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Once again, I am not a financial advisor and you should not be taking financial advice from me. Please do your own homework and find out what the best investments might be for you.
eToro always a pretty decent signup bonus, don't signup without one
So if you read money/crypto blogs like me, you've probably already heard of eToro and been inundated with a lot of their hefty signup bonuses. Either that or you may have read about them in the news this past week for getting in trouble for how they were advertising. Right now, the best signup I've seen is if you go through the Swagbucks offer page, and is about $115.
$115 isn't the best offer I've seen, but it's probably in the average range, and it's much better than the standard signup bonus via referral which is normally $50. If you want to wait around to get a better signup offer, you definitely need to go through Swagbucks, otherwise you're kind of SOL. If you don't have an account already, consider using my referral link: Swagbucks. And in case you were wondering, the bonuses paid out. I think a couple months after I joined, they even did a buy-in bonus promo, for a 5k buy-in they paid out $250. Not bad right? I think i've seen similar promos for fidelity and, but only for like $50.
Copy Trading
So if you've ever seen one of their commercials, their whole schtick has to do with copy trading. Essentially "copy" other people's trades and buy whatever they're buying. A pretty cool (yet also super lazy) way of investing your money.
ETFs...well sorta
Because you can copy other people's trades, it sort of gives eToro this ETF builder, because if I buy 10 different types of assets and you're copying me, then you're essentially buying those same 10 at the same proportional scale. Now I'm not a finance guy, but that's pretty much the same right? This is exactly something that i bought into after I signed up. They call it the "Cryptoportfolio." Essentially its about 16 different cryptos that they've lumped together with specific allocations that you can buy into, pretty similar to an ETF. Essentially part of the idea is that just like with an ETF or index fund, you're diversifying your risk, spreading it out among different assets. And just like if you were to buy into a real ETF, there's pros and cons with this, because you yourself as an individual investor can't control what allocations are within the fund, or in this case, the Cryptoportfolio.
No Trading/Swapping/Transfers = Taxes
Ok so this is what amazes me...there's no trading/swapping or transfers. This means that whenever I want to say, buy $1000 worth of BTC, I have to do it with fiat/USD. And then let's say I want to get some ETH. That means that in order to try to convert the BTC to ETH, I have to sell the BTC back to USD, and then use the USD back to ETH. Now I know that there's still some uncertainty about all the innerworkings of cryptocurrency tax codes, but one thing that's relatively certain, is that all direct buying and selling into legal tender fiat are most likely taxable. I would MUCH rather be either directly converting my BTC to ETH, a function that almost all DEX's have. And given this inflexibility of trading, my thoughts are that you might as well be buying into , a real crypto ETF that you can get FDIC insured.
Would I do it again?
Personally, I wouldn't be keeping my money in their long term, nor would I want to be actively trading in there (or should I just say buying and selling, not trading). But I could definitely see this as a product for people who want to be part of the crypto market, but also don't want to do any research into what they're actually investing to, hence, copy trading. Simply for the signup bonus, and even for some of their promos, I would definitely do this again. All the bonuses posted quickly, and they even sent me from free swag because I qualified for their . I mean who doesn't mind getting a free coffee mug and t-shirt right?
And like I said earlier, if you're considering signing up for etoro, I would highly recommend not using a standard referral link, because at the moment it's only going to get you about a $50 dollar bonus. But if you're one of those people who thinks it's a pain to sign up for more 3rd party programs and cash out gift cards, then by all means, you should use my standard referral link:
If you don't mind the extra steps and get a better $115 payout, please consider using my swagbucks referral link to signup: https://www.swagbucks.com/profile/Jaik83
