To start trading online all you need is a computer, access to the internet, and minimal capital to get started. However, a minimal starter deposit is not always required from your online broker. It all depends on what market are you planning to invest, as well as what broker are you using.
One of our favorite online brokers, eToro requires a very low starter deposit. For initial deposits, the minimum is 50 dollars. If the user prefers to pay by transfer the minimum goes up to 500 dollars. On the other hand, there is a maximum of 10.000 dollars per day of deposit.
All you need to know about the minimal deposit eToro is on this review of one of the most popular online brokers and a definite favorite in 2020.
What is a minimum deposit?
A minimal deposit is the amount of money that you need to send your online broker to get started trading online.
Some brokers do not require a minimum amount, while others may set low rates to attract more traders. Some brokers have quite high minimum deposits, some can go up to 1.000 or 2.000 dollars, and they may trade in particular markets or with certain types of investors.
Sometimes, online brokers that ask for lower deposits, expect users to commit to making regular payments.
Minimal deposit: yes or no?
Having a minimal deposit doesn’t define a good or bad online broker. Definitively, you must keep in mind how much are you planning to invest, and make sure that if there are regular payments you can face them.
Newer traders or beginners prefer lower initial deposits. eToro has set a minimum that is very easy to deal with, succeeding in attracting more users than any other online broker around the world.
eToro requirements to start investing
There are a few steps that anyone interested in getting started in trading online should keep in mind. From learning what you need and what you want to research your broker and make sure the features they offer meet your expectations.
Learn about yourself
Before start investing or even thinking of getting into online trading, users should earn what they should or shouldn’t invest. This means calculating your total income and expenses, the money you can spare, and what you can’t touch.
Once you have decided you have capital that you can dedicate to investing online, then you can start looking into where you want to put your money. Are you interested in stocks? Or currency? Do you have any previous experience?
The perfect online trading platform
Finding the perfect online trading platform is a must for any beginner trader. Do your research and compare different options.
Does the platform offer the possibility to invest in the markets you’re interested in? Do they ask for commissions or fees? How is their customer service like? Can you try their demo account?
Make sure your online broker’s platform ticks all the boxes of what you’re looking for.
Start learning or try copy-trading
To start investing you just need your computer and a connection to the internet. But do not forget to learn what you need to know about the market, how it reacts, and do a bit of homework on what stocks or assets are you planning to invest in.
Another option, very popular nowadays, is copy trading. Using this method, newer users can copy the operations and strategies of other more experienced users that broadcast their moves online.
Social trading is your chance to continually improve and learn more about the market, and have fun investing and trading.