After examining eToro’s benefits and features as the top ASX trading software, let’s describe how trading on the ASX works on this system:

Step 1:  Open an account on eToro

For further information, go to the eToro website or get the app from your mobile app store. Create a new account by filling out the necessary information and completing the verification procedure.

Step 2: Fund Your Account

After setting up your account, add money to your eToro trading account. The major e-wallets, bank transfers, credit/debit cards, and other financing methods are all available on eToro.

3. Investigate the ASX Market

After you’ve funded your account, go to the eToro site and look for ASX-listed stocks there. You can also use the app’s nifty search feature to identify certain businesses you want to trade.

Step 4: Conduct Market Analysis:

Utilize eToro’s extensive charting tools, indicators, and real-time data to conduct a complete market study prior to executing a trade. Make use of the educational materials at your disposal to improve your trading choices.

Step 5: Place Orders

Place your orders by entering the investment amount, choosing the preferred order type (such as a market order or limit order), and pressing the “Trade” button when you have studied the market and found a good opportunity. Real-time pricing is available on the eToro platform, allowing you to place trades quickly and effectively.

Step 6: Monitor Your transactions

It’s important to maintain a tight check on your positions after you’ve completed your transactions. With the help of eToro’s user-friendly portfolio dashboard, you can keep an eye on the progress of your ASX transactions in real-time. You may see important information like profit or loss, percentage change, and any dividend payments made.

Step 7 

Risk Management and Stop Loss Orders eToro provides risk management tools like stop loss orders to safeguard your trading capital. With the use of these orders, you may specify the price at which the market will automatically terminate your position if it goes against you. When trading on the ASX, stop loss orders assist limit possible losses and offer comfort.

Step 8: Take Advantage of Social Trading Features

Take use of eToro’s distinctive social trading tools, such Copy Trading and the social news feed, to improve your trading performance in Step 8. To take advantage of their experience, look into the profiles of great investors, evaluate their trading methods, and think about imitating their transactions. Engaging with the social trading community may lead to insightful revelations and encourage a cooperative atmosphere.

Step 9

Keep Up with Market News: It’s critical to keep up with the most recent market news and developments in order to make wise trading selections. A thorough news feed is available from eToro, including up-to-the-minute information on ASX-listed firms, market trends, and economic developments. You can keep on top of the market and make smart trading decisions if you have access to trustworthy market news.

Step 10: Continuous Learning and Improvement

The tenth step is continuous learning and skill improvement, which is essential for profitable trading. Utilize eToro’s instructional tools, like as webinars, articles, and conversations, to improve your knowledge of the ASX market and trading tactics. Long-term success depends on your ability to keep learning new things and adjust to changing market conditions.

Best Brokers App in summary

eToro stands out as the top ASX trading app thanks to its intuitive user interface, wide variety of assets, cutting-edge social trading capabilities, and extensive training materials. You may quickly start using eToro on Best Brokers App to trade on the ASX by following the offered step-by-step instructions. Always remember to undertake extensive market research, efficiently manage risk, and consistently develop your trading abilities. With eToro, you can start trading on the ASX with confidence and increase your chances of success.