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#AD I’ve tried out a few investing platforms in my time, from my old faithful Vanguard to various apps including Trading212 and Wealthify. But eToro was a new one to me.
Not wanting to miss out (I fall for FOMO bad), I resolved to try it out. Previously, I had considered the platform to be mainly for day traders using CFDs (contracts for differences), but I quickly realised that this was not the case.
Setting up your eToro account
The process of setting up your account is easy. First up, follow this link. (68% of retail investor accounts lose money when trading CFDs with this provider. You should consider
whether you can afford to take the high risk of losing your money.) This will either take you to the app or to their webpage. This is one of the things that I love about this platform. You can switch between devices and benefit from accessing both.
You’ll be asked a few simple questions to get started and then your account will be ready to go. To complete your profile however you’ll need to add some extra details.
One of the things that really impressed me with eToro was the questions they asked around your investing experience level. Take a look below.
If you are unfamiliar with CFDs, they will limit the exposure you get to these products which I think is a wonderfully ethical thing to do.
What are the fees on eToro?
If you’ve heard me talk about investing before, then you’ll know that I mention fees as being an important part of choosing where you invest.
Here are the headline figures:
- 0% commission on stocks investments
- No management fees
- $5 withdrawal fee
- $10/month inactivity fee after 12 months
There are other fees involved if you are looking to invest in crypto, foreign currency or trading in CFDs.
Also worth noting is that eToro has a minimum first-time deposit of $50 (£40 ish) and subsequent deposits have a minimum of $50.
What assets can you buy?
I’ve been in the world of investing for a while now, and I don’t think I’ve ever seen the range that eToro has to offer.
Through them, you can buy stocks, ETFs (exchange-traded funds), crypto, commodities, and currencies. Their range of ETFs blew my mind. There were hundreds and most I was unfamiliar with.
Therefore, creating a diversified portfolio is easy on that platform. Whatever your investment goals are there is bound to be something there that will suit you.
Buying assets on eToro
The easiest way to find what you are looking for is to use the search box. This should bring you up a list of suggestions to choose from.
Once you’ve found it, you can click trade and this will bring you to a new screen where you can enter the amount that you want to invest in that asset.
The thing to what out for is CFD. You want to buy the UNDERLYING ASSET. Here are a few images to explain the difference in what you will see.
How I’m using eToro?
Aside from my long-term investing strategy, I do like to purchase other smaller investments that are at higher risk. This forms a small fraction of my total investments and I have fun researching and choosing what to invest in.
eToro is perfect for this. Given the range of assets that you can purchase and the platform itself. It makes it easy to track your portfolio and find out more about what you might decide to invest in next.
How would you use eToro? Sign up here to open your account.
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. 81% 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.
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
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