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eToro, a great online broker for those who want to buy Tron from Ireland
Some of its advantages are:
- User-friendly and simple
- It offers techniques and moves from skilled investors so you can emulate them
- Accepts short-trading
- You can trade leveraged
- It is possible to invest in tons of other products
Official main site: www.etoro.com/tron
In case you are considering it, eToro is the best way to buy Tron from Ireland.
“Social trading”, a relatively new form of investing by replicating techniques and strategies from other experienced investors, has become popular because of eToro.
eToro is very useful if you are still a beginner in trading. You can rest assured that you are doing a smart investment move when replicating those from subjects with a long profit record. Oppositely, if you are an expert in the field willing to share your techniques with the community, eToro pays up for it.
Another thing to mention is how easy the platform is, which turns out perfect for new users that are learning all about Tron.
About Contracts for Difference
If you already have been on eToro, you must have seen how the initials CFD appear frequently. We will explain exactly what this means, but first, you should know that CFDs on eToro are only possible if you are short-selling.
FYI, and in case you want to know about day trading cryptocurrency or other advanced trading practices, you will also meet terms such as short-selling and leverage.
Even if you don't have a positive balance, you can still operate on eToro with CFDs. For example: you believe that the Tron will go down, so perhaps you consider that the best thing to do is refrain from getting in until it actually falls. However, if it really falls, it might mean extra money for you.
You can accomplish that by “going short”. Here's how it works ,roughly:
- You ask someone to lend you, for instance, 100 units of Tron, which total price at that moment is $ 5,000 (obviously, these figures are made imaginary)
- You make $ 5,000 by selling the 100 units
- The Tron goes from $ 50 to $ 30 (as you thought, the value decreases)
- You buy all 100 units once again, but at the current price, $ 3,000
- Then you give back the 100 units to the person that loaned them to you
- The rest is yours, so, you will have made $ 2000
It all seems more complex than it really is. Just remember that by trading in Tron on eToro, you can earn money if you foretell downs in the price.
How are CFDs and futures different?
Here is a brief comparison between Futures and CFDs, in case you want to know more:
- Counterparty
- Futures: operations are made with another trader.
- CFDs: you do not “play” with another individual, the counterparty is the brokerage platform, in this case, eToro.
- Expiration date:
- Futures: there is an expiration date. Once the contract expires, it is closed even if you have losses.
- CFDs: there is no expiration date. This means that you can wait until you get in a good position before closing.
- Trading options:
- Futures: options are much more restricted
- CFDs: a lot of variety, there are CFDs of practically anything
- Minimum investment amount:
- Futures: you need a larger initial investment
- CFDs: you can get in with a small deposit
- Trading costs and charges:
- Futures: costs are usually lower
- CFDs: rates are higher
- Leverage:
- Futures: you can't leverage
- CFDs: it is always possible to leverage
ETFs
ETFs or Exchange-Traded Funds are a type of passively managed fund, similar to index funds. We can say that ETFs are somewhere between stocks and funds: they can be traded like regular stocks, but include a wide diversity of assets and have lower fees.
Foreign exchange market
Forex or currency trading allows obtaining profits by exchanging one currency for another.
In case you decide to trade the EUR/USD pair, you speculate how many dollars it will take to buy a euro, expecting that the first currency (the euro) will revalue 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: thus, that margin will be yours once you sell back.
You may be thinking by now that trading with currencies requires investing considerable amounts, and you are not wrong, since fluctuation in prices is never that dramatic, and if you use a lot of leverage to counter that, you will take a considerable risk. Our advice for those who are new in the world of trading is not to start with Forex, but with a safer and simpler market.
eToro allows trading with the most usual currency pairs. However, keep in mind that this market works with contract for differences, thus the underlying asset won't be yours.
About ETFs
ETFs or Exchange-Traded Funds are similar to index funds. They can be described as a combination of stocks and mutual funds, including the best of both. They are traded in the market like stocks, during the day. But their advantage is that they are more diversified compared to stocks, and have lower fees.
About Index Funds
Index funds are suitable for those interested in long-term trading, especially for beginners. If you don't need to take back your money in less than five or ten years, index funds are a safe option.
You may think differently, but benchmark returns are very difficult to beat and very few fund managers achieve that, apart from some famous cases.
In practice, all that glitters is not gold: if a fund manager achieves to beat the market, it is only for a short period or on a specific occasion. Or perhaps they would charge very high fees and indexing would be a better decision anyway.
With index funds, you don't have to worry about that: although in the long term, they usually beat active managers, and the fees are lower than you imagine.
How to deposit funds into your eToro account
When it comes to payment on eToro, there isn't really much to say, since it is pretty simple. Just click “Deposit funds”, put an amount, and choose the payment option you prefer. You can pay with PayPal (available for some countries), bank transfer, credit card (Visa, MasterCard, Diners, Visa Electron and Maestro), Skrill, or Neteller.
Consider that for security policies, you need to be the holder of the account or the credit card.
The minimum first time deposit is $ 200, and there is a maximum limit for unverified accounts. So, if your intention is to deposit higher amounts, you will need to verify your account previously.
The platform accepts deposits or transfers in any currency, but you will have to pay a fee for the conversion to USD. That is why we recommend, if it is in your hands, depositing in USD from the beginning.
Can you trust eToro?
eToro is very meticulous with the data about past performances from users, and its reliability has been independently tested several times.
In the legal aspect, eToro follows all the demanding policies of the European Union, legislation in which it is found. Specifically, its main offices are in Cyprus, and it is validated by the Cyprus Securities Market Commission (known as CySEC), which can cover up to € 20,000 of the debts that its clients may have with creditors (those from Ireland included).
eToro responds to the European Financial Instruments Market or MiFID, and to the Financial Conduct Authority (FCA) in the U.S. Apart from the above, it has a trajectory of fifteen years, with more than 20 million users around the globe. So, you can be sure that your money is safe.
Their excellent customer service is also worth mentioning. You can contact them by phone or use their live chat.
eToro Interface
As we have mentioned before, one of the best features of eToro is its simplicity: anyone can invest without having to read endless guides.
You won't have any problems with the interface if you are familiar with any other social network.
We will explain, roughly, the registration process and the different tabs that you will find.
You will have to provide some personal data (like full name or address, for instance) when registering.
They will also ask you about your previous experience as an investor.
But don't feel like you are taking an exam. They only intend to find out about your previous experience and knowledge to determine which assets to recommend for you.
Now we will talk about the different sections of the interface.
With the “Set Price Alerts” tool, you'll be able to program an alarm when an asset is at a certain price. Just click the tab and you will be able to set it. This is perfect if you want to buy an asset that is falling but you believe it will decrease more to a certain point.
The section “News Feed” allows users to interact and share their experiences and knowledge.
“Discover” includes the tabs “Instruments”, “People” and “CopyPortfolios”. As we discussed before, the six types of instruments on eToro are:
- Cryptocurrencies
- Exchange-Traded Funds
- Stocks
- Commodities
- Forex
- Index funds
The term “social trading” comes to life within “People”: that is where you can duplicate the movements of the users you find most inspiring with just one click.
You can search for those investors that best suit your interests: by average earnings, market or risk level, for example. You just have to choose the amount you want to invest and eToro will be in charge of replicating the movements made by the investor you selected, in proportion. “In proportion” means that if you have $ 1000 and the investor puts 10% of his or her balance in an asset, eToro will invest also 10% of your money (in this case $ 100) in that same asset.
In this section you will also find the three main types of CopyPortfolios, which are Top Trader, Market, and Partner.
The benefit of copying to CopyPortfolios instead of individuals is that this way the risk will be more diversified. The portfolios are identified so you can recognize them easily: one about gaming, another about large drone companies, another about pharmacy … You think that a certain industry will prosper in the future? Then look, because surely there is a CopyPortfolio about it.