Guide for Buying Tesla on eToro and Exploring Its Prospects

For investors, a blue chip stock like Tesla is beyond precious. It is a leader in high-end electric cars, solar, and clean energy. It’s one of the brands that pioneer innovation in automobiles. So, buying its shares is a prudent thing to do in all likelihood. However, markets don’t always work as per the investors’ expectations. 

Irrespective of how promising the stock is, traders may face loss. That brings one to do the math before buying any share. Now, there are two ways of analyzing a stock or any other instrument. You can do a fundamental analysis reviewing performance and prospects. This involves looking at the company’s future projects, industry scope, and possible market scenarios.

The other way is to do a technical analysis, which is about understanding market patterns. It includes taking an overarching view of the market as a whole. This particular method involves plenty of indicators and methods. Mostly, investors do fundamental analysis for long-term investments and technical analysis for short-term investments.

Based on these two analysis methods, traders can invest and anticipate profits. Besides these factors, there’s another that investors need to think of. They need to pick the right trading platform to buy the stock with. For all practical reasons, it’s recommended to go with a reliable and prominent website. eToro is one of the most trusted platforms used by traders across the globe. 

Thus, let’s go ahead and see how one can buy Tesla stock on eToro.

Steps For Buying Tesla On eToro

Following the instructions, one can easily find, buy, and track Tesla stocks on eToro.

Step 1: First, users need to create an account on eToro which can be done on the website or mobile app. They can go to etoro.com or download the app and click/tap on “sign up”.

Step 2: Users need to remember that eToro is a centralized platform that operates as per government regulations. Thus, they will have to provide the personal information for verification. The platform asks for a name, email, and a government-issued ID for this purpose.

Step 3: Once the verification is done, users are free to initiate the trade. Then, they need to transfer some funds to the eToro account.

Step 4: They can easily find the “deposit” button on the website and app. Upon selecting it, they need to choose the preferred method for transferring funds. They can go for a debit/credit card or wire transfer.

Note: The minimum deposit limit varies from one region to another. It could be somewhere between $10 to $10000. 

Step 5: Next, they need to look for Tesla stock on the platform. They can simply type “Tesla” on the search bar and select it. Upon doing that, they’ll see all the relevant details of the stock. 

Step 6: Next, they need to choose the order types which are- market and limit. The market order offers them to buy stock at the current price. Limit order, on the other hand, will ask them to put a price at which they want to buy. The former gets executed instantly, while the latter proceeds only when the market price matches the limit.

Once finished buying the stocks, investors need to monitor their performance too. On eToro, they can find easy-to-read charts that present a historical review of instruments. Investors can check Tesla’s daily, weekly, or monthly charts to assess its performance.  

Things to Know Before Investing in Tesla

Sure, Tesla is a big name, but that doesn’t mean that it’s doing everything right. It might be manufacturing high-end automatic cars, but are they selling like hotcakes in the market? Hence, let’s see the segments where they are doing a decent job. In the past few years, Tesla has emerged as a leader in the electric vehicles industry. 

The year 2022 was particularly notable for it with an increase of 40% in sales. Even with fierce competition, the company managed to sell 1.31 million cars this year. In 2023, Tesla notched up this figure by 37% selling 1.82 million cars across the globe. While this is a positive figure, it didn’t live up to Elon Musk’s expectations.

Musk anticipated the company to sell over 2 million units in 2023. He made the announcement back in January and in October, he complained about hefty borrowing costs too. In 2024, the company will face the end of the subsidy programs in the US and Germany. 

On the bright side, battery ingredient costs are expected to lower in 2024. However, it’s not sure if that will make up for the discontinued benefits from the government. Therefore, investors should be watchful about the EV market and Tesla. 

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.