Stocks

How To Buy Stocks On eToro- Complete Step-by-Step Guide

5 Mins read

eToro gives one of the best stock trading experiences in the world due to its zero-commission policy and many stocks available on the platform, which fractions can also purchase. eToro also has a highly beginner-friendly interface with a combination of social trading tools that make your trading exciting and simple. Creating an account with eToro to buy stocks in eToro is a fast and straightforward process that can be done through some basic steps. If you are wondering how to buy stocks on eToro, in this guide, we will give you a walk-through to help you understand the complete step-by-step guide on how to buy stocks on eToro. 

How To Buy Stocks On eToro

Some simple steps, when diligently followed, can assist in buying stocks on eToro. They are elaborated as: 

 Signup an Online Trading Account At eToro

You must start by opening and signing up for an account if you don’t have one yet. Visit eToro’s website, click the registration button, fill in your email and account username, and create a password. Go to your email to verify your eToro account by clicking on the link and continuing the registration process. To complete your account opening, you must provide personal details such as your surname, name, birth date, phone number, and address. After you input your phone number, you will get a code that you must use to do the phone number verification process. In the final stage, eToro will also ask you some questions about your job, capital, investment goals, etc.

Buy Stocks On eToro

Photo credit: Master The Crypto

 Complete The Required Information And Verify Your Account

eToro is a well-regulated brokerage platform, and based on these regulations, each account that wants to trade on the platform must be verified. Hence, you must pass through the KYC process after completing the registration process. There are 4 levels of verifications needed by eToro.

  • Verification by email.
  • Verification by phone number.
  • Proof of identity verification.
  • Proof of address verification.

You will automatically do the first two verifications when registering for an account. After that, you must continue with the last two verifications and provide the documents required like a copy of your passport, ID copy, or a driver’s license to complete the verification of your identity. To verify your residential address, eToro accepts documents like credit card/bank statement, A utility bill (electricity, gas, water, or internet), social insurance statement, government tax letter/council tax, driver’s license, etc. After you provide the required documents correctly, eToro will verify your account in up to 3 business days, about which you will be notified.

 Fund Your Account

When you complete the registration and verification of your eToro account, you can proceed to fund it and start buying stocks. Click on the “Deposit Funds” button to see different payment options, including online banking, bank cards, rapid transfer, wire transfer, and e-wallets such as Skrill and Neteller. You have to pick one of them more suitable for you and provide the necessary details about your payment methods. Pick the currency in the appropriate section and type the amount you want to deposit. Remember, eToro charges a conversion fee for non-USD contracts and a withdrawal fee of $5; US clients can enjoy free withdrawal and deposit options notwithstanding the payment method.

 Search For A Certain Stock

eToro supports many trading stocks in different industries, and if you have decided which company you want to invest in, the best way to find it is through search. After each company goes public, the company gets a ticker symbol through which you can easily find it just by typing its ticker name in the search toolbar. Then click on the first results and navigate to the appropriate section to buy the stocks. If you do not know which stock you want to buy, you can check through multiple options to find the one that best suits you. eToro also sorts stocks by industry so you can pick your favorite industry, such as Tech, Software, Retail, etc.

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 Use eToro Platform Features To Analyze The Stock.

Click on the stock’s name, and you will get to a section where you can buy the stock and get a lot of information about it. On eToro’s platform, you can find the current news about that company and its stock, get a lot of charts and statistics, and be provided with a combination of research tools that will help you to do some research before you invest in the company. If you don’t know which stock you want to invest in, you can go through eToro’s platform and use those graphs and research options to discover the best oil stocks, tech stocks, dividend stocks, etc.

 You Place An Order And Buy The Stock 

Once you have a verified account, deposited funds, and have determined which stocks you want to buy, your account is fully prepared to place an order. Press the “Trade” button near the stock name and pick the “Buy” window. You can place a variety of orders with eToro.

If you want to buy the stock at its current price, you need to type the fraction of the number of shares you want to buy and press “Buy.” If the market is open, eToro will complete the transaction immediately, and your purchase will be included in your exchange account. If the market is not open, you will see a “Set Order” button instead of “Buy,” which means that you cannot carry out a transaction at that moment. Still, you can place the order, and eToro will complete it automatically when the market opens.

If you are skeptical about why you should use to buy stocks on eToro and prefer it to other brokers, here we have covered all the best things about the platform that you may like to buy stocks on eToro and also included the list of eToro’s cons you have to consider if you want to buy stocks on eToro.

eToro Pros

  • If you want to buy stocks on eToro, it supports many stocks and ETFs listed on such stock exchanges as NASDAQ, NYSE, etc.
  • If you want to buy stocks on eToro, US companies and companies based in Germany, France, the UK, Canada, Spain, and many other countries, are listed on eToro.
  • The broker provides a competitive pricing structure if you want to buy stocks on eToro. You buy stocks with zero commissions and spreads below market rates.
  • If you want to buy stocks on eToro, it enables a social trading platform where users can discuss with other traders, ask questions to professionals and follow the news.
  • The platform is very friendly for beginners that want to buy stocks on eToro.

eToro Cons

  • If you want to buy stocks on eToro, the platform is unavailable in many US states.
  • If you want to buy stocks on eToro, the customer service is not superb.
  • If you want to buy stocks on eToro, it does not provide too many advanced tools for professional traders.

Conclusion 

In this guide, we have reviewed how you can quickly register for an account on eToro if you want to buy stocks on eToro. eToro is a ruling brokerage platform in the industry that provides an outstanding trading experience for beginners. There are many US and international stocks available on the platform you can start trading with $100. You will enjoy secure trading being and eToro is very lucrative. The most exciting thing about the eToro platform is that you can buy stocks with zero commissions and pay extremely low spreads.

 

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