eToro is a social investment and multi-asset brokerage platform where you can carry out trading operations of different financial instruments like Stocks, Forex, Commodities, and Cryptocurrencies. The company was founded in 2007 and has offices in the United States, United Kingdom, and Australia.
Tesla needs little to no introduction since, in today’s day and age, everyone knows about the company’s offerings and its famous CEO, Elon Musk, who has recently acquired Twitter and Rebranded it into “X”. His company Tesla pioneered the technology of Electric Vehicles and self-driving cars. Tesla also provides Energy Solutions.
So, it should not come as a surprise to anyone that many people who are into stock trading want to invest in Tesla stocks. Those who invested in Tesla Stocks in the early lifetime of the company have benefitted greatly by acquiring great profits after investing in the Tesla Stock.
While there are many platforms out there where you can carry out the activity of investing and trading on Tesla stocks, we will provide you with some detailed steps of how you can do it on the eToro platform, an investment tool that has been available for quite some time now, has a downloadable mobile application, is lauded for being very user friendly and has some good salient features like Copy Trading.
Listed below are the steps you will have to follow when creating an account on eToro before you carry out the task of buying Tesla Stocks.
Create an account on eToro
Creating an account on eToro is a very simple process. All you have to do is go to the Signup page and provide your unique username, email address, and a secure password. You can now even use your Google or Facebook account to create a new account on eToro.
Once you fill in these details, click on the box at the bottom acknowledging that you have read the Terms and Conditions, which the platform has stated for all registered users. After that, click on the Create Account button and voila! You have successfully created your trading account on the eToro platform.
Verify your Identity
The next mandatory step for new eToro users is to verify their identity. This process is commonly known as KYC (Know Your Client). Users cannot perform any activity on the eToro platform if they haven’t confirmed their identification.
This is a regular stop that cannot be bypassed, and it ensures that the platform is secure from any suspicious activity because, during the process of identity conformation, if any red flags are raised, then the account is suspended, and they cannot use the features of eToro for whatever purposes they intended to do. Once the account is verified, users can enjoy the full benefits of the eToro investing app or eToro Options mobile app.
To verify your account, you have to upload your proof of identity (POI) and proof of address (POA).
The proof of identity (POI) involves uploading the following documents on the eToro app.
- Your valid US passport
- Your valid US Driver’s License.
- Your valid Government-issued ID.
The proof of address section involves providing documentation that coins your full name, home address and the issuance date of the document shouldn’t be more than 3 months old. The logo of the legal document should be visible. Following is the list of accepted documents that eToro accepts when checking your proof of address
- Bank Statement.
- Tax Letter or Bill.
- Credit card statement.
- Electricity, Gas or Water Bill.
- Phone Bill, Internet Bill.
- Employment letter, etc.
Non-US Citizens are required to provide the same documents. The additional information that eToro requires from them is their passport number and country of issuance. Government-issued identity card showing your nationality, address, and a recent photograph of you. You may also need to show your driver’s license or other identifying documents.
It is important to know that eToro is not available to use in every country. The platform has provided a list of the countries where you can use their services. They have also provided a list of countries where eToro is blocked. So before creating your account on eToro, make sure that you reside in the country where eToro is supported otherwise, you will have to look for other alternatives.
Deposit Funds in your eToro account
Once your account is verified, you are good to go and deposit funds in your newly created eToro account. You can deposit funds by various payment methods like bank transfer, card payment, or online payment services. Keep in mind that different payment options have their own processing time and fee structure, so choose whichever option suits you best.
In the “Deposit Funds” tab, select your preferred payment method, enter your bank details like account number and related information, and enter the amount that you want to deposit into your eToro account.
At the time this article was written, Tesla’s share price was $256 per share, so to buy at least one share, you need to deposit a minimum of $256 or an amount equivalent to this depending upon the country in which you reside and the current exchange rate.
If you don’t have this amount, then there is no need to worry. eToro allows users to buy fractional shares as well, meaning you can start trading stocks by transferring the minimum required amount, which is $10, to start purchasing shares.
Find Tesla Stock on eToro
In the search bar in the eToro app, search for Tesla Stock options. Once you find your preferred stock commodity, which in this case is Tesla (TSLA). Click on the “Invest” button, and a new dialogue box will appear that will ask you to specify your trading criteria, like your position size and the amount that you want to spend on this single trade. All you need to do now is to fill in the required information and click on the “Open Trade” button, and voila! You are now a proud owner of your very own Tesla share.
eToro also provides you with detailed charts of any stock you wish to buy, sell, or trade. You should always study the charts, do your chart analysis, and look out for market sentiments by using the eToro social platforms.
Following these strategies will help you in devising your next buying and trading strategies. Following these strategies also helps you avoid losing your hard-earned money and diversify your portfolio at the same time.
