One of the most significant benefits of trading on eToro is that it can be a great source of income. It may take some time to become profitable, but it can be worth the wait.
If you’ve been considering trying your hand at trading, whether for playing or professional reasons, eToro could be your platform.
The first step to making money from trading on eToro is to set up an account with an approved broker and fund it adequately. This usually entails opening a bank account with a regulated broker depositing funds into this account, and supporting it by transferring money from your main account. Once you’re set up, all you need to do is make trades.
While this guide is primarily written with professional traders in mind, playing it safe and taking a longer-term approach will undoubtedly help you succeed. Just remember all the things that are mentioned above and keep at it. eToro trading is a very lucrative business, after all.
When trading using the etoro website, you will be allocated a trading budget. This represents the amount of money you can trade with before being placed on a trading halt for the remainder of the day. Most traders find that between 10% and 15% of this amount is sufficient, but your experience may vary, as every trader has their strategy.
Consider setting up your eToro account, depositing funds into it, and then starting trading. Moving forward, you can easily monitor your progress by keeping an eye on the signals tracking section of the platform on eToro’s home page.
Between 50% and 60% of all traders who use eToro earn money on their trades; this figure is significantly higher than other platforms like Robinhood or AvaTrade, which offer good discounts due to users not having to pay opening or management fees; however, this percentage is relatively low given how many traders have tried to jump in at various points in time but found it challenging to make consistent money from their trades on eToro – despite many having made a large initial deposit into their accounts.