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If you have ever traded stocks, you’d almost certainly have heard of eToro. Below, we tell you what you need to know about eToro and how you can take advantage of a generous offer eToro has made available for supporters of Nugget’s News.
Whilst eToro is a fantastic platform for gaining exposure to stocks, currencies, commodities and ETF’s, it’s important to understand that if you trade cryptocurrency on eToro, you will not own the cryptocurrency and cannot transfer it off the eToro platform to your own wallet – instead you are trading a CFD (more details about this below) which may be suitable for traders, but not for investors looking to own a cryptocurrency asset.
eToro is the world’s leading social trading and investing platform. You can think of eToro as online trading and investing meshed with social media. In Australia, eToro is licensed by the Australian Securities Investment Commission (ASIC).
The company was founded in 2007 and boasts over 13 million registered users worldwide, each of whom can trade stocks as well as currencies, commodities, and other assets.
In eToro’s Australian platform, the vast majority of tradable assets are contracts for difference (CFDs). CFD trading is a method that enables individuals to trade and invest in an asset by engaging in a contract between themselves and a broker, rather than opening a position directly on a certain market.
Australians are able to trade actual shares in two U.S.-based markets: the NASDAQ and New York Stock Exchange (NYSE). Everything else listed on eToro’s Australian platform takes the form of a CFD.
eToro’s most popular feature is a technology known as CopyTrader™. Thanks to CopyTrader™, you can view what real traders are doing in real time and copy their trading automatically.