There is another investment platform I have joined in recently called eToro. It’s something I want to share with you all if you’ve never heard of it before. If you have, then, I would love to hear your feedback about this social trading platform. Feel free to leave your comments below.
What is eToro?
On their website, they pride eToro to be the leading social trading network with millions of users worldwide and many trading and investment tools. As a beginner, I understand it as a way of earning money by using money.
How did I learn about it?
I first heard of it a month ago. It was also the same time when investment schemes popped up everywhere in the Philippines. I have mentioned these investments in my previous post in which I openly shared my hopes that it will be successful in the future. To answer the question, a colleague of mine told me about it and he explained its features especially how a user can get profit from it.
It piqued my curiosity so after several days of reading and research of the platform, I decided to register and joined eToro.
How does it work?
What I like about it is that after registering, you can try trading or copying people through a virtual portfolio. This is like a dummy account for you with $100,000 worth of money that you can play around to explore how the platform works.
In my case, I practiced a little bit using this account before I fully decided on depositing my own money.
There are many ways of earning money through eToro. One is by trading and another is by copying people. If you are a trader by profession or someone who has the proper knowledge and wants to take risks with your money, then, you can definitely jump right into trading yourself.
On the contrary, if you are like me, who is willing to take risks but doesn’t have the confidence into trading, you can copy people instead. “Copy People” allows you to copy someone else’s trades. This means that whatever amount you invested in will be distributed in a similar percentage to the person you copied. As a result of this, if the trades of the person you copied increase or decrease, yours will also be the same.
This is actually the feature that bought me in eToro besides the fact that this time, I am investing in international market trades. If you’ve been following my blog, you will know that I have invested in the Philippines Stock market and have some money put in cryptocurrency trading too. Therefore, this time, I feel like I have upgraded myself because now, I can invest in international businesses like Amazon, Apple and more.
Registration and Verification of Account
The first step you will need to do is to register using your email or Facebook account. Once you logged in, you can either access the virtual portfolio or deposit an initial amount of $200 on a real portfolio. Once you’ve done that, you can start trading or copying people.
Verification comes next after answering questions about yourself. Finally, they will ask for a copy of your valid ID and proof of address. For me, I took a photo of my passport and credit card billing statement. Although my billing statement was in Thai, it passed through because, after four days, my account was verified. The verification process usually lasts between 3-5 days. It was explained that all information filled out and documents submitted from you are in accordance with the UK law.
Before Copying People
You should understand the importance of studying the performance of people you’ll be copying. There is information on the site about them including their strategies and performance for the past years. I honestly believe that checking their past performance is necessary because it’s only then that you will know if their strategy is really working or not. If they have been losing money for the past months or so, it could only mean that they don’t know what they’re doing.
How is my money in eToro, you ask. Well, it has been less than a month so it’s still fresh and new. I chose to copy one person who has a profit of at least 7% yearly. The first few days after depositing $200, I reached a point of earning $4. However, now, it has actually decreased which I think is the result of the US-China trade issue. It is a problem that affected many countries in the world.
Like my other investments, I know that it has its ups and downs. Similarly, my plan for my eToro investment is for a long-term goal. It’s because of this that I am not that worried. Profit-wise I hope to earn 10-20% a year. However, if I’ll reach that in less than a year, I will stop copying that person and copy other people.
I know my account is not a good example at the moment, the fact that it’s red. Despite this though, I want to be honest with you so I won’t hide this to everybody. Although it’s red right now, it doesn’t mean that it will be red forever. I’m confident that it’ll recover. As I said, it was for a long-term goal so it doesn’t affect me that much. Rest assured that I will include about my eToro when I will give updates about all my investments.
Moreover, if you want to join in, you can click this link and sign up.
After depositing and verifying your account, $50 will be added to your portfolio as well as mine. So, we get to divide $100. Just if you want. =)
That will be all for now. As I said, I will give you all an update in a few months. So, If you feel it’s something you want to take a risk in, you should try it too. I believe that it’s always better to invest your money to something that can give you profit in the long run rather than just putting it in the bank.
Overall, it depends on you. You decide what works for you and your money.
Until my next post!