I use the eToro platform
I use the eToro platform to invest. It is simple, user friendly and SAFE!
Interested in trying ETORO? Here is a LINK ??: https://med.etoro.com/B13974_A99492_TClick_Setoro.aspx
?If you are unsure what eToro is and how to use it, I recommended watching this tutorial first: https://www.youtube.com/watch?v=ViFgKUbGxHo&t=319s
Valuable content to watch:??
Investing for Beginners: https://youtu.be/uJUsfnlAw_4
ETF's Explained: https://youtu.be/c9ei4ybGkNs
Stock Investing vs Trading: https://youtu.be/o9M5j_h2xQo
Happy investing and creating wealth ??
The Fees BREADOWN:
1. Conversion Fee
Conversion fees only apply when you are transferring any other currency into eToro other than dollar. This is because eToro functions in dollars. If you transfer dollars into the eToro platform there will be no fee and the amount you transferred is the amount that you will have to trade with.
For instance: If you have $1000 balance in Paypal and you transfer $1000 to eToro, you will have the full $1000 available to trade with. Quite simple right? This is thus the best way to use eToro is to use dollars to avoid conversion fees.
If you are using another currency like Pounds or Euro, eToro calculates the conversion fee using pips. In the video, I share with you a view of the eToro fee page to see how many pips it costs to transfer other currencies onto eToro.
This is the hardest fee to understand. It is very important to note that your money has to leave eToro the same way it enters. Thus if you paid a conversion fee at the beginning to convert different currencies on eToro, you will have to do the same again when you withdraw your money from the platform. This is very important to be aware of before transferring any foreign currencies onto eToro’s platform.
2. Spread fees
This is very easy to understand. All leveraged stocks have spread fees. Leveraged stocks mean you are borrowing money from eToro to trade and when you do that, spread fees occur. In simple terms, spread fees are just a mark-up on the stock.
If you want to buy a stock that’s valued at $1, but because of a spread fee, the stock will cost you say $ 1,05. It’s very easy to avoid this fee. JUST DON'T LEVERAGE AND BORROW MONEY TO TRADE, it doesn’t matter what the opportunity is. Rather trade with what you have and now, owe nobody anything and life a free live.
3. Withdrawal fee
eToro charges a withdrawal fee of $5 every time you want to take out money on eToro. This amount stays fixed no matter the amount being withdrawn.
4. Leverage fee
As with the spread fee, this is not a fee I will encounter when trading on eToro as I don’t believe in borrowing money to invest. Leverage fees can easily be seen when choosing a leveraged option below in the tab.
5. Overnight fees
Overnight fees only apply when leveraging. This is simple to understand as eToro lends you money and they charge interest on that at 6,4% over 365 days. There is also a LIBOR fee of 1,55% which basically is the banks interest rate for loaning money. And these rates generally change for long position and short positions. These fees are always changing and it’s important to check them regularly if you go down this path.
In summary, if you do leverage, eToro will charge you with spread fees, leverage fees and overnight fees which can easily be avoided when just using your own money to trade.
6. Inactivity fee
eToro will charge you a fee of $10 when you don’t log into your account for 12 months. The $10 fee will continue every month there after until your account is depleted at $0. This is a very silly fee to pay and can easily be avoided by just logging in regularly or depleting and deactivating your account if you don’t want to invest with eToro any longer.
These are the fees that you need to be aware of when trading with eToro. As you can see, most of them can be avoided by just being aware and not trading on leverage. These fees may differ at any time so double check them in the future. Also, a very important thing to remember is TAX. You are always liable to pay tax in your country of residence on any dividends or capital gains, so make sure to know your countries tax laws to not get surprised by any unforeseen taxes afterwards.
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Great breakdown my friend! And technology really is amazing; I don't know how I would trade without it!
yikes eToro has fees good to know. I been seeing a lot of reviews lately on eToro but been good for trading. Seems pretty good. Thanks for sharing ! ??
what if I just want to invert in a company for a long term?
I think Etoro has a great platform. I haven't up an account yet but I'm looking to do so soon! Great video and info!!
Do NOT trade on eToro! As soon as you try to withdraw any of your funds and it fails they lock your account so you cannot open any new positions and you cannot withdraw any of your funds. They will have all your money tied up and you cannot do a thing. Their sorry excuse for customer support you can only reach via chat where they will say they cannot discuss any "sensitive information" so after the chat they will send you an email where they say it may take 7 days for them to reply. This is a total scam! As soon as I can withdraw my funds (it has been 1 week so far) I am closing my account.
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Hi my dear friend very Nice video thank you ♥️
Hi ?️ ? ?, nice video ?❤️?
Madam. Ask ko lang kapag ba freeze ng 180days ang account. Hindi po ba talaga makakapagconvert?
Nice m'y freind video ??????✔️✔️✔️✔️✔️✳️?
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Thanks for sharing this vdeo.
Hello po Ma'am.
I just want to ask you about how to integrate payoneer for shopify payment?
Thanks for your answer.?
It was kind of difficult to hear you, but it's very helpful information!
thanks for sharing.