This highly increases the competition between different platforms and better platforms are common on top. One of such platforms that have recently gained a lot of success is eToro in New Zealand. It is considered among the top successful and reliable platforms for online trading.
The good part is that eToro NZ provides all of its services and features for the people of New Zealand. So, here we will be discussing what eToro NZ brings for you on the table if you are from New Zealand.
What is eToro?
eToro is a worldwide online trading platform that now has more than twenty million users on it. It brings amazing investment and trading opportunities for people from all over the world by providing the following tracing and investment choices:
It is important to consider that only cryptocurrencies are available for trading in New Zealand when you go for eToro NZ. eToro is not as mature as some other platforms that we know about today as it just started in 2007. However, over the years it has gained a large community of registered users.
Is eToro NZ safe and reliable?
This is one of the reasons for the success of eToro that it provides secure and reliable services to people around the globe. Some of the regulations and licenses that eToro comes with are CySEC, FCA, ASIC, FSAS, FINRA, SIPC, and DLT.
However, when you consider online trading in New Zealand it will not cover official regulations or licenses. eToro NZ still provides its cryptocurrency trading services in New Zealand that are considered to be pretty reliable and safe because of its international regulations and licenses.
Cryptocurrency trading services eToro provides
Although all of the trading services are not available in New Zealand the Crypto trading experience here is top-notch. There is a dedicated cryptocurrency exchange as well that is known as eToroX.
Starting with the crypto trading fees you have to pay here; the interesting thing is that there is no commission for trading. However, there is a spread that starts from 0.75% and it varies regarding the product that you are trading. The maximum spread that you may have to pay here is 5%.
Other than these trading fees there are other fees and commissions that you need to be careful about. Some of them are:
The withdrawal fee
There is a withdrawal fee of $5 regardless of the amount you are withdrawing. Additionally, it is important to note that the minimum withdrawal limit is $30.
The inactivity fee
Like many online trading platforms eToro also charges an inactivity fee. It is charged when you are not logging in to your account for 12 continuous months. In this case, eToro will cost you an inactivity fee of US$ 10 per month.
Minimum deposit requirements
Another thing that you must be concerned about when signing up on eToro is the minimum deposit requirements. Knowing the requirements might make you cancel your plan of going with eToro. It is because of the high initial deposit of US$ 1000 that is not possible for everyone. Similarly, the other deposits are higher as well.
After your initial deposit whenever you use your bank to make a deposit you have to deposit at least US$ 500. The only relief is when you are depositing using other methods where you can deposit a minimum amount of US$ 50 in total.
eToro is the platform that covers a lot of deposit methods in New Zealand. Things start with bank transfers, and you can enjoy the following methods as well:
- Debit and credit card
eToro Customer Service
The Customer Service from eToro for the people of New Zealand brings a neutral experience. It is because the customer support itself is very helpful and efficient. It is also quick but not that quick on weekends.
In fact, on weekends customer support is not even available which means you can only contact them on the weekdays. Amazingly, eToro comes with customer support in 21 different languages to facilitate customers from all over the world.
The trading process at eToro
The trading process is very simple with eToro. There are only a few steps that you need to complete, and you will be ready to trade or invest. Below are the steps that you need to follow:
- You will need to start with account creation you can do this with your phone number and email
- Once you create your account you will need to complete your trading profile. It will include confirmation of your identity
- Next, you need to deposit funds in your account. Here you will need to put your payment information and it is also necessary to meet the initial deposit requirements at eToro
With these simple steps, you can buy crypto at eToro and trade or invest as you like.
Pros and cons of eToro NZ
- The crypto trading offerings and services here are good
- The account creating process is very simple and easy for people from New Zealand
- eToro comes with a very easy to use user-interface that is perfect for beginners
- It is easy to meet account requirements
- Not all of its services are available in New Zealand
- The withdrawal experience might not be the best
Is eToro NZ worth it?
Going for eToro NZ matters more according to your usage requirements. It does not come with any regulations from New Zealand, but its features and services are amazing. So, if you think that it meets your trading requirements then it will be your best choice. Otherwise, it misses some features that may keep you from going for it.
Everything comes with its pros and cons and so does eToro NZ. It currently offers Crypto trading in New Zealand and an amazing fact about crypto trading is that according to CoinMarketCap there is around $80 billion of crypto trading in the whole world.
So, this can be a good opportunity for you to invest in some cryptocurrency or earn by making the right trades. However, the most important of all is to select the right platform.
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