Should I switch from eToro AUS to eToro Seychelles?
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Recently when logging in eToro, you may receive a popup with an offer to transfer your account to eToro Seychelles. You may wonder if you should switch to eToro Seychelles or not? Let’s find out in this article below.
Who is eToro Seychelles best suitable for?
Since March 2021, eToro AUS, under ASIC regulation, has implemented some new restrictions, including restrictions of leverage and margin, to strengthen protections for its retail clients. However, that new regulations came into force also impacts several traders, especially those trading CFDs.
To remedy this situation, eToro offers an alternative of becoming a customer of eToro (Seychelles) Ltd., which is authorized to provide broker-dealer services under Securities Act 2007 license #SD076 by the Financial Services Authority (FSA Seychelles).
As a client of eToro Seychelles, you will be able to continue to trade with higher leverage and margin. And your account will be covered by the Seychelles Securities Act 2007 and the Securities Conduct of Business Regulations 2008.
In addition, switching from eToro AUS to eToro Seychelles would not affect your current leveraged CFDs, your withdrawal as well as transaction fees, etc.,
However, some protections ASIC imposes under the Product Intervention Order will no longer be in effect when migrating to eToro Seychelles, such as leverage ratio restrictions, negative balance protection, margin closeout restrictions, and a prohibition on inducements.
Therefore, read Account Terms and Conditions carefully before officially switching to eToro Seychelles.
This popup may appear in a few days. If you want to remain a customer of eToro AUS and retain consumer protection but lose the ability to trade leverage, click ‘Close’ to exit that notification popup.
How to transfer from eToro AUS to eToro Seychelles
To check which eToro your account was registered, going to Settings > Profile. Below Tax ID, there is a sentence stating eToro UK or eToro AUS.
If a popup with an offer to transfer your account to eToro Seychelles displays on your account, click ‘Agree’ to be transferred immediately.
If you do not receive this popup, you need to open a new ticket for assistance.
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eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.