How To Make Money On eToro

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How To Make Money On eToro

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eToro is one of the world’s best-known online trading platform, specialising in offering choice coupled with convenience and functionality. Available around the world, the platform is well-suited to both novice traders and professional investors. A range of features and tools help anyone create a successful investment strategy, but eToro also offers ways to skip the hard work and just copy other traders. This guide will show you all the different ways there are to make money on eToro.

How legit is eToro?

There are several reasons why eToro ranks amongst the best online trading platforms, not only for Forex but also for cryptocurrencies, commodities, indices, and more. Through a variety of subsidiaries, the eToro group is licenced and regulated in a variety of jurisdictions, including the EU, UK, and Australia. In addition, eligible investor accounts from applicable countries are also protected by an investor compensation scheme.

When you’re trading on eToro you can be confident that you are using a legit platform backed by years of experience and protected by some of the best technology in the industry.

62% of retail investor accounts lose money when trading CFDs with this provider

Main Features

eToro offers so many features that it is difficult to condense them all into this section. Fortunately, we have a detailed and comprehensive eToro review which provides you with all you need to know about the platform. The following are some of the most notable characteristics; the ones that make eToro truly special.

Social Trading

eToro offers traders the opportunity to automatically emulate trades done by successful investors. eToro’s CopyTrader lets you select up to 100 different investors to copy at once, splitting your investment capital proportionately. Using CopyTrader is absolutely free. You only pay the standard eToro fees which you would otherwise pay when opening and closing a position.

In addition, you are able to interact with these investors, to ask questions and to follow them, as you would normally do on a social media platform. As a result, eToro has become known as the Social Trading Platform.

Accessible Trading

eToro Accessible Trading
Screenshots are shown for illustration purposes only. Actual product may vary

One of the platform’s objectives is to make trading accessible to a wide audience. To achieve this goal, the platform makes it as easy as possible to open an account and get started. The minimum deposit is only $50 and the choice of payment methods is indeed comprehensive. Apart from cards and eWallets, you can deposit via PayPal, mobile payments, and bank transfers. The platform gives you access to a wide variety of markets and supports your investment through educational resources and market analysis tools.

75% of retail investor accounts lose money when trading CFDs with this provider

Mobile Trading

Mobile trading is another function where eToro scores highly. The mobile app, which is available for both Android and iOS devices, lets you manage your portfolio remotely, with virtually no limits. Convenient and easy to use, the eToro mobile app is free to download and use, letting you keep an eye on your investment wherever you may be.

Using CopyTrader to your Advantage

For a novice user, CopyTrader might look like an advanced investment tool which is hard to use. In fact, the reality is quite the opposite, and you can activate CopyTrader within a few minutes. Once you have selected one or more investors to copy, your part is essentially done. Since these investors are also investing their own funds, and are getting rewarded for having other traders copying them, they have every motivation to carry out successful trades.

From your part, you should still monitor your investment periodically. eToro lets you stop copy trading whenever you wish.

How to Find the Best Traders to Copy

eToro CopyTrader
Screenshots are shown for illustration purposes only. Actual product may vary

eToro makes selecting the best traders on CopyTrader extremely easy. On the CopyTrader page, you will be able to filter by market, profit track record, and risk appetite, amongst other options.

To start off, you should opt for traders who have a consistent track record of making profits. Whilst such gains might be comparatively small, they would provide safer returns. As your gains increase, you could invest a small proportion of your capital into higher risk traders which could provide you with significantly higher returns.

In the end, find the best traders on CopyTrader depends on matching one or more successful traders with your investment strategy.

How to Trade Better

No investor has a perfect scorecard! There are always ways to improve your trading track record, and eToro can help with many of these.

Do your Research

When starting to trade on eToro you should choose the market you are most familiar with as this will decrease the research required. With eToro, you can trade and invest in cryptocurrencies, Forex, and a variety of other markets. Developing a successful investment strategy takes time, but you can shorten this period by accessing eToro’s educational resources. These include:

  • Guides and articles
  • Daily market reviews
  • Video tutorials

The Importance of Trends

eToro’s charting tools are an important weapon in the arsenal of any responsible trader. Since markets tend to behave in a relatively logical manner, trends tend to repeat themselves. Analysing trends is one of the ways in which experienced traders seek to predict the future.

Choosing Stocks

eToro Stocks
Screenshots are shown for illustration purposes only. Actual product may vary

With over 800 stocks currently available on eToro, choosing the right ones for you can be tricky. It is important to educate yourself, especially when considering buying shares. As with any other investment, you should have an understanding of what a particular company sells, before investing in it. This will help you understand how the company’s performance might be affected by external events, such as festive periods and political instability. It is also highly advisable to choose stocks from different industries. In this way, you will be diversifying your portfolio and reducing your risk exposure to any single industry.

Getting Started with eToro

Once you have registered an account on the platform you will be able to access your eToro demo account. Starting with a virtual balance of $100,000, the demo account behaves very much like the real thing. You can invest in a variety of markets, and even try out the CopyTrader options.

The demo account isn’t only a great tool for novice traders who are looking to put their research into practice. It is also a great tool for experienced traders who have moved to eToro, as they will be able to test all the various order tools, automatic limits, and charting analysis tools.

Start practising with eToro today!

75% of retail investor accounts lose money when trading CFDs with this provider

Concluding Thoughts

Once you become accustomed to eToro’s trading platform you will understand why it supports over 3 million users worldwide. The comprehensive range of products and services available make it a suitable platform for traders of varying experience levels and investment capitals. In addition, its extensive security measures and various operating licences provide users with a safe and trustworthy online investment environment.

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