May 20 2020, 01:07 PM
QUOTE(Ivan113 @ May 20 2020, 10:10 AM)
Just got my eToro account regulation changed from ASIC to CySEC, in layman's term, the regulation changed from australia to Cyprus so that I can perform non CFD trades. For now I will be able to buy stocks like VOO ETF, Apple, Amazon, any US stocks you name it, and "own" the stocks without overnight fees, etc, because it's not CFD trade, and it's actually us who own the underlying asset.
By "own" I mean there's a nominee that will hold your stocks on your behalf, just like how Rakuten Trade does in Malaysia, then you'll be able to get dividend, ( go AGM? probably not ), but at least it's very similar to like owning a US stock without those bullshit like create oversea bank account, go through so many middlemen and etc, at least that's what I understand.
So far I know there's like 0.8-0.9% spread fee when buying/selling, and 5 USD withdrawal to bank account, that's it.
Ok, here's the question, anyone bought non CFD stocks in eToro before and hold for long term? Any experience to share?
This is an interesting platform but read this recently :By "own" I mean there's a nominee that will hold your stocks on your behalf, just like how Rakuten Trade does in Malaysia, then you'll be able to get dividend, ( go AGM? probably not ), but at least it's very similar to like owning a US stock without those bullshit like create oversea bank account, go through so many middlemen and etc, at least that's what I understand.
So far I know there's like 0.8-0.9% spread fee when buying/selling, and 5 USD withdrawal to bank account, that's it.
Ok, here's the question, anyone bought non CFD stocks in eToro before and hold for long term? Any experience to share?
Securities Commission: eToro is Not Licensed to Operate in Malaysia
by Vincent Fong May 19, 2020
In a press statement announcing the extension of their commission-free stocks offering to clients in Asia-Pacific, eToro shared that 11% of their customers in Malaysia.
In response to Fintech News Malaysia’s clarification of the eToro’s legality to operate in Malaysia, the platform said that investors in Asia are “regulated under eToro’s Australian Securities and Investments Commission (ASIC) license” and “therefore investors can trade through the ASIC license”
To verify this we reached out to Securities Commission Malaysia, a spokesperson then replied with this official statement.
“eToro is not licensed or registered by the Securities Commission Malaysia (SC) to carry out any regulated activities in Malaysia including operating a recognised market through an on-line platform. Any person carrying out regulated activity in Malaysia without a licence or registration from/by the SC may, if convicted be liable to a fine not exceeding RM10 million or imprisonment not exceeding ten years or both.
Malaysian investors who deal with unlicensed persons, especially entities operating offshore are not protected under Malaysian securities laws. They are also exposed to various risks including fraud and money laundering and may not have access to legal recourse in the event of a dispute.”
https://fintechnews.my/23800/various/securi...te-in-malaysia/
Basically trade at your own risk but so have not heard anything very negative yet.
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