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eToro’s Australian customers were told that the platform would stop supporting a specific type of crypto position from February 19, 2024: a long, non-leveraged crypto trade held as a contract for difference (CFD).
This was not a shutdown of all Australian crypto trading. It did not automatically affect real crypto positions, short positions, leveraged positions, or every crypto position displayed at 1×. The important question was whether the individual trade was designated as a CFD.
What eToro changed
The affected category had four defining features:
| Feature | What it meant |
|---|---|
| Customer location | The customer resided in Australia |
| Direction | The position was long, or a BUY trade |
| Leverage | The position was non-leveraged, normally shown as 1× |
| Product type | The crypto trade was executed as a CFD |
If such a position remained open on February 19, 2024, eToro said it would close the position automatically at the prevailing market value. Leaving the trade open did not preserve it or allow the customer to keep holding the CFD under the old terms.
The change should therefore be described narrowly. eToro did not stop offering every crypto product in Australia, and Australia did not impose a blanket ban on all crypto CFDs.
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Why 1× did not necessarily mean real crypto
On eToro, the leverage setting and the product structure are separate issues. A position shown as 1× tells you that no leverage is being applied; it does not, by itself, prove that you own the underlying cryptoasset.
eToro’s Australian information says that a non-leveraged BUY crypto position is generally intended to represent the underlying asset. However, product restrictions can mean that some non-leveraged BUY positions are still executed as CFDs. A CFD does not give the customer ownership of the underlying cryptoasset and may incur overnight fees.
The practical check is the trade designation. eToro says a CFD is marked “CFD” in the trade-execution window. A red CFD symbol may also appear next to the position in the Portfolio area.
This matters particularly for older Australian positions. A historical eToro cost-and-charges document states that non-leveraged positions opened by Australian clients before September 12, 2021 were also executed as CFDs. That date can help explain why an older 1× position had CFD treatment, but it is not a substitute for checking the individual trade record.
What customers were instructed to do
eToro’s transition instructions required customers to close the CFD and open a separate crypto position:
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- Log in to eToro and open Portfolio.
- Find the affected crypto position. Look for the red CFD symbol or the CFD designation.
- Close the non-leveraged long crypto CFD.
- Open an equivalent crypto trade as a long position at 1× leverage.
This was not an in-place conversion. Closing one trade and opening another created separate execution prices, timings and transaction records. The replacement trade could therefore have a different entry price from the original CFD, even if it was opened shortly after the CFD was closed.
eToro also warned that closing the old position and opening a new one could have tax consequences. Australian customers should keep the relevant trade confirmations, closing values, opening values and fee records, and obtain tax advice if the transaction affects their tax return.
How the spread-credit offer worked
For customers who switched before the deadline, eToro offered to credit the spread cost of opening the replacement real-crypto position, but only if specific conditions were met:
- The replacement position had to be opened within 30 minutes of closing the CFD.
- The credit was limited to the original trade-size amount.
- eToro said the credit would be added within eight business days.
- Opening a larger replacement position did not increase the maximum credit beyond the original trade size.
This offer did not make the two transactions economically identical. It did not remove the risk of the crypto price moving between the close and the reopening. It also did not eliminate tax consequences, slippage or other applicable charges.
What happened if a customer did nothing?
Any affected position still open on February 19, 2024 was to be closed automatically at market value. The customer could not choose the eventual exit price, preserve the original entry price or wait for a later recovery.
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That automatic closure is now a historical event, not an upcoming deadline. Australian customers investigating an old account should review their Portfolio history, account statements and trade confirmations to determine whether eToro closed the position and at what value.
Could the CFD have been moved to the eToro wallet?
No. A CFD could not be transferred directly to the eToro Crypto Wallet. eToro’s wallet requirements allow transfers only for eligible BUY, long, non-leveraged crypto positions secured by the underlying asset.
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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minutePositions held through CopyTrader or Smart Portfolios are also excluded from transfer, even where the underlying exposure appears to be a long, non-leveraged crypto position.
For a current position, eToro describes the transfer workflow as follows:
- Open Portfolio.
- Select the crypto position.
- Open the Edit Trade window.
- Look under Invested for the transfer option.
If the trade is marked as a CFD, the wallet transfer option should not be available. Even a non-CFD position may still fail the transfer check if the coin is unsupported or the account does not meet eToro’s minimums, deposit-history requirements, available-balance rules or other eligibility conditions.
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Fees and ownership differences
eToro’s current Australian fee information distinguishes between real crypto positions and crypto CFDs:
| Position type | Key characteristics |
|---|---|
| Real crypto | eToro states a 1% opening and 1% closing fee; the Australian fee page shows no overnight fee |
| Crypto CFD | Does not represent ownership of the underlying cryptoasset; applicable CFD spreads and overnight fees may apply |
| Wallet transfer | eToro states that transferring crypto from the platform to eToro Money carries a 2% cryptoasset transfer fee, subject to applicable minimum and maximum caps |
Fees and eligibility can change, so customers should check the terms shown in their own Australian account before trading or transferring crypto.
The regulatory background
ASIC’s CFD product-intervention rules imposed conditions on CFDs offered to retail clients. For CFDs referencing cryptoassets, the maximum leverage ratio was set at 2:1 from March 29, 2021. ASIC later extended the product-intervention order to May 23, 2027.
Those rules restrict and condition the distribution of retail CFDs; they do not amount to a prohibition on every crypto CFD in Australia. eToro’s February 2024 action was a product-support change covering long, non-leveraged crypto CFDs for Australian customers, rather than the disappearance of all crypto trading or all crypto CFDs.
Claims that should be treated cautiously
- “eToro closed all Australian crypto positions.” Not accurate. The affected group was long, non-leveraged crypto positions held as CFDs.
- “Every 1× crypto position was real crypto.” Not accurate. Some 1× BUY positions could still be executed as CFDs.
- “Australia banned every crypto CFD.” Not accurate. ASIC imposed leverage and conduct restrictions rather than a blanket ban.
- “A CFD could be transferred into the eToro wallet.” Not accurate. CFDs are excluded from the wallet transfer requirements.
- “The replacement trade was free.” Misleading. The spread credit was conditional and limited; it did not cover market movement, tax or every possible charge.
- “February 19 is still an upcoming deadline.” Outdated. The automatic-closure date was February 19, 2024.
FAQ
Did eToro stop all crypto trading in Australia?
No. The change applied to long, non-leveraged crypto positions held as CFDs. It did not mean that eToro stopped offering all crypto trading or all crypto CFDs in Australia.
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How could I tell whether an eToro crypto position was a CFD?
Check the trade-execution window and the position in Portfolio. eToro says CFDs are designated “CFD,” with a red CFD symbol potentially shown beside the position.
Could a 1× crypto position still be a CFD?
Yes. 1× describes the leverage level, not necessarily ownership of the underlying cryptoasset. eToro states that some non-leveraged BUY crypto positions may still be executed as CFDs.
What happened to an affected position left open after February 19, 2024?
eToro said it would automatically close the position at the prevailing market value. The customer could not retain the CFD simply by leaving it open.
Could I transfer an Australian crypto CFD to the eToro wallet?
No. eToro’s wallet requirements exclude CFD positions. CopyTrader and Smart Portfolio crypto positions are also excluded, and other eligibility and supported-asset rules apply.
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Was the replacement real-crypto trade free?
Not entirely. eToro offered a conditional credit for the spread on the replacement position if it was opened within 30 minutes, but the credit was limited by the original trade size and did not remove price movement, tax or other costs.
The Bottom Line
eToro’s Australian change targeted a narrow product category: long, non-leveraged crypto CFDs. The key distinction was not simply whether the position displayed 1×, but whether the trade was marked as a CFD. Affected positions were meant to be closed and replaced with eligible 1× real-crypto trades, or they were closed automatically on February 19, 2024. Anyone reviewing an old position should check the trade label, transaction history, fees and tax records rather than assuming that the position represented owned crypto.
Sources: eToro transition notice reproduced by 55brokers; eToro Australia markets; eToro Australia fees; eToro wallet transfer requirements; ASIC CFD information.
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