How to start making the most of your new eToro account
With many innovative functions like copy trading, crypto investment, and the virtual demo account, logging into eToro for the first is like entering a brand new world.
This guide should demystify some of the more complicated elements of eToro and get you on the platform to buy and sell commission-free in no time at all.
So you've downloaded eToro from the app store or opened the landing page on your web browser for the very first time, excited to start buying and selling US stocks commission free, and diving into this brand new world. But where should you start?
For the uninitiated, eToro is a social trading and investing platform that gives Australian investors the opportunity to tap into markets previously reserved for those with deep pockets and an international stockbroker.
Since its launch in Australia in 2018 thousands of Aussies have signed up to the platform, taking advantage of its zero-commission access to US stocks and its innovative new features, like CopyTrading.
But to start investing on the platform, a few hurdles will need to be jumped. So let's dive into some basics.
Passing the test
Before you get into what eToro has to offer you'll need to pass a short quiz to ensure you are suitable and you've got the know-how necessary to start investing in eToro's products.
Remember: trading can be very profitable, but there's certainly risk involved, and it pays to know what you're dealing with.
For anyone wanting to start investing it's always helpful to have some generic trading knowledge and experience.
eToro even has its own free trading academy for those who would like to brush up on their skills.
Dabbling with the Virtual Account
Try before you buy - it's a simple concept, and one employed by eToro's 'virtual demo account' feature.
If you want to get a taste of the platform before committing your money, the function is for you.
Instead of playing with real money, eToro allows you to set up a demo account with $100,000 virtual credit to have a go at investing in the many products available on the platform without risking your hard earned cash.
By using this play money you can get a grasp on how the platform lets you invest in cryptoassets, use its copy trading function, and how to buy or sell stocks from around the world.
From the novice trader to the unconvinced and experienced investor, the virtual account is a seriously good demo for everything eToro has to offer.
Diving into eToro
Once you've onboarded to the platform, tried out the virtual account, and deposited some funds into your new account, it's time to get investing.
With an absolute smorgasbord of products on offer, investors are spoilt for choice.
As these are investment products, new users should do their own research into the different types of investments available - especially novice traders.
Thankfully, eToro has some great data about the products and asset classes you can invest in.
If it's US stocks you're looking to invest in, the best place to begin is by filling up your watchlist.
Once you've got a certain stock in mind, simply add it to your watchlist. This gives you a chance to see how the stock is performing in real time, allowing you to buy or sell right when you want to.
Another handy function, and a standout element of eToro, is the social aspect of the app.
The platform's 'news feed' is an up-to-date place where investors can post their tips and news, whilst letting others know what they're buying or selling. Of course, this part of the app is a way for the community to connect - it always pays to do some independent research on the investments you're considering yourself.
Finally, if you want to take advantage of the knowledge and insight from other investors, make sure you check out the 'Copy People' tab. There you'll find a list of investors from around the world and a range of information, including what they're invested in, their previous performance and risk score.
If you're satisfied, just hit the 'COPY' button, deposit the requisite funds, and leave the investing up to them.
Dig deep into eToro's many available products
The above options are just a sample of what's available to eToro's users.
Once you're comfortable with navigating the app, potentially having opened a position or two, it's time to look into everything else the platform has to offer.
With so much on offer, make sure you look into exactly what it is you're buying, add the product to your watchlist, and invest when you think the moment is right.
eToro is the world's leading social trading platform, which offers both investing in stocks and cryptocurrencies, as well as trading CFD with different underlying assets.