How to Buy Tesla (TSLA) Stocks on eToro 2023

Summary

eToro is distinguished as a cutting-edge and user-friendly platform in the world of online trading that provides access to a plethora of shares worldwide. With its intuitive interface and innovative social trading features, eToro has redefined the way people invest in shares. Unlike traditional brokers, eToro allows you to not only buy shares but also to connect with a global community of traders, share insights, and follow the strategies of successful investors.

To purchase Tesla shares, eToro offers a top-notch trading interface with competitive pricing and commission-free trading. With access to multiple markets and exchanges, it is a regulated and safe platform for newcomers and seasoned traders alike.

In this guide, we will walk you through the process of how to buy Tesla (TSLA) stocks on eToro, its fees and commissions, leverage offered, trading platforms, and payment methods. Besides, we will also explore users’ reviews on online platforms like Reddit and Quora, followed by a concise bottom line and a FAQ section.

Tesla (TSLA) Stocks

Tesla, Inc. is a company that specializes in electric vehicles and clean energy. It is among the world’s most valuable businesses, and its stock price has been on a tear in recent years. It is a publicly traded company listed on Nasdaq under the ticker “TSLA.” As of August 1, 2023, Tesla’s outstanding shares amount to 3.17 billion, with each share valued at $267.07. The total market capitalization of Tesla stands at an impressive $845.68 billion.

Plus, Tesla’s long-term performance has also been unparalleled, even among the most successful businesses. Since its debut on NASDAQ in June 2010, shares have increased by approximately 17,000. In the past five years, it has given its long-term investors a return of nearly 1,200%.

How to Buy Tesla (TSLA) Stocks on eToro

Opening an account with eToro is simple, giving traders instant access to the platform. Here are the steps to take if you want to buy shares in Tesla on eToro.

1. Open a Trading Account on eToro
2. Verify the Trading Account
3. Deposit Funds
4. Search for Tesla Stocks
5. Buy Tesla Stocks
6. Manage your Tesla Positions

Pros and Cons of Buying Tesla (TSLA) Stocks on eToro

Before delving into the specifics, let’s consider the pros and cons of purchasing Tesla shares.

Factors to Consider Before Buying Tesla (TSLA) Stocks on eToro

When assessing how to buy Tesla (TSLA) stocks on eToro, considering the factors discussed below is advisable. By evaluating these aspects, investors can improve their investing strategy by gaining useful insights into the company’s performance and future prospects.

Fees and Commissions

You may buy US stocks such as Tesla through many brokerage accounts. Yet, it’s important to weigh the costs and commissions before making any commitment. Fortunately, eToro allows traders to buy and sell Tesla stock without paying a commission. For example, eToro customers with accounts governed by CYSEC and FCA regulations can invest in any stock on the platform without paying a commission. In contrast, Australian clients can trade US stocks such as Tesla commission-free while subject to ASIC oversight. However, this commission-free trading policy does not apply to stock CFDs but only to non-leveraged BUY/SELL stock positions. In addition, when buying Tesla shares on eToro, denominated in US dollars, a foreign exchange fee (often around 1%) will be payable unless the funds come directly from a US dollar account. It is important to note that zero-commission stock investing is available to all users except those based in the US. Furthermore, eToro does not have a minimum trade or ticket fee for any of its asset categories, unlike many other brokers.

Trading Platforms

The eToro trading platform was designed to be user-friendly enough that even someone with no prior trading expertise may use it successfully. The broker accomplished its goal by developing a platform with a straightforward interface packed having cutting-edge tools to improve its customers’ trading and financial management processes.

To accommodate its enormous clientele, the broker provides its own custom-built platform for its users to buy Tesla shares on eToro. Furthermore, its trading platform can be accessed in two forms: mobile app and web-based platform. It’s worth mentioning here that eToro doesn’t support third-party platforms like MT4 or MT5 as they are not compatible with its products and social trading services.

eToro provides a powerful trading platform that enables traders to use resources such as real-time market data and advanced charting. As a result, they will have a more satisfying trading experience and a higher probability of successful outcomes.

Leverage

eToro offers leverage on stock CFDs, meaning you can control a larger position with less capital. This means that even a small capital investment can significantly impact long-term earnings. Depending on the jurisdiction in which it operates, available leverage for retail clients to buy Tesla stocks on eToro might be anywhere from 1:5 to 1:10. For example, it offers retail leverage of 1:5 in Europe, the United Kingdom, and Australia, whereas its Seychelles client receives leverage of 1:10. However, it is important to use leverage carefully, as it can magnify your losses and gains.

Stock Offering

When investing in an eToro stock like Tesla, you invest in the underlying asset. This rule does, however, have a few exceptions. Clients from Australia can only buy stock CFDs (contract for differences) on eToro.

To be more precise, while using eToro to buy equities listed on the Borsa Italiana, the Helsinki Stock Exchange, the Stockholm Stock Exchange, Saudi Tadawul, or the Oslo Stock Exchange, you are actually purchasing a CFD.

Before considering how to buy Tesla (TSLA) stocks on eToro, it’s worth learning that Contracts for difference (CFDs) allow investors to trade on price fluctuations of an underlying asset without taking physical possession of it. With CFD trading, traders can go long or short, while with real shares, traders can only go long. The traders use leverage in CFD trading, putting them at far more risk than when trading real shares.

Nonetheless, depending on the jurisdiction, eToro offers its clients both CFD and real shares.

eToro Trading Platforms to Buy Tesla (TSLA) Stocks

The social trading broker offers its clients a robust and futuristic custom-built platform. It provides trading systems that work well on both desktop and mobile phones. In addition, when buying stocks on eToro, the tools given by the trading platforms can greatly enhance the trading experience. Let’s explore the exciting trading platforms that eToro has to offer.

Desktop Trading Platform

Traders worldwide can take advantage of eToro’s diverse trading strategies on the company’s powerful web-based desktop platform. You may manage your whole trading and investment portfolio with the help of the reliable, safe, easy-to-use WebTrader – eToro’s desktop trading platform. The platform’s advanced tools make it easy to create and put into practice a wide variety of stock trading strategies. Because of the platform’s user-friendly design, you may quickly and easily access any data required to place trades.

As an added bonus, you can customize the platform in a number of ways to suit your needs. Finally, it provides a number of analytical tools to assist you in arriving at sound decisions. Charting tools, portfolio management, risk management, and market research tools are all there to facilitate you to buy Tesla shares on eToro.

Mobile App

Clients of eToro have access to a state-of-the-art mobile app that facilitates trading from anywhere. eToro’s mobile trading app is well-designed and simple to use on iOS and Android. You can keep tabs on your investments, view market data, and make trades on the go with the app.

On top of that, it gives you access to many features, including stock-specific watchlists, real-time market tracking via charting tools, alerts for breaking news and other events, and push notifications. eToro has placed various security measures such as 2-factor authentication to prevent any unauthorized access to users accounts.

eToro Fees and Commissions on Tesla (TSLA) Stocks

To buy Tesla stocks on eToro, traders need to consider the platform’s fee structure. Fees and commissions can be broadly classified into trading and non-trading.

Trading Fees

eToro has a zero-commission policy on stocks, meaning there are no commissions or exchange fees associated with buying shares. However, there are other costs associated with trading that could apply. In this section, we will discuss these costs in depth.

Spread

Every trade on eToro incurs a spread on top of the Bid/Ask price of the underlying asset. This means you’ll have to pay the fee when you buy and sell. You will be charged spread and overnight costs when you buy Tesla share CFDs on eToro.

Swap, Rollover, or Overnight Charges

After trading hours have ended, overnight fees are assessed on CFD positions held open on eToro. A flat price per unit is used to determine the total cost. The charges are made to mirror the market’s state and compensate for the expenses incurred by keeping a position open overnight. The cost is calculated in real-time and deducted from your available balance based on the value and direction of your position.

Non-Trading Fees

While eToro doesn’t charge you anything to sign up or make a deposit, you may still have to pay for some extra costs. If you are going to buy Tesla shares on eToro, it’s wise to assess its withdrawal costs, overnight fees, exchange rate fees, and inactivity fees.

Withdrawal Fee

The eToro withdrawal charge is $5 for each withdrawal request.

Currency Exchange Fee

It is vital to remember that eToro only accepts US dollars (USD) for deposits and withdrawals. Your payment processor may charge a fee for currency conversion if you make a purchase using a currency other than EUR, GBP, AUD, RMB, THB, IDR, MYR, VND, PHP, SEK, DKK, NOK, PLN, CZK, or USD. The USD conversion fees will not apply to your eToro Money account deposits. If you deposit £1,000 with eToro Money, you will save around £5 in currency conversion fees.

Inactivity Fee

If your eToro account is inactive for more than a year, the company may charge you a monthly inactivity fee of $10. The purpose of this fee is to prevent your account from becoming dormant due to lack of use. You may rest assured that your previous trades will remain accessible even after this fee is applied, as eToro will not liquidate any open positions to pay for it.

You can prevent this cost by accessing your account online at least once every 12 months or by taking out any remaining funds from your account.

Payment Methods You Can Use to Buy Tesla (TSLA) Stocks on eToro

You must have funds in your account in order to buy Tesla shares on eToro. You can add money to your account by selecting the option that is most convenient for you when it comes to making a purchase. Keep in mind, regardless, that each payment option has its own processing requirements and cost structure. You should double-check the requirements for the minimum deposit and any associated fees before making a deposit. On eToro, the minimum deposit limit is set as $100. Moreover, some payment options are only available in certain countries, so you’ll need to verify which ones are accessible in your country of residency. Some of the most common payment methods are listed below:

• Credit & Debit Cards (Mastercard , Visa)
• Paypal
• Bank Wire
• Skrill
• Neteller

Notably, users can utilize many more payment methods according to their preferences and needs.

Stock Trading on eToro

eToro is known for its user-friendly interface and innovative features for trading. Is it a good idea to buy shares in Tesla on eToro? Come with me as I investigate this social trading platform.

One of its offerings is the concept of fractional shares, which allows investors to buy and sell a fraction of a share instead of a whole share. This feature enables users to invest in high-priced stocks, like Tesla, with as little as $10, making investing more accessible to a broader audience. Moreover, eToro has restrictions on the size of each trade to promote responsible trading. These restrictions include a maximum number of units permitted per position and a maximum exposure per leverage tier. These restrictions help mitigate the risks of trading with high leverage.

Since fractional shares are available, there is no set minimum for purchasing Tesla stock on eToro. Furthermore, eToro offers various leverages, up to 1:5 and 1:10, depending on the jurisdiction to help traders if they want to trade stock CFDs.

What Reddit and Quora Say About Buying Tesla (TSLA) Stocks on eToro

Given that we’ve gone over everything you need to know about how to buy Tesla (TSLA) stocks on eToro, it’s still a good idea to poll the public before making a decision. Here are some helpful hints from Reddit and Quora users on buying shares in Tesla.

Reddit

While searching through Reddit, a social networking site, we found many threads discussing stocks on eToro.

One such discussion was held by a user, “Ferma,” who covered many aspects of eToro- the social trading platform. The user is fond of the platform, saying eToro is best in terms of its user interface, functionality, and fees.

In another thread, another Redditor, “Investorean,” answered whether eToro allows leverage-free stocks. He said yes, you can buy stocks without leverage, but you don’t actually own the stocks on eToro.

Quora

Let’s cover a thread from another question-and-answer-based platform, Quora. In this thread, a user went into detail about buying stocks in Tesla on eToro. He stated that you can do commission-free trading, hold the stocks for a long time and can buy fractional shares on eToro.

Bottom Line

Volatility and Stocks go hand in hand, so being able to stomach wild price swings is a plus if you’re looking to invest in Tesla shares.

Among the plethora of online brokers, eToro stands out for its user-friendly interface, cutting-edge trading platforms, zero-commission trades, and innovative trading tools. Customers can shop for Tesla stock on the site with confidence. The icing on the cake is that it supports leveraged and real stocks, fractional shares, and maximum trade sizes, among other unique features that facilitate stock trading.

Be sure to research the platform’s fees, commissions, and the amount of leverage available in your region before considering how to buy Tesla (TSLA) stocks on eToro.