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 Buy US stocks on Etoro, non CFD, receive dividend, etc

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invest2229
post Mar 3 2021, 11:57 PM

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QUOTE(whyamiblack @ Mar 3 2021, 03:48 PM)
Prefer old fashion but trustworthy and dependable. Full selection of the market is also available with no inactivity fee (very important for me since prefer to long hold) and if you want to leave them, a full ACAT is available for a small fee. Unfortunately, this also means it will be a highly sought after platform laugh.gif
Haven't tried but according to their newsletter it should go back to the transfer acc. The only thing I want to know now is that if using credit/debit option, can we still withdraw to bank or will it go to credit/debit? Because according to their FAQ, it should be withdraw to last deposit method. I'm looking at OCBC frank to save up on exchange rates but I wonder if this will change the withdraw option to the card or will it stay as previous bank acc. I've opened a ticket regarding this but no reply yet and not expecting a reply anytime soon and TD ameritrade registration I think maybe next year only go through doh.gif (and that is IF it goes through)

I have checked out BigPay, unfortunately, their bank transfer limit is only RM2000 per month and deposit limit is RM2,500 per day. Problem with deposit limit is if you withdraw and you receive it in that acc, I'm not sure if it will go through if your withdrawal exceeds RM2.5k. If anyone has had experience with this, it would be great to find out for sure.
Not sure of this, hopefully the support responds soon with an in-depth reply. Will update here if I get a response.
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Please share when the support get back to you. So far deposited to eToro but never try to withdraw.
KappAmir
post Mar 4 2021, 04:31 PM

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Hello, does anyone know which method is best for Depositing & Withdrawing Funds?
I started getting into EToro about a month ago. Got myself verified and funded my account with $1,000 via Bank Transfer. Bought some shares and then topped up another $500 on the same day. Looking at my Online Transaction history got me feeling a bit uneasy. The first $1,000 appeared in my Bank Statement as a transaction to "YYT Co.". The second $500 appeared as a transaction to "PooPooPeePee".... Why is it like this ah? Should I be concerned? I havent tried Withdrawing yet. Kinda curious to see what company will be transferring me my Capital.

EDIT: I see that we can no longer use Direct Online Transfer to fund our EToro accounts. Have to do Wire Transfer from Bank. I really dont want to incur RM10 wire transfer charges just to Deposit and again to Withdraw. Maybe funding via Debit Card really is the way to go now?

This post has been edited by KappAmir: Apr 26 2021, 01:44 PM
annoymous1234
post Mar 4 2021, 07:51 PM

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QUOTE(KappAmir @ Mar 4 2021, 04:31 PM)
Hello, does anyone know which method is best for Depositing & Withdrawing Funds? 
I started getting into EToro about a month ago. Got myself verified and funded my account with $1,000 via Bank Transfer. Bought some shares and then topped up another $500 on the same day. Looking at my Online Transaction history got me feeling a bit uneasy. The first $1,000 appeared in my Bank Statement as a transaction to "YingYing IT Solutions". The second $500 appeared as a transaction to "JCH Smart Venture".... Why is it like this ah? Should I be concerned? I havent tried Withdrawing yet. Kinda curious to see what company will be transferring me my Capital.

EDIT: I see that we can no longer use Direct Online Transfer to fund our EToro accounts. Have to do Wire Transfer from Bank. I really dont want to incur RM10 wire transfer charges just to Deposit and again to Withdraw. Maybe funding via Debit Card really is the way to go now?
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It's normal. The reason why u see funny names is because etoro has no license to do business in Malaysia. So this is like a "alternative" way for them to bypass it.
whyamiblack
post Mar 5 2021, 01:21 PM

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QUOTE(KappAmir @ Mar 4 2021, 04:31 PM)
Hello, does anyone know which method is best for Depositing & Withdrawing Funds?  
I started getting into EToro about a month ago. Got myself verified and funded my account with $1,000 via Bank Transfer. Bought some shares and then topped up another $500 on the same day. Looking at my Online Transaction history got me feeling a bit uneasy. The first $1,000 appeared in my Bank Statement as a transaction to "YingYing IT Solutions". The second $500 appeared as a transaction to "JCH Smart Venture".... Why is it like this ah? Should I be concerned? I havent tried Withdrawing yet. Kinda curious to see what company will be transferring me my Capital.

EDIT: I see that we can no longer use Direct Online Transfer to fund our EToro accounts. Have to do Wire Transfer from Bank. I really dont want to incur RM10 wire transfer charges just to Deposit and again to Withdraw. Maybe funding via Debit Card really is the way to go now?
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As above post. Also for them to save on cost which is why they're able to offer among lower fees. Their spreads are among the highest I've seen though but still manageable. It makes me wonder though, to what point (amount) would it be an issue for withdrawal with our local banks.

On a side note, no response from them yet but I've found out that BigPay is only able to hold RM10k max each time as this is a regulation laid by the central bank of Malaysia. OCBC frank seems the way to go so far. So if you're planning to deposit using BigPay, withdrawal should not exceed RM10k one time.

This post has been edited by whyamiblack: Mar 5 2021, 01:27 PM
sixfooter
post Mar 9 2021, 10:34 AM

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QUOTE(red streak @ Feb 1 2021, 12:55 AM)
Yeah that isn't CFD. You're buying actual shares if it shows that so it should be good.  hmm.gif
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How do you identify if it is being regulated by ASIC (AU), CySEC (EU) or FCA (UK) in the app ya? And also how to see if it is CFD or not?

This post has been edited by sixfooter: Mar 9 2021, 10:57 AM
yunodie
post Mar 9 2021, 11:58 AM

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QUOTE(sixfooter @ Mar 9 2021, 10:34 AM)
How do you identify if it is being regulated by ASIC (AU), CySEC (EU) or FCA (UK) in the app ya? And also how to see if it is CFD or not?
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Go to Settings. Then go to Profile. It is shown there under which regulation.

When you Open a trade without leverage, it is buying the underlying asset (Non-CFD). If you buy with Leverage, it is a CFD trade. It is clearly shown in the Open Trade page.
invest2229
post Mar 9 2021, 12:24 PM

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QUOTE(a16791 @ Feb 28 2021, 01:16 PM)
Don’t think it’s complicated . Can open as fast as within 2 days .
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Watch from Youtube, the best is to open CIMB Sg bank account in order to fund the IB account and start trade?
a16791
post Mar 9 2021, 01:14 PM

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QUOTE(invest2229 @ Mar 9 2021, 12:24 PM)
Watch from Youtube, the best is to open CIMB Sg bank account in order to fund the IB account and start trade?
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I did t/t from local bank .
sixfooter
post Mar 9 2021, 01:34 PM

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QUOTE(yunodie @ Mar 9 2021, 11:58 AM)
Go to Settings. Then go to Profile. It is shown there under which regulation.

When you Open a trade without leverage, it is buying the underlying asset (Non-CFD). If you buy with Leverage, it is a CFD trade. It is clearly shown in the Open Trade page.
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Thanks, just checked mine is under ASIC. Ok I have bought a few US stocks without leverage or X1 so it is all Non-CFD.
melz84
post Mar 12 2021, 11:59 AM

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Hey guys,

a noob questions here...

it's it recommend to use full name as per ID to register for an account? cos i did a mistake by just using my firstname and surname.

and i don't see any mention of ASIC on my account, just these

eToro (UK) Ltd, a Financial Services Company authorised and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263

any advice would be appreciated.. don't shoot me ah innocent.gif
whyamiblack
post Mar 12 2021, 04:57 PM

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QUOTE
Dear [insertnamehere],

Thank you for contacting eToro Customer Service.

From time to time, as a global business we need to review and update our payment channels in line with operational and risk management considerations. From March 1, 2021 we will no longer accept deposits via local online banking channels.

Clients can deposit using the following funding methods: debit or credit card, PayPal, Skrill, Neteller or wire transfer.

Clients will still be able to withdraw funds via local online banking.

We apologize for any inconvenience caused.

Should you require further assistance or information, please reply to this message or chat live with us during our business hours.

Best regards,
Elena,
eToro Customer Service
Don't reply also same. Literally copy paste back the newsletter they sent back without answering anything. Guess have to find out manually. Still no progress from TD and T212 sad.gif

invest2229

This post has been edited by whyamiblack: Mar 12 2021, 04:59 PM
red streak
post Mar 13 2021, 04:33 PM

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I wouldn't be surprised if they removed local bank deposits because of idiots that go around posting the names of their shell companies. At least with withdrawals, they would rarely get the names exposed and people would know better since they're making and getting their money successfully and so would have the common sense to not spread it in public.

This post has been edited by red streak: Mar 13 2021, 04:33 PM
SmallPenguin
post Mar 14 2021, 01:42 PM

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So I was trying up etoro

FX deposit rate is bad

And how comes no margin trading for a lot of stuff, even it claimed here?
https://www.etoro.com/customer-service/help...at-is-leverage/

My account is under UK jurisdiction should have leverage enabled to all, but crypto, ETF, all got none confused.gif

This post has been edited by SmallPenguin: Mar 14 2021, 01:49 PM
melz84
post Mar 14 2021, 02:43 PM

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QUOTE(melz84 @ Mar 12 2021, 11:59 AM)
Hey guys,

a noob questions here...

it's it recommend to use full name as per ID to register for an account? cos i did a mistake by just using my firstname and surname.

and i don't see any mention of ASIC on my account, just these

eToro (UK) Ltd, a Financial Services Company authorised and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263

any advice would be appreciated.. don't shoot me ah  innocent.gif
*
haven't got much answer from etoro's support for the past 1 week.. any sifus care to share ?
yingchai
post Mar 14 2021, 02:49 PM

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can i still deposit to Etoro using BigPay?
whyamiblack
post Mar 14 2021, 04:41 PM

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QUOTE(SmallPenguin @ Mar 14 2021, 01:42 PM)
So I was trying up etoro

FX deposit rate is bad

And how comes no margin trading for a lot of stuff, even it claimed here?
https://www.etoro.com/customer-service/help...at-is-leverage/

My account is under UK jurisdiction should have leverage enabled to all, but crypto, ETF, all got none confused.gif
*
Since the GME hooha, they've reduced leverage on the higher risks stocks and have raised the requirements for things like indices and commodities. This is most likely why you're seeing different from what they advertised. Most of their materials are probably not updated. First deposit for newly registered accounts have also been raised to $1000 IINM.

QUOTE(melz84 @ Mar 14 2021, 02:43 PM)
haven't got much answer from etoro's support for the past 1 week.. any sifus care to share ?
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Not a sifu but I'm using full name for my account ID as well. Didn't know about this at first but doubt it's a problem. You should be covered by either one not both I think depending on which ones are assigned to your account. Did you register the acc while you were in the UK or studying there? It might be why. Usually, for Malaysians it would be under ASIC.

QUOTE(yingchai @ Mar 14 2021, 02:49 PM)
can i still deposit to Etoro using BigPay?
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Unless there are changes that I'm not aware of, it should still be working. I made my deposit with BigPay sometime last week.

This post has been edited by whyamiblack: Mar 14 2021, 04:43 PM
melz84
post Mar 14 2021, 06:08 PM

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QUOTE(whyamiblack @ Mar 14 2021, 04:41 PM)
Not a sifu but I'm using full name for my account ID as well. Didn't know about this at first but doubt it's a problem. You should be covered by either one not both I think depending on which ones are assigned to your account. Did you register the acc while you were in the UK or studying there? It might be why. Usually, for Malaysians it would be under ASIC.
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hey thanks!

I'm still thinking whether to close this account and re-register again or ask the "non-existent" support to help update my name.
I'm actually quite surprised when I saw only FCA is assigned to my account. I was expecting ASIC as well.
FYI, I've never been to the UK, except for Ulu Kelang biggrin.gif I don't use VPN and my WAN IP is sitting nicely within malaysian ISP range. I just registered the account few days ago. With all these doubts, I'm holding back on funding my account or even trade. hmm.gif
whyamiblack
post Mar 14 2021, 06:16 PM

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QUOTE(melz84 @ Mar 14 2021, 06:08 PM)
hey thanks!

I'm still thinking whether to close this account and re-register again or ask the "non-existent" support to help update my name.
I'm actually quite surprised when I saw only FCA is assigned to my account. I was expecting ASIC as well.
FYI, I've never been to the UK, except for Ulu Kelang  biggrin.gif  I don't use VPN and my WAN IP is sitting nicely within malaysian ISP range. I just registered the account few days ago. With all these doubts, I'm holding back on funding my account or even trade.  hmm.gif
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laugh.gif

Doubt the support will be useful in answering questions tbh. Most likely they outsource their support from some sort of tech support company. So replies are most likely what's already either written in the announcement or FAQ. Honestly, I wouldn't even recommend this platform at this point unless if you can't get approval elsewhere. Most likely moving to webull despite the lack of fractional shares since it's the closest to my preference and if I ever decide or get a response from TD, I can just apply for a change if I wanted to. Hopefully, I won't want to though.
yingchai
post Mar 14 2021, 08:56 PM

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QUOTE(whyamiblack @ Mar 14 2021, 04:41 PM)
Unless there are changes that I'm not aware of, it should still be working. I made my deposit with BigPay sometime last week.
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Since we made deposit using BigPay, do we still need to use back BigPay account when withdraw money from eToro account?

If eToro is not so good, can u recommend a better trading platform?
whyamiblack
post Mar 14 2021, 09:28 PM

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QUOTE(yingchai @ Mar 14 2021, 08:56 PM)
Since we made deposit using BigPay, do we still need to use back BigPay account when withdraw money from eToro account?

If eToro is not so good, can u recommend a better trading platform?
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I have the same question regarding withdrawal because BigPay is quite limited. They said local bank transfer is still available for withdrawal but they didn't mention whether you can keep using it if you deposit using debit/credit or whether you will be given options to choose from (from what I've tested, it should be the last deposit account). Sent the question to support with no helpful response.

So far from what I've gathered, TD, IBKR, Webull and Trading212 are my top choices. TD approval takes too long, IBKR is littered with fees (feels overwhelming and unwelcoming tbh), Trading212 has paused their approval since the huge influx. So that leaves Webull for me. No fractional shares but they accept TransferWise (which you could use for ACH transfer). Worst case scenario that one day TW has issues, wiretransfer is available. It's gonna cost a bit but turning that fee to 1% or less is manageable. If so happens that service is not good, you can always do a full ACAT transfer to any broker of your choice which is great so you don't have to wait to sell your shares while market is down or something. If fractional shares is a must, I don't see anything better available at the moment until Trading212 resumes verification. But if you don't mind TransferWise fee (they have great exchange rates from what I heard) and can't wait for TD, I think webull is pretty solid.

This post has been edited by whyamiblack: Mar 14 2021, 09:31 PM

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