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Should I use Etoro platform if I'm in the UK?
Craig901
Posts: 1 Newbie
I've recently been thinking of using a trading platform to invest some of my money and someone recommended Etoro to me.
I noticed that Etoro share prices are always in USD. Doesn't this mean I could potentially lose money if the exchange rate changes?
For example, I deposit $100 which would roughly be £80 based on current exchange rates. My investment does well and the $100 increases to $150 so I withdraw it. However, the USD exchange rate has gone up to 1.8usd per 1gbp. I'd end up with £83 back in my bank account, nowhere near the 50% profit I locked in on Etoro.
If I'm correct and I should avoid using a trading platform based on a foreign currency, can anyone recommend a good UK platform to use? One that allows you to buy the underlying asset and not just a CFD.
I noticed that Etoro share prices are always in USD. Doesn't this mean I could potentially lose money if the exchange rate changes?
For example, I deposit $100 which would roughly be £80 based on current exchange rates. My investment does well and the $100 increases to $150 so I withdraw it. However, the USD exchange rate has gone up to 1.8usd per 1gbp. I'd end up with £83 back in my bank account, nowhere near the 50% profit I locked in on Etoro.
If I'm correct and I should avoid using a trading platform based on a foreign currency, can anyone recommend a good UK platform to use? One that allows you to buy the underlying asset and not just a CFD.
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