eToro is one of the most popular investment applications today. Discover how it works in Andro4All
Investments They have been part of our economy for a long time, and technologies have also advanced in this segment. Services like eToroIn fact, they are ideal for those people who have interests in investing or “trading” through the mobile phone in a more efficient way. For that reason, if you want Learn more about how eToro worksat Andro4All we tell you.
IMPORTANT. Investing is not a game, nor something that should be done lightly. It is essential to have expert advice or advanced training in this type of market. If you do not have either of the two things, at Andro4All we recommend that you refrain from using this type of application. If you invest money lightly, you will most likely lose it.
What exactly is eToro
Within its services, eToro is a financial application focused on investment. Although there are already 100% digital banking systems, neobanks, this would be the equivalent version to carry out stock market trading from your mobile screen. With this application, you will be able to make investments in traditional markets and in cryptocurrencies, make interest-free currency exchanges, and observe the evolution of your investments, among other things.
With more than 15 years of life, eToro was born in Tel Aviv, Israelin 2007 with the idea of creating a service trading independent of classical institutions. Little by little, the company grew and, in addition to increasing services, spread throughout the world. In fact, the company’s current European headquarters is located in Limassol, Cyprus. Today it is a service that provides support in most countries on the planet, and It is found in practically all major markets.
How your service works
The eToro service, over the years, has gradually advanced so that its application, valid since 2012, was improving both in usability and experience as well as in the quantity and quality of the services offered by the company. Today, eToro allows you to easily add and withdraw money, invest in various types of marketsand consult data with access to valuable information for future investments.
How to add or withdraw money
The main currency on eTorothat is, with which you carry out the base operations, it is The U.S. dollar. It is important to keep this in mind when adding or withdrawing money, since, although eToro does not take fees for investments, it does take fees for currency exchange. So, if you withdraw or withdraw money and you want it to be in, for example, euros, the application will charge a commission for providing said service.
For this reason, a recommended option is to have bank accounts, such as the internal eToro Money, or like Revolut, a neobank that does not charge fees for currency exchange. In fact, Revolut offers zero-cost bank accounts that facilitate this type of procedure and will allow you save paying these types of commissions on eToro. Thus, with a neobank that does not charge exchange fees, you can withdraw your money from eToro in dollars and exchange the currency in your bank account.
What kind of investments does it allow?
Over the years, eToro has been increasing the markets in which it allows investing, so, currently, investments can be made in large segments such as:
- Raw Materials. This is one of the most classic markets, and it is also available on eToro. If you are interested in investments such as the value of gold, Brent or cocoa, more than in companies, you can do so on the stock market of the country you want.
- Shares on the stock market. If you want to invest in companies from the United States, Spain, the United Kingdom, China, Japan or any of the market exchanges available on eToro, you can do so without any problem.
- ETFs. If you are interested in this type of investment, you can also carry it out at eToro. The application has hundreds of different ETFs, with multiple breakdowns and classifications so that the user can freely choose their investment space.
- Portfolios. If you are interested in investing, rather than in a company, in a market segment, on eToro there are various portfolios that combine several companies from the same sector. It may be interesting for markets that, in general, are on the rise, but it also implies a high investment to cover the portfolio efficiently.
- Cryptocurrencies. Since 2017, eToro opened its service to cryptocurrency trading. It is the market with the fewest guarantees and riskiest today, with very volatile values and without institutions to protect investors. Therefore, think twice about entering this market, since it is the most “raw” to invest in, and the rise can be as strong as the fall.
It allows more than just querying data
In addition to checking the evolution of the markets, within eToro you can easily consult the main trends in the stock market, whether in growth, fall or amount of investments. With this you can be fully informed of the global financial situation, but there is more, since within the platform there are also many expert investors whose guidance can be useful to many other users. Yes indeed, It is worth remembering that no one is infallibleno matter how good the profit “streak” is.
Also has strict safety regulations that will make your investments and virtual wallet always be safe. It is important, as always, to take into account basic rules to avoid scams in terms of account theft and hacking, but, as an eToro system it is one of the safest options in the world of investment and trading digital.
Virtual money wallet: risk-free testing
One of the options that eToro offers is to use a virtual wallet with 100,000 virtual dollars. This is not real money, but a wallet with which you can carry out investment simulations within the application. You will not benefit, but it can be useful to carry out testing without risk for your economy.
Opinions about eToro
In terms of institutions, eToro has gone through approval from numerous institutionswhich includes the National Securities Market Commission of Spain (CNMV), the FCA of the United Kingdom, the FINRA of the United States, and other regulatory institutions in countries such as Australia or Cyprus. Therefore, at the institutional level, eToro is supported by many countrieswith the benefits and obligations that entails.
As for users, one of the most recurring criticisms that eToro receives usually focuses on the collection of commissions carried out the company and the high cost of certain investments recommended by trend investors. However, in the rest of the services they usually have a very positive reviewespecially to provide information to users that allows adequate guidance to carry out investments.
Download eToro for iOS
Download eToro for Android
Commissions and costs of your service
Currently one of the biggest advantages of eToro is that it has 0% commissions on stocks to enter or withdraw money from an investment, offering the maximum margin to the user. However, if you want to avoid other fees, you will have to monitor currency exchange within the application, since it is one of the points where the app does take its cut. The 1% commission on cryptocurrenciesYes, it is inevitable. They also charge $10 per year of inactivity and a $5 withdrawal fee.
Also, the eToro Money internal service It can also function as a wallet due to its easy linkage to its own ecosystem. eToro Money is not a 100% bank account, but it is an electronic money financial institution that will allow you to carry out procedures such as transferring your money to your personal bank accounts. In fact, eToro Money also waives currency exchange fees which does charge in the base application.
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