The stock market is no longer a closed environment reserved for financiers in suits who invade Wall Street or The City in London. Now any individual can have access to trading from anywhere in the world.
This is obviously made possible by the power of the internet. Indeed, in a few clicks, you can pretend to trade shares, from your computer, smartphone or tablet. Apps like Etoro are essential for this purpose. But then the question must be asked: is it really a reliable platform ?
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Etoro: what you need to know
For simplicity, Etoro is a tool that allows anyone to trade online. Internet users will simply have to register using fairly simple procedures in order to be able to exchange different financial products. It is an intermediary platform between Internet users and the various markets around the world. In stock market jargon, this is called a “broker”.
Etoro was launched in 2007. It is an application whose main founders are Israelis. The latter had the main objective ofopen the doors of trading to anyone who would be interested in it. Thus, beginners as well as professionals can all have an account there.
The platform first took the form of a website. However, to meet the ever-increasing needs of users, a mobile application has been developed, which will offer them more convenience. Enough to allow them to trade from anywhere and at any time, as long as their devices were connected to the internet.
Today, more than 20 million people seem to have an Etoro account. These figures make the application one of the world leaders in online trading. It must be said that major promotional campaigns have been launched in recent years with the intervention of stars and influencers from all walks of life.
How Etoro works
It is not complicated to access the features of Etoro. All you need is a connected device. The application is directly available for download in the Android Playstore and the Apple AppStore.
To create an account, it is necessary to fill in the fields displayed with the requested information. Obviously, the user must give his identity before being able to start. In addition, he will be asked a few questions to assess his trading skills. To finalize the registration, the general conditions of use and the warnings relating to the risks must be read and validated.
The platform requires, before being able to trade, a monetary deposit of at least 200 euros. It is possible to credit your account by credit card or via an electronic wallet (Paypal, Skrill, etc.). The money earned by investors will first be deposited at Etoro’s partner banks, which will then have to be transferred to the users’ personal accounts.
Once all the settings have been properly configured, just select the desired markets and assets to start buying and selling. In addition to classic assets such as stocks or currencies, it will also be possible to bet on commodities and the famous cryptocurrencies.
Nevertheless, it is necessary to pay attention to the various fees. You might as well first find out about the application’s price lists to avoid unpleasant surprises.
The main advantages of the application
First of all, it is useful to know thatEtoro is a regulated platform. Indeed, it is subject to supervision by the Cyprus Securities and Exchange Commission (CySEC). The latter ensures that the Israeli company complies with European Union standards.
Moreover, according to several Etoro reviews, it is a rather ergonomic and intuitive trading tool. These features and its interface are easily mastered, even by novices. A quick start which also contributes greatly to the popularity of this broker. But there are also slightly more advanced options for users who already have strong trading experience.
In addition, in order to test his abilities and his knowledge, it is possible for a subscriber to carry out fictitious operations via a demo account. Virtual funds of 100,000 euros will be made available. However, there can be a significant gap between reality and demonstration. Financial markets are very unpredictable. Vigilance is always required.
In addition, Etoro is also very transparent when it comes to fees or commissions. Provided they are well informed, investors can have full visibility of the various costs that their trades will generate. This will allow them to better calculate their potential returns.
Added to all the advantages are the diversity of financial products available and the guidelines imposed on beginners to avoid abuses. Unfortunately, there is no question of a perfect platform.
Significant disadvantages
Despite the obvious advantages it has, the Etoro application is not unanimous. Indeed, many users seem disappointed with their experience and point out certain anomalies. A few bugs have been identified, which sometimes prevent investors from completing their transactions.
It is also necessary to talk about the risks. According to some estimates, 68% of account holders on Etoro lose money. This is not necessarily the fault of the application, but you will have to be very careful.
Moreover, the only monetary unit available is the dollar. Thereby, the conversion of deposits into euros generates additional costs. Users will also not be able to contact customer service via a phone call. Complaints then do not receive instant responses.
In short, Etoro offers real money-making opportunities thanks to the stock market and popular assets like Bitcoin or ETFs. However, there are many negative points to consider before getting started. That doesn’t necessarily mean it’s a scam.
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