shadowloud
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Hello,
I recently started to get interested into trading. I watch news alot and hear about dollars losing value and so on, therefor I was just curious to learn how it works. I started with 50,000$ of play money then I managed to rise up to 70,000$. Since I achieved this very easily, I thought I sure could try it for real now. Then I registered on Etoro because I liked the fact they accept PayPal as payment method since I got no credit card. I liked the interface as well quite simple to use (although I discover now there's alot of a ton of useful customization with some other brokers). So I deposited $50 and managed to grow it into 75$~ (there's 5$ withdrawal fees).
Obviously, I discovered at the end that withdrawal process is done upon validation while depositing is instant. I can understand they want to validate by themselves for security purpose, but if it was really for security purpose ... isn't there more chance of handling fraudulent deposits than withdrawals? Finally, when I withdrew my money they split the amount into 2 deposits and sent to 2 different PayPal accounts : 55$ was sent to the account I made deposit from and the other 15$ was sent to the account I requested withdrawal to. I'm also a little afraid by the fact there is a section on their websites where they ask to upload passport and driver licence.... I did upload driver licence, but got no passport... I just don't see why they would absolutely need that... I don't understand do they want to confirm my identity THAT MUCH?
Being not entirely satisfied of my experience with Etoro... I started to look at other brokers. FXCM seemed very awesome. But now I discovered there are some laws in Canada that stops you from registering there. They wont even allow to register with "Canada" as a country. The only broker I could register with is Questrade.... but there is a huuuuge list of ridiculous administrative fees such as inactivity charges, transfer charges, currency conversion extra charges... there's even mailing charges. But I'm not surprised, getting trolled by the government and their friends here is something usual (but that's another topic).I also looked at real banks brokerage service... but if I understand right.. most of them charges like 5$ on any order I would open? It seems huge to me if you only invest little amounts.... I don't know if they got leverage either like most online brokers?
So... what should I do? Now that I understand a little how trading works, I would like to invest a bigger amount. Maybe something like 5000$. But.... I just don't trust Etoro... I feel that if I invest a big amount into this I'll just never see it back. I have seen alot of negative feedbacks here as well (so if you got positive feedbacks, please let me know). Should I just lie about my country with FXCM and get a credit card or do I risk losing all? I don't know about their withdrawals and deposits process.
I'm not sure what I should do right now.. so if you got any advice.. Thank for your support.
I recently started to get interested into trading. I watch news alot and hear about dollars losing value and so on, therefor I was just curious to learn how it works. I started with 50,000$ of play money then I managed to rise up to 70,000$. Since I achieved this very easily, I thought I sure could try it for real now. Then I registered on Etoro because I liked the fact they accept PayPal as payment method since I got no credit card. I liked the interface as well quite simple to use (although I discover now there's alot of a ton of useful customization with some other brokers). So I deposited $50 and managed to grow it into 75$~ (there's 5$ withdrawal fees).
Obviously, I discovered at the end that withdrawal process is done upon validation while depositing is instant. I can understand they want to validate by themselves for security purpose, but if it was really for security purpose ... isn't there more chance of handling fraudulent deposits than withdrawals? Finally, when I withdrew my money they split the amount into 2 deposits and sent to 2 different PayPal accounts : 55$ was sent to the account I made deposit from and the other 15$ was sent to the account I requested withdrawal to. I'm also a little afraid by the fact there is a section on their websites where they ask to upload passport and driver licence.... I did upload driver licence, but got no passport... I just don't see why they would absolutely need that... I don't understand do they want to confirm my identity THAT MUCH?
Being not entirely satisfied of my experience with Etoro... I started to look at other brokers. FXCM seemed very awesome. But now I discovered there are some laws in Canada that stops you from registering there. They wont even allow to register with "Canada" as a country. The only broker I could register with is Questrade.... but there is a huuuuge list of ridiculous administrative fees such as inactivity charges, transfer charges, currency conversion extra charges... there's even mailing charges. But I'm not surprised, getting trolled by the government and their friends here is something usual (but that's another topic).I also looked at real banks brokerage service... but if I understand right.. most of them charges like 5$ on any order I would open? It seems huge to me if you only invest little amounts.... I don't know if they got leverage either like most online brokers?
So... what should I do? Now that I understand a little how trading works, I would like to invest a bigger amount. Maybe something like 5000$. But.... I just don't trust Etoro... I feel that if I invest a big amount into this I'll just never see it back. I have seen alot of negative feedbacks here as well (so if you got positive feedbacks, please let me know). Should I just lie about my country with FXCM and get a credit card or do I risk losing all? I don't know about their withdrawals and deposits process.
I'm not sure what I should do right now.. so if you got any advice.. Thank for your support.