may change the amount invested when reopening your real crypto position, the fee reimbursement will be calculated according to no more than the original trade size amount.
Real crypto is a non-regulated product and carries no investor protections.
These transactions may have possible tax implications. Be sure to contact your tax advisors for more information.
