MY EXPERIENCE WITH ETORO (YANINA ALBO, ARGENTINA)
The following is a series of articles that relate experiences of real users of all levels of financial literacy using eToro. This series will probably benefit you if you are starting to trade or already have knowledge but want to know more about this platform. At the end of the article, you will find links to articles by other users.
User: Yanina Albo
Experience Level: Expert
Yanina is Content Director of the finance site andinotrading.com
After successfully working 15 years in financial roles in multinational companies, in early 2021, I decided to resign and take a different path. Beyond facing new professional challenges, I wanted to spend more time on retail trading since I made a lot of trades at work but never had too much time to dive in and do it with my finances.
I tried several platforms, some that I already knew from using them during my professional career and others that I had only barely heard of, including eToro.
Since I live in Argentina, I can't just "Fund the account and start trading". Due to strict capital regulations, doing simple things in other countries may have additional difficulties when funding and trading with a foreign broker from Latin America. Although eToro allows several funding methods, not every single one of them is available to Argentinean residents. So I ended up using one of the mainstream wallets. After the funding obstacle I've encountered, the road to trading was paved.
When I first read about eToro, the article stated that it's "THE" Social Trading platform. So naturally, then, the most logical thing would indeed have been to start trying it by simply copying another trader's activity. But I always liked to test the platforms the traditional way, placing simple trades to see the functionality.
Following that line, I started testing it with small trades in Cryptocurrencies that are so fashionable today. Bitcoins? No, too classic; I went with Ethereum. I first looked for statistics and analysis on Ethereum, and I found enough information on eToro to decide how to position myself. I opened a very conservative trade, taking into account crypto's volatility, defining careful Stop Loss and the Take Profit orders. If I couldn't monitor the transaction, I still wished to rest peacefully at night and know that I would not lose the invested capital. When I decided to close the trade, I felt pretty satisfied, I hadn't won much, but I hadn't lost either—a good initial test.
After this first trade, I said to myself: "let's see how good they are with social trading", and I got to look at the debates and forums built around each financial instrument. There I understood why they are the leaders of this branch of trading. For someone passionate about financial markets, eToro is a combination of a social network, a financial news forum, and a set of technical analyzes, all in one place, in real-time, with instant alerts and an entire community exchanging information—a pleasure for a financial geek like myself. So now I read eToro's forums as if they were one more financial journal to keep up to date with what is happening.
Although the platform at the specific trading level does not have too many features that differentiate it from others, the Social Trading one is where it adds much value.