Trading and investing platform eToro is significantly expanding its offering in Australia with the launch of AUD accounts and a range of new region-specific features. The updates are designed to provide Australian users with a more localised and cost-effective wealth-building experience.
The company is rolling out AUD accounts, allowing its Australian users to deposit, hold, withdraw, and invest directly in their local currency. This change means users can now choose to fund trades from either an AUD or USD balance, rather than having to convert to USD by default. When investing in ASX-listed stocks, users can now fund trades in AUD, eliminating currency conversion fees on those transactions.
A localised trading experience
Alongside the new AUD accounts, eToro is introducing major discounts on currency conversions between AUD and USD for users buying US-traded assets. Conversion fees will start from 0.75% and can be reduced to as low as 0.15%, depending on the user’s eToro Club tier. The company stated this gives users more control over managing their currency exposure.
Following this update, Australian users, who can already earn interest on their USD balances, will soon be able to earn interest on their AUD cash holdings as well.
Doron Rosenblum, executive vice president of 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.”
New investment and funding features
As part of the expansion, eToro is adding over 200 more ASX-listed companies to its platform. The company has also enabled a new recurring investment feature for the region, allowing users to set up automated repeat purchases of stocks, ETFs, and cryptoassets to consistently contribute to their investment goals.
Further platform upgrades are planned, including an open banking solution to enable instant bank transfers without leaving the eToro app. The company also announced that users will soon be able to deposit bitcoin, ethereum, USDC, and XRP from external wallets to their eToro account and convert them to AUD for reinvestment or withdrawal.
Strengthening commitment to the Australian market
These updates follow eToro’s acquisition of the Australian investing app Spaceship in September 2024. The company confirmed that eToro users will soon be able to sign up to Spaceship and view their Spaceship investments alongside their existing eToro portfolio in an integrated way.
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.”
Francis added: “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.”
