The financial market is fast expanding, with companies such as eToro offering contemporary solutions to investing and trading in stocks. Trading platforms offer beginners and seasoned investors an opportunity to buy and sell shares with a single click. Recent upgrades to the eToro platform make it easy for investors to own shares.
Here, you can connect with millions of investors, increase your investment portfolio, and cash in on your social investments.
Before you start trading with eToro, you need to register an account. Below are the steps to setting up an account and buy stocks on eToro.
The first step is to open an eToro account on your smartphone, laptop, or desktop. Customers can download the app or access their accounts through the official website. Sign in using your Google, Apple, or Facebook account for easy access and to make the most of two-factor authentication security.
Once you complete two-step authentication, you'll be able to log into your eToro account to access the platform. However, it's worth mentioning that even once logged in, you may have to verify your account through a valid email or text.
As mentioned, before gaining autonomy, you need to verify your account details through an email or text message. Verify the account via web browser or smartphone app. Immediately upon logging in, you'll receive a pop-up notification via text or email with a code to verify your account.
Once you complete the verification process, you complete a questionnaire to gauge your understanding and knowledge of stock trading, reasons for trading, and risk ceiling.
The next step is to fund your account. Here, you link your eToro account to an active bank account so you're able to make transfers. Customers can opt for a third party, e.g., Plaid service, to promote secure linking with bank accounts.
eToro offers access to hundreds of stock options to purchase. However, it's important that you understand what you're buying and the implications of the purchase. The platform offers a library of information on price charts, company stats, analyst ratings, and user commentary to help you make informed decisions. Using these resources, you can create a customized strategy for entering and exiting a trade, identifying a suitable stock, and placing your order.
After researching stock options and analyzing the market, you're ready to place your order. The platform has a 'TRADE' icon which provides access to a series of prompts with everything you need to execute a successful trade. Here you can set trade parameters by specifying the number of shares and dollar amounts, price and stop loss for your profits, and type of ownership.
Once you complete the steps promoted by the dialog box, select 'OPEN TRADE' to initiate the trade. Market orders will be filled within seconds, while limit orders may take a while based on your specified trading parameters.
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