Hi,
Just sent A$1000 from ING Debit card using Paypal towards eToro deposit which converted it to $781 US but I was more curious about the $25 charge ING imposed as international transfer fee.
Is there any better way to deposit money to eToro from Australia?
Thanks in advance.
Checking out Revolut .. never heard about them before. Do they offer as good conversion rates to US dollar as Paypal?
PayPal do not offer good rates.
If signing up to Revolut, make sure you wait for a referral offer and use the referral wiki to get bonus $$. Make sure you follow the instructions carefully.
Paypal
Here is your problem.
Assuming you get no fees https://www.ing.com.au/rates-and-fees/orange-everyday-fees.h…
Letting Visa do the fx is the cheapest way.
I haven't used eToro but please for your sake make sure you understand the risks of not owning the underlying asset (CFD), or not having direct ownership of it (Custodian Model).
deme: Yes I understand the risk of not having custodianship on eToro as you mentioned. I am playing with small amounts and don't intend to hold long. As long as I can sell it back on eToro and get my money back, I don't mind.
Unfortunately eToro doesn't support PayId like DigitalSurge or Binance which is the fastest and most convenient way of depositing funds.
Etoro looked dodgy from the reviews of the app
Would I own shares on etoro?
When you open a non-leveraged BUY (long) position on a stock, you are investing in the underlying asset. The stock is purchased by eToro and recorded in our system under your name.If you open a stock position on eToro, you are not issued a stock issuance certificate or allocated voting rights. Nonetheless, should the company issue dividends, your balance will be updated in accordance with your holdings.
https://www.etoro.com/stocks/
you are not issued a stock issuance certificate or allocated voting rights.
eToro took 77 words to give an non-answer "investing in the underlying asset", but clearly you don't own them "you are not issued a stock issuance certificate or allocated voting rights".
It would be like holding cryptocurrency with an exchange instead of your own wallet.
Are there any pros or cons of this type of trading
Pros:
* Might be cheaper
* Can do fractional shares (though according to Reddit DRS can do fractional shares/
Cons:
* If Etoro goes under you /may/ not get your shares.
* you are not issued a stock issuance certificate
* you are not allocated voting rights
* A lot of people on Reddit complained about eToro w.r.t GameStop
https://www.reddit.com/r/wallstreetbets/comments/lad20v/etor…
https://en.wikipedia.org/wiki/EToro#Controversies
Companies often sell voting rights, I'd bet eToros is too.
The other way to do it is CHESS (ASX) or DRS
You own the underlying shares directly.
Yes, Revolut I believe