eToro Online Stock broking

[shooter69]

Hi all,

I have been looking for a way to invest in overseas markets and found eToro.com

Has anyone ever dealt with them? What is the costs involved? Any bad news?

 

[HelterSkelter]

See their ads on Facebook all the time, looks ****ty and scammy.

 

[Species8472]

Hi all,

I have been looking for a way to invest in overseas markets and found eToro.com

Has anyone ever dealt with them? What is the costs involved? Any bad news?

I nearly got caught out by them, looks dodgy at best, scammers at worst.

 

[shooter69]

See their ads on Facebook all the time, looks ****ty and scammy.

I nearly got caught out by them, looks dodgy at best, scammers at worst.

Why would you guys say its a scam?

 

[4ftersh0ck]

Yeah, I have read bad reviews about them too. Check out gt247.com. Free software and you pay minimal monthly fees depending on what markets you have in your watchlist and also small trading fees.

 

[MKFrost]

As far as I know they are legit but only where they are registered. They are not registered in SA so you will have no recourse this side should it go tits up. My advice, steer clear and rather go with one of the reputed local firms like for example AG and do your investments through them.

 

[shooter69]

As far as I know they are legit but only where they are registered. They are not registered in SA so you will have no recourse this side should it go tits up. My advice, steer clear and rather go with one of the reputed local firms like for example AG and do your investments through them.

AG? could you give me a link?
and Thanx for the info.

 

[MKFrost]

AG? could you give me a link?
and Thanx for the info.

Allan Gray, but look at others as well

 

[Hendrix]

AG is not a broker...
All you could buy through them are international unit trusts

 

[shooter69]

So far no one gave me any hard facts. I did not find anything on the internet that says eToro is a scam. Although not Registered in SA, they are registered in 20 other countries.

And yes, Alan Gray is no stock broker.

I'm Going with Absa Stock brokers online. They are the cheapest if you trade 5 or more times a year. Other than that, Ill put a couple of hundred rand in eToro to buy some facebook stock and see what happens.

 

[naeem]

@Terence
i'm using eToro for a few months. No big trading though, bought some Twitter/Google and MS shares.



However, i'm more interested in their Forex trading and the ability to 'copy' successful traders.

I'm using it in Practice mode, $2000 worth of fake money, i spread this across about 10 traders that i'm copying. $150 on each one, and one is $300. I did lose about $150 when i was still figuring out the interface (accidentally bought some gold)

Anyway, growth seems pretty decent. Not millions, but slow and steady. Also less risk as i'm copying fairly successful traders with a decent track record.
after my mishaps, $1940 at the end of December is now up to about $2050 - it fluctuates as trades go in and out.


Above is all 'practice mode' so nothing gained, nothing lost. Still messing around to see if its worth looking into.

 

[DJ...]

So far no one gave me any hard facts. I did not find anything on the internet that says eToro is a scam. Although not Registered in SA, they are registered in 20 other countries.

And yes, Alan Gray is no stock broker.

I'm Going with Absa Stock brokers online. They are the cheapest if you trade 5 or more times a year. Other than that, Ill put a couple of hundred rand in eToro to buy some facebook stock and see what happens.

eToro are legit. Some people confuse downside risk with scam-artistry. BTW, are you aware of the tax implications of actually trading? You'd better be a decent trader if you want to come out in the black...

 

[shooter69]

eToro are legit. Some people confuse downside risk with scam-artistry. BTW, are you aware of the tax implications of actually trading? You'd better be a decent trader if you want to come out in the black...

To be honest, no. Still learning all this stuff. Just know a bit about capital gains. But not sure about taxes on dividends.
I must also correct myself. I am not really going to trade to make quick cash. Its more of an investment over long periods of time. I'm aiming at buying stock every 2 to 3 months in companies that I think will have a good growth rate over time.

What would the tax implications be if I buy stock from another country like Facebook?

Any link to a site where I can read about all of these things?

 

[HavocXphere]

eToro are legit. Some people confuse downside risk with scam-artistry. BTW, are you aware of the tax implications of actually trading? You'd better be a decent trader if you want to come out in the black...

Black seems fairly trivial based on my (somewhat limited) experience. Seems difficult producing teh blackness in sufficiently large quantities to make it worthwhile though.

 

[MKFrost]

To be honest, no. Still learning all this stuff. Just know a bit about capital gains. But not sure about taxes on dividends.
I must also correct myself. I am not really going to trade to make quick cash. Its more of an investment over long periods of time. I'm aiming at buying stock every 2 to 3 months in companies that I think will have a good growth rate over time.

What would the tax implications be if I buy stock from another country like Facebook?

Any link to a site where I can read about all of these things?

If you speculate i.e. buy and sell quite frequently then SARS will see it as income and tax you accordingly. I'm not sure what the criteria is they use but know I pay normal income tax on my gains. Maybe somebody in the know can post the criteria they use here.

 

[DJ...]

Just Google tax on traders. Its fairly self explanatory. On my tablet now so not going to post a long winded explanation. But you'd best be aware before you start putting in those sell orders. SARS don't care how much you buy. They care when you take profit. One thing though is that your losses also offset your tax liability as you're taxed at the marginal rate of income...

 

[HavocXphere]

If you speculate i.e. buy and sell quite frequently then SARS will see it as income and tax you accordingly. I'm not sure what the criteria is they use but know I pay normal income tax on my gains. Maybe somebody in the know can post the criteria they use here.

Broadly...long term investments tend to get taxed via CGT rules...meaning reduced tax rate and an annual exemption, whilst active trading gets taxed under the (higher) normal tax bracket. The tricky part is where to draw the line between long term investments vs trading.

What would the tax implications be if I buy stock from another country like Facebook?

International tax and DTAs. Good luck with that.

 

[eToro Team]

Hey Guys. Glad to see this discussion here. Though we can't really advise as far as local taxes go, we're glad to answer any questions you have about the eToro OpenBook Social Network. Feel free to contact me direct, my username there is @matisyahu3

Regards,
Mati Greenspan
eToro Team Member

 

[AlphaBravo]

So PSG let's you buy on NYSE etc. Based largely on the R1 million descretionary allowance ( does not require SARS clearance) and R4 million offshore allowance.

http://www.psgonline.co.za/invest/offshore-investments.php

Any thoughts before I proceed?

 

[Not_original]

Ok Etoro Team . Here goes . Your mobile app sometimes refuses to delete open pending orders .

Ok nagging finished .

I am with Etoro . Lost some gained some . Started with $1000 after fiddling around on the practice account .
Made a $300 withdrawal so far which was executed successfully . After that lost some money which I am trying to regain . Slowly but surely . No get rich quick scheme but yes the "copy traders" seems ok . Have that running on my practise account currently