I decided to take a leap and open up an eToro account. I don’t have a ton of money. I can at least put in the minimum $50 needed to get started. For now, it’s just a curiosity. What has me excited is the market volatility thanks to the COVID-19 threat. I should spend some time practicing with the Virtual Portfolio to see if I have what it takes to pick good trades, or pick good copies at the very least.
My style will be to cash in small wins constantly rather than try for big gains.
What has kept me out of trading, historically, has been trading fees and the fear of tax reporting. Taxes can get gnarly. As it is, I’m already late in filing. I prefer to file in early February. Here we are almost mid-March. I have been procrastinating going through Quickbooks.
When Robinhood came out, I was glad to use the service. Free trades and a tax report at the end of the year.
Later . . .
By the looks of it, eToro does not issue 1099-Ks or offer any help with taxes. It makes me hesitate to put in money. I could at least play with the Virtual Portfolio. I may end up sticking to Coinbase Pro for trading. At least that connects to CoinTracker.io for filing taxes. I’m a little disappointed. I thought eToro would make my life easier. Perhaps if I am competent in trading the Virtual Portfolio, I may be able to earn enough money to pay for tax prep from eToro. One step at a time.
For long-term buy and hold, I am using my account at JP Morgan Chase, which makes it easier to collect dividends.
Long-term buy and hodl crypto is through Crypto.com, which I am trying to build up so I can get the Royal Indigo or Jade Green card.
Posted via Steemleo
