Buy Tesla Stock on eToro – Ultimate Guide

STEP 1: Create an account on eToro

To create an account on the eToro platform, you must visit eToro official website, www.etoro.com, and click on the “Start Investing” button to sign up for a new account.

Once you click on that button, it will lead you to the signup page, where you will find a lot 3 options:

1. Signup with Google
2. Signup with Facebook
3. Signup with your email id. You need to choose a username and password.

Tip: If you have previously created an account with eToro, click on the “Login” button on the top right of the homepage to log into your account.

Choose your preferred option and enter the details

Option 1 (Google) & Option 2 (Facebook)

For Google and Facebook, as soon as you click the respective button, a window will open, and you will have to provide the relevant Google or Facebook account with which you would like to sign up and complete the process.

After connecting your Google or Facebook account, a page will open where you need to enter a username, check the T&C and Privacy Policy boxes, click “Create Account,” and complete the account creation process.

Option 3 (Custom Email)

If you have chosen the option of entering the email id manually, then after entering the details, check the Terms & Conditions and Privacy Policy boxes and click the “Create Account” button to proceed.

Once the account is created, it will lead to the eToro dashboard. If you just want to navigate the platform and look at all the features and what the platform offers, then only signing up with the email id is enough. But, if you want to deposit money and trade, proceed to Step 2 to verify your account.

Virtual Account for Paper Trading

eToro also provides the option to do paper trading through a virtual account. Just follow the steps to access the virtual account and the corresponding virtual amount of $100,000.

1. Go to the eToro dashboard and click the “Switch to Virtual” button on the left navigation panel below the “Deposit” Funds button.
2. When you click the virtual account with $100,000, the fake currency will be created, and the page will open.
3. You can practice your trading strategies with this fake currency and perform all the tasks in real-time to test its success or failure rate.
4. If you want to trade with real currency and go back to your actual account, click on the “Switch to Real” button on the left navigation panel at the bottom.

STEP 2: Complete your profile and verify your eToro account

You need to complete your profile to deposit money and remove any limitations on the amount to be deposited. The verification must be completed to trade as per the AML and CTF regulations.

Before completing the profile, you need to keep the following things ready.

1. A Government issued id – It should have the following details

• • Full Name
  • Date of Birth
  • Photograph
  • Valid Expiry Date

2. An active phone number

• • On the home page, click on the “Verify” button on the banner
  • When the process begins, and it asks for your number, enter the mobile phone number and click ‘Send SMS.’
  • Enter the SMS code you received on your phone.
  • Click “Verify’ to complete

3. Proof of Address: The following are accepted.

• • Electricity, water, gas, telephone, or Internet bill
  • Driving license/residence permit / national ID/state ID
  • Bank statement/credit card statement
  • Council tax or municipality bill/government tax letter
  • Social insurance statement
  • House Rental Official Agreement – Issued by Government

Let us now look at the Verification Process.

Click the “Complete Profile” button below your username on the left navigation panel to complete your profile.

A page with a “Continue” button pops up as you click on the button. Click on it.

Now, it will ask you to fill up your details, submit the documents, and wait for them to be verified.

Note: The details may take several days to be checked and verified. Once the verification is complete, a green checkmark will appear beside your username in the navigation panel on the left.

STEP 3: Fund your eToro account by depositing money

Once the account is verified, there will be no limitations, and you can deposit as much money as you want and trade whatever asset you want.

Let us check the process of depositing money.

Open the eToro dashboard and click the “Deposit Funds” button on the left navigation panel.

As the button is clicked, a popup window called “Fund Your Account” opens where you need to provide the personal details, the amount you want to deposit and then choose the payment method from the dropdown menu

1. Debit Cards and Credit Cards
2. Neteller
3. Skrill
4. Regular Bank Transfer

Note: US residents need to deposit only $10 to start trading on eToro. Other popular places, including UK and Australia, need to deposit a minimum of $50. Then most other countries have to deposit between $100 to $200 except for the few who need to deposit $1000 to $10,000.

Once you choose your preferred option, fill up the necessary card or bank details and complete the payment process by clicking the “Deposit” button. Once the transfer is complete, the amount will reflect in your eToro account.

STEP 4: Buy Tesla Stock on eToro

So, now your account is verified, and you have funded your account. You are ready to buy Tesla shares on the platform.

Now, go to the search bar on the top and type Tesla or the ticker “TSLA” Then a popup box appears with Tesla’s name.

When you click on the TSLA ticker, a dedicated page for Tesla opens. This page contains all the stock details and a price chart.

This page separates internal tabs with the following:

• • Overview
  • Stats
  • Chart
  • Analysis
  • News

As eToro provides many educational resources, you can study the Tesla charts and do a Fundamental Analysis by reading about the company details, previous year’s balance sheet, and cash flow statements. eToro also provides its expert analysis for customers who have deposited funds.

As for any investor or trader, thorough research is needed before making investment decisions. With the help of all the necessary information and the latest news about the company collated and available at the same place, it becomes easier for users to conduct thorough research and take an informed decision.

You can add the stock to an existing watchlist or create a new watchlist with a list of stocks you are interested in. Click on the “Add to Watchlist” button to add Tesla to the watchlist.

Once you decide to use your funds to buy Tesla stock, click the “Invest” button on the top right.

As soon as you click, a page shows you two options to buy Tesla stocks.

Option 1: At the Market Rate

In this case, you just need to enter the amount in dollars or number of units you want to invest in buying the Tesla stocks and click the “Set Order” button.

The stock will immediately be bought at the market price by eToro, reflected in your account, and shown in your investment portfolio.

If you don’t want to buy at market price and set your desired price, you can do so by clicking on the “Rate” button and entering the price of one share.

So, for example, at the time of writing, the price of a Tesla Stock is $174.57, and I have decided to set the price at $173.50 and the amount as $10,000. It means if the price of the Tesla stock hits $173.50, eToro will execute the order at that price and buy $10,000 worth of Tesla shares @ $173.50 per share.

The order will not be executed until it reaches the set price target. The order can be modified or canceled before it gets executed.

Step 5: Monitor the trade until the execution

The stock will appear immediately under your portfolio section if bought at the market rate.

Click the Portfolio button on the left navigation panel to access your portfolio.

If you have placed an order at a custom market price, the order will reflect as “Pending” in the portfolio section and only be executed at the set price.

You can modify the order by changing the Take Profit and Stop Loss Level in this section or setting the leverage.

If you have placed the order when trading is closed, all trades will start executing as the market opens and show up in your portfolio as “Pending Open” below the respective stock name.

Also, once the stock is in your portfolio, you can click on Trade and sell the existing stocks.

To buy more Tesla stocks, repeat the process.