In recent years, Tesla has become a household name and is revolutionizing the automotive industry with its renewable energy solutions and electric vehicles.
For investors who are looking to come into action, eToro will offer a convenient platform for buying and trading Tesla stock.
Let’s walk you through the step-by-step guide for buying the Tesla stock on the eToro and for providing some insight into evaluating Tesla as an investment.
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Registering for an eToro account
Before starting to buy Tesla stock on eToro, you will need to create an account and verify your identity. To begin, you need to simply visit the eToro website and then click on the signup button.
Sign up for eToro.
After this, you have to enter the email address, username and password for creating the account. Also, you can sign up on the eToro website with the help of Facebook, Apple and Google accounts. Once you sign up, you must choose the username you will need during the login process.
After this eToro will ask you to verify your identity simply by uploading a copy of your government-issued ID along with a recent utility bill or bank statement. This is the standard process to comply with the regulations and to prevent fraud.
Once the account is verified, you can easily fund it by linking an e-wallet, credit card and bank account. eToro also accepts multiple currencies, so you can also fund your account via your local currency.
Once the account is set up and you put funds in it, you can access the eToro trading platform for trading and buying Tesla stock.
The platform is very user-friendly, having a dashboard which displays your trading history, watch list and account balance.
To find the Tesla stock, you need to simply type ‘Tesla’ in the search bar and then select ‘Tesla Inc.’ from the given dropdown menu.
It will take you to the stock page of Tesla, where you can also view the stock’s performance, expert opinions, and historical data.
Before buying the Tesla stock, it is necessary to understand the various options available.
EToro also offers two types of orders, i.e. limit orders and market orders. The market orders execute at the current market price. However, a limit order will permit you to set a specific price for anyone to buy the stock.
Evaluating Tesla as an Investment
Tesla has been a high-performance stock in recent years; it is necessary to evaluate the company’s financial performance along with market trends before making any investment.
Tesla is a company which has a volatile stock price due to factors like economic conditions, regulatory changes and competition.
To assess Tesla as an investment, you can easily review the company’s industry trends, analyst reports and financial statements.
It is also helpful to consider the competitive position and the market potential of Tesla along with any uncertainties and risks which may affect the future performance of the company.
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Placing an order to buy Tesla stock
Once you have evaluated the Tesla as an investment and have decided to buy the stock, you can easily place an order on the eToro trading platform. To buy the Tesla stock, you can simply click on the Trade button on the page of Tesla stock.
From this, you can select the order type and set the amount you want to invest and then confirm the order. EToro will also execute the order on your behalf, and you can also monitor your investment on this platform.
Managing the Tesla stock investment
With the investment, monitoring the Tesla stock investment and adjusting your strategy as required is mandatory. EToro will offer a huge range of tools to help you manage the investment, including stop–loss and take–profit orders. It will automatically permit you to sell your stock if it reaches a specific price.
You can also add or reduce your position in the Tesla stock by placing additional orders on the platform of eToro. It is necessary to stay informed of market trends and news which may affect the stock’s performance and to adjust the investment strategies accordingly.