Fintech firm eToro expands in Australian market with AUD accounts

eToro has launched new features for Australian users, introducing AUD accounts and adding support for over 200 additional ASX-listed stocks.

The global trading and investing platform said Australians can now deposit, hold, withdraw, and invest directly in AUD, removing the need for default USD conversions.

The update also brings reduced currency conversion fees and plans for users to earn interest on AUD cash balances, as well as enabling recurring investments in stocks, ETFs, and cryptoassets.

eToro will soon allow deposits of select cryptocurrencies, BTC, ETH, USDC, and XR, from external wallets, with the option to convert these to AUD on the platform.

An Open Banking solution enabling instant bank transfers is expected to launch soon.

Australian users will also gain integrated access to Spaceship Super, after eToro’s acquisition of the Australian investing app in September 2024.

eToro serves over 40 million users worldwide.

🔗 Source: eToro

🧠 Food for thought

Implications, context, and why it matters.

eToro’s ASX move uses a custodial setup while many locals use CHESS (Clearing House Electronic Subregister System) sponsorship

Planned addition of 200 ASX stocks will sit in a custodian model where a custodian is the legal owner for users 1. CMC Invest and Stake, plus other Australian brokers, use CHESS sponsorship that gives investors a Holder Identification Number with direct legal ownership registered with the ASX 2.
Closing fees apply for stock positions, but the rate is not disclosed 3. eToro’s 0.75% currency conversion fee, cut to 0.15% for premium tiers, still sits above CMC Markets’ 0.6% FX spread 3. eToro advertises low or $0 commissions on some markets, yet ASX stock trades carry a $2 commission per trade 3. Pearler charges $6.50 per ASX trade with CHESS 3, while Stake charges $3 for CHESS trades 2.

Open Banking and PayTo may power eToro’s instant bank transfers; adoption is broad, specifics unconfirmed

PayTo may power eToro’s Open Banking instant transfers 4. It is Australia’s real time account to account payment framework with in app bank authorisation and immediate confirmation 4. Open Banking gives accredited third parties regulated access so consumers can share bank data or start payments 4.
Brokers rolling out instant transfers can use Payment Initiation Service Providers such as Zepto or Monoova to connect merchants to banks and integrate PayTo 5. These Australian providers pair real time payments with fraud controls and streamlined Know Your Customer (KYC) checks to cut funding friction 5.