eToro - anyone using it?

murph · Oct 1, 2014

Look up @CopyTalk for some useful info.

Yep I read up on the tax, income tax unless you use a spread betting account and then it's capital gains. A bit harsh when you think it's essentially gambling, which should be tax free!

Adam H · Oct 1, 2014

Brassneck said:
What do you mean by threshold? Isn't all income taxable?

I think he means the earnings before tax kicks in, which i believe is just under 10k after expenses.

So if you earnt £18k gross and 10k is expenses then you wouldnt pay tax for that year because your net earnings would be below the threshold although im no tax expert so could be wrong.

Brassneck · Oct 1, 2014

AdamH said:
I think he means the earnings before tax kicks in, which i believe is just under 10k after expenses.

So if you earnt £18k gross and 10k is expenses then you wouldnt pay tax for that year because your net earnings would be below the threshold although im no tax expert so could be wrong.

Yes that's what I thought but thought he might be referring to some special threshold I wasn't aware of. So basically anybody likely to participating should be paying income tax on any earnings. I will read up in the relevant section.

ian · Oct 1, 2014

Brassneck said:
What do you mean by threshold? Isn't all income taxable?

I meant went combined with earnings if over the £10,000 threshold, which no doubt applies to most.

scottmccloud · Oct 1, 2014

I've just had a leaflet come through the post from FXCM 'Start Spread Betting Forex Today' which it states "Tax-free trading - Spread betting accounts enjoy a special tax-free status in the UK and Ireland".

Bit confused now!

Adam H · Oct 1, 2014

scottmccloud said:
I've just had a leaflet come through the post from FXCM 'Start Spread Betting Forex Today' which it states "Tax-free trading - Spread betting accounts enjoy a special tax-free status in the UK and Ireland".

Bit confused now!

Etoro you are not spread betting , you are spot trading as i mentioned a couple of posts ago

scottmccloud · Oct 1, 2014

Right, thanks Adam.

scooter · Oct 1, 2014

Current equity down $9.91 from yesterday
Now at $583.12

They all seem to be gearing up for the European Central Bank statement tomorrow.

I'm all in with UER/USD tomorrow. If the going gets good, i'm pulling out when the going is good. The last 2 days seem to take the same trend. They trade, it goes well for a short while and then they go in to reds. I'm pulling out early.

If it goes belly up, i'll stay until I lose my $83 profit and have a rethink about the future.

This is my line up:
Gstllr
CatSoir
kovandap
BestTraders
onlybyme

Good luck tomorrow!

ian · Oct 1, 2014

All in tomorrow on what, the EUR/USD dropping or rising? I assume you mean dropping?

I've withdrawn my initial investment now and relying on the profit and referral only. To be honest, I'm struggling for time and I'm starting to see a pattern with the guys you mentioned where they take multiple positions each way and let them ride, which doesn't really suit me, so I might drop them and go for broke with the rest and see which way it goes lol

PS - good luck withdrawing the money, seems it takes them 5 days to think about processing it, plus they need all sorts of proof of id which I wasn't particularly comfortable sending!

MikeJDS · Oct 1, 2014

Slightly up for the week.
Fairly happy with my copies now.
So just gonna let it run for a bit.

scooter · Oct 1, 2014

ian-d said:
All in tomorrow on what, the EUR/USD dropping or rising? I assume you mean dropping?

I presume they mean dropping too. I'm putting my faith in whatever way they decide to trade. I'm betting on them to make the right decision. I've got $83 that I did not have last week. More than I would get from it sitting in a bank for 10yrs.

Yes, it could go belly up and l lose the lot, or maybe it could go the same way it has and I could have $200+ at the end of the month. Who knows. Time will tell.

The crux of it for me is it is a new hobby that I find quite addictive. Not just the trading but sifting through the live trades and history of different traders. Should you bet on this person, or maybe that person.....

I also know it is money that I can afford to lose and for anyone else thinking of trying, don't unless it is spending money.

.................

I would also be just as happy if there was the same type of platform where the max to join was $100 and people trading in cents instead of $

I'm sure there would be a market for this.

..................

Withdrawing funds:
I completed the sign up a couple of days ago and had to scan my driving license and send. I don't think this is too over the top. I saw it took 5 working days to process. I would not be surprised if this does not take a little longer considering the amount of new UK sign ups.

I had to do the same just to buy 4 Mongolian domain names a few years back. You could not purchase unless you gave the registrar the same details.

Maybe someone is out there riding a new pony and buying new yurts with my id! :shock:

.

MikeJDS · Oct 5, 2014

My account has now been fully verified. ??

I never sent any docs.

pfonline · Oct 5, 2014

Yep, I go that email too and haven't sent any documents - not that I have much to withdraw anyway

Bit odd.

Cheers.

Brassneck · Oct 5, 2014

pfonline said:
Yep, I go that email too and haven't sent any documents - not that I have much to withdraw anyway

Bit odd.

Cheers.

Isn't the verification related to depositing funds rather than withdrawals?

MikeJDS · Oct 5, 2014

I haven't tried it, but it appears I can withdraw funds now if I wish.

Quote from email...

"We wanted to remind you that your account has been fully verified.
This means that there are no more deposit limitations on your account, and that you can easily withdraw to your verified payment method without any further documentation requirements"

murph · Oct 5, 2014

And me...

Brassneck · Oct 5, 2014

murph said:
And me...

Actually and me - didn't read it properly. That is good news.

Stephen.

eddieb · Oct 8, 2014

All gone a bit quiet on this thread lately.
Anyone tried withdrawing funds yet? I ask because this seems to be the main complaint made against etoro on other forums, so I'd be interested to see if any of you have had probs.

murph · Oct 8, 2014

Well I was up $200 at one point, but it's been a bloodshed since...!

ian · Oct 8, 2014

I did, wasn't too bad, took 3 working days for them to 'approve' MY money! Taken a nice profit but given up now, I don't have the time available and I find the system, as well as the stunts some of the members use to ensure a high level of copiers a little misleading (retaining high profit shares with minimal amounts on the books to keep averages up etc). Nice idea, but badly executed.