Trading and investing platform eToro has expanded its Australian offering with the introduction of AUD accounts, giving users the ability to deposit, hold, withdraw, and invest directly in their local currency.

The move aims to provide a more localised experience for Australian investors and reduce costs associated with foreign exchange conversions.

Australian users can now fund trades from either their AUD or USD balance, rather than converting to USD by default.

For ASX-listed stocks, users can avoid conversion fees by funding trades in AUD.

In addition, eToro has lowered currency conversion fees between AUD and USD for users trading USD-denominated assets, starting from 0.75% and reducing to as low as 0.15% depending on the user’s eToro Club tier.

Currently, Australian users can earn up to 4.05% interest on USD balances, with similar interest earnings to be introduced for AUD holdings. eToro also plans to add over 200 new ASX-listed companies to the platform.

Doron Rosenblum, Executive Vice President, Business Solutions at eToro, said:

“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.”

To strengthen its long-term investment offering, eToro has launched a recurring investments feature, allowing users to automate regular purchases of assets such as stocks, ETFs, and cryptoassets.

Users will also soon be able to deposit BTC, ETH, USDC, and XRP from external wallets, convert them to AUD, and reinvest or withdraw the funds.

Robert Francis, Managing Director at eToro Australia, said:

“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 designed to meet the needs of Australian investors.”

eToro will also introduce an Open Banking solution to enable instant bank transfers directly within the app, allowing users to fund accounts quickly in response to market movements.

These developments follow eToro’s acquisition of Australian investing app Spaceship in September 2024.

Integration between the two platforms will allow users to view and manage Spaceship investments alongside their eToro portfolios.

According to Francis,

“Australian investors are unique and deserve tailored products to fit their specific goals and investing strategies. Today’s announcement reflects our commitment to further enhancing our offering in the region.”

Featured image credit: Edited by Fintech News Australia, based on image by Who is Danny via Freepik