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eToro, our reccomended broker for acquiring Monero from Kenya
Why do we recommend it?
- You can imitate investment strategies
- Admits “shorting” or short-selling
- Very intuitive and simple
- You can trade leveraged
- You can make investments in thousands of different goods
Go to the official website: www.etoro.com/monero
You should absolutely consider eToro if you are interested in investing in Monero from Kenya.
“Social trading”, an innovative form of investing by replicating techniques and strategies from other experienced investors, has become popular because of eToro.
eToro has solutions for you, especially if you are still a novice user in trading. You can rest assured that you are doing a smart investment move when replicating those from subjects with a long profit record. Additionally, in case you are an investor, the platform pays for your knowledge.
Another thing to mention is how easy the platform is, which turns out perfect for new users that are just learning all about Monero.
Is eToro reliable for purchasing Monero?
eToro has been independently tested several times to validate its integrity in displaying previous performance statistics. The results have always confirmed that eToro is rigorous with the information.
eToro follows all the demanding regulations of the European Union. Its head office is in Cyprus, and it is certified by the Cyprus Securities Market Commission (known as CySEC), which protects up to € 20,000 of the debts that its clients may have with creditors, including those from Kenya.
It is also backed by the European Financial Instruments Market (MiFID), and in the USA it responds to the Financial Conduct Authority (FCA). Besides all these regulations, eToro has more than 20 million users worldwide, and it has been operating for fifteen years. To sum up, we can be confident that our finances are safe.
No less important is their excellent customer service. You can reach them by phone or use their live chat.
Futures Vs CFD
What are the differences between CFDs and Futures?
- Counterparties
- Futures: operations are made with someone else, another trader.
- CFDs: the counterparty is eToro, the brokerage.
- Expiration:
- Futures: there is an expiration date. When that moment arrives, your operation is closed even if you are in red.
- CFDs: there is no expiration date. You can wait for your position to rise before closing.
- Trading markets available:
- Futures: there are fewer options for investment
- CFDs: a lot of variety, there is a huge diversity and types of CFDs
- Minimum deposit:
- Futures: very high minimum investment
- CFDs: you can start with a small deposit
- Trading costs:
- Futures: as you need to pay more in the first place, fees are lower
- CFDs: costs are higher
- Leverage:
- Futures: you can't leverage
- CFDs: accessible leverage
Exchange-Traded Funds
What do you know about Exchange-traded funds? They are passively managed funds, known for combining the benefits of stocks and mutual funds, because they can be traded regularly at market price, but include a much wider diversity of assets and the fees are significantly lower.
About ETFs
ETFs or Exchange-Traded Funds are similar to index funds. We can say that ETFs are halfway between stocks and funds: they can be traded like regular stocks, but include a wide diversity of assets and have lower fees.
About Index Funds
If a long-term investment sounds like something you would do, and you won't need to take back your money in at least five years, index funds can be the best choice. This type of investment is also great for beginners since it is safer. Besides, the variety is wider.
Perhaps you have a different idea, but it is very hard to beat the market (although you have probably heard of managers who achieve huge profits).
But besides Warren Buffett and a couple more, not everything is as good as it sounds: if you hear of someone who has beaten the benchmark, it was probably for a limited time, or their charges are really high. Besides, past performances do not ensure a future one.
Index funds provide solutions to both concerns: their commissions are minor and in the long term they almost always beat active managers.
Currency market
Forex or currency trading allows obtaining profits by exchanging one currency for another.
If you decide to trade EUR and USD, for example, you speculate how many dollars it will take to buy a euro, therefore you expect that after obtaining the first currency (the euro) it will raise its price compared to the second (the dollar), to make a profit by selling it. Assume you entered when the price of one euro is 1.10 USD and you close when it is worth 1.15: that margin is yours once you make the operation.
You may be thinking that this form of trading requires high investments, and you are not wrong, since increases in prices are never that dramatic, and if you use a lot of leverage to counter that, you will take a considerable risk. If you are just starting in trading, we don't recommend beginning with this market, because it's not the safest alternative.
Most currencies are available on eToro. Nevertheless, remember that Forex functions through contract for differences, so the underlying asset won't be yours.
Commodity market
The main advantage of investing in raw materials is that their price fluctuates less than that of other financial products. Actually, their intrinsic stability is what makes people often invest in raw materials, to take refuge from market volatility or inflation. Still, the prices of commodities are defined by their demand. Therefore, if a generalized fear of inflation causes higher demand, the prices will also rise.
Keep in mind that the only intended income from the investment in raw materials will come from their further sale because, unlike shares, commodities don't pay dividends.
Commodities can be classified into two main types: hard raw materials and soft raw materials. The former are precious metals (such as gold, silver, copper, and platinum), industrial metals, and oil; and the latter are agricultural products, such as wheat, soybeans, vegetables, or even dairy.
eToro Interface
As we have mentioned before, one of the best features of eToro is its simplicity: anyone can trade without having to read endless explanatory texts.
Everyone who has previously used social networks like Twitter or Facebook, knows enough to use eToro.
Now we will walk you through the registration process and the different sections of the page that you should know.
You will have to provide some personal information (like full name or address, for instance) when registering.
They will also ask you about your previous trading activities.
But you don't need to worry: it is not an exam. They only intend to know how much knowledge you have and what type of assets they can recommend. For instance, if it is your first experience in the investment world, they will not recommend that you invest in futures.
As soon as you are registered and have completed your profile, you will stop seeing the “incomplete profile” message.
Let's see what the different sections of the site are.
With the “Set Price Alerts” tool, you'll be able to program an alarm when an asset is at a certain price. This is ideal in case you want to purchase a security and you are waiting for it to decrease.
The section “News Feed” allows users to interact and share their experiences and knowledge.
In “Discover” you will find the tabs: “Instruments”, “People” and “CopyPortfolios”. As we mentioned before, the different financial assets that eToro offers are:
- Cryptocurrencies
- Exchange-Traded Funds
- Shares
- Raw materials
- Forex
- Index funds
The concept “social trading” comes to life within “People”: that is where you can duplicate the trading strategies of the best investors with just one click. You'll be able to see all their profiles and performances.
You will be able to search and find users according to your interests. When you choose an investor and indicate the amount you want to invest, eToro will automatically replicate their movements, in proportion. For instance, if you invest $ 1000 and the user puts 20% of their funds in an asset, the platform will invest $ 200 of your funds in the same asset as well.
You will also find the CopyPortfolios divided into three main kinds: “Top Trader”, “Market” and “Partner”.
Sometimes you might prefer copying to CopyPortfolios than to individuals, since the former offer more diversity. There are all kinds of portfolios that you can recognize easily and are classified by sectors. So, if you think a specific industry, like biotechnology or pharmacy, has good chances to succeed, you should look for that specific portfolio.