|Recommended Broker 🇮🇪||
|🌐 Official website:||www.etoro.com *|
How to buy
For those who live in Ireland, a great way to invest in 3M shares is, without any doubt, this popular broker.
eToro, one of the main brokers around the world, is registered and licensed, among others, by the United Kingdom's Financial Conduct Authority (FCA).
We recommend eToro because you can create an account for free with this broker, and its fees for trading online are very low. Besides, eToro is available in our language, accepts users from Ireland, it is really easy to manage, and its friendly interface is ideal for those who are starting to trade with cryptocurrencies and stocks.
How to sign up, step by step
The first thing you need to do is click here and fill in the fields on the right: enter your name, email, and set a password.
Now check your email inbox: you have received an email from eToro, click on “Verify my email” and your account will be verified.
Once on eToro, you just have to click on “Deposit funds”, in the page menu.
There, you can choose how much money you want to add to your account (the minimum is $ 200) and the payment method:
As you can see in the image, the first deposit can be made by credit card, PayPal, or bank transfer.
How to make your first trade
When eToro has confirmed the receipt of your credit, you just have to search for “3M” in the search bar, click on “Invest” and choose the amount in dollars you want to invest.
Is 3M a buy?
Minnesota Mining and Manufacturing Company, better known as 3M, is one of the most diversified companies in terms of products. To the point that, according to their own website, they have more than 100,000 product patents that they can provide to customers.
It was founded in Minnesota in 1902 as a small mining company, as can be inferred from its name. However, since the company did not achieve the expected success, they decided to move from mining to producing the abrasives that the industry needed.
And from then on, the company followed a path in which, as they define it, they never stopped inventing products and innovating. So, following this path, they went from inventing the first tough sandpaper in 1920 to iconic products such as the Scotch-Brite sponge.
Their product portfolio is truly immense and they are all dedicated to niche markets, devising a solution for every problem. However, these can be categorized into abrasives, adhesive tapes, safety equipment, household products, window films and oddly enough, healthcare equipment.
3M as an investment
About this company we can find information on the official website registered since 1920, which tells us that this company has a long history on the New York Stock Exchange. Which in turn reflects the growth and expansion of 3M as a company.
As it grew from a small company in a small town in Minnesota to a presence in 100 countries and more than 88,000 employees worldwide, its stock market share went from a rock bottom price to the value it is at today.
3M's historical performance is something that any company would like to have and, of course, any investor would like to achieve. The best part is that 3M stock not only has a great performance year after year, but it also pays dividends quarterly to its investors.
Dividends are the portion of a company's earnings that are distributed to shareholders, so a company that pays dividends is a company that generates profits. And 3M's dividends are particularly high, even more so when you consider its share price.
For the past several years, 3M has been paying annual dividends to its shareholders in the range of $5 to $6 per share. This makes it one of investors' favorite dividend stocks.
Why we advise to use eToro for buying 3M shares from Ireland?
- There are uncountable investment opportunities
- You can trade leveraged
- It is very easy to operate
- It offers techniques and moves from skilled traders so you can replicate them
- Allows you to go short
Go to the official page: www.etoro.com *
If you are thinking about trading 3M shares from Ireland, eToro may be the best way to do it.
eToro is popular for making “social trading” a trend. Social trading is a revolutionary form of investing in which traders can repeat the strategies of other investors who have been generating income over time.
eToro is very useful if you are still a novice user in trading, because it puts your investment on automatic by repeating strategies from other experienced people with a long profit history. And for those skilled investors willing to share their techniques with the community, eToro rewards your knowledge with money.
Another thing to mention is how easy the interface is, which turns out perfect for new users that are learning all about the trading world.
How to deposit funds into your eToro account
Among the payment options available on eToro are: bank transfer, PayPal, credit card, Neteller, and Skrill. Depositing money on eToro is so simple: go to “Deposit funds”, choose an amount and the payment method you prefer.
Consider that for security policies, you must be the holder of the account or the credit card.
The minimum you can deposit is $ 200 and there is a limit of how much you can deposit if you are not verified, so if you want to trade with higher amounts, you should verify your account first.
eToro accepts deposits or transfers in any currency, but you will have to pay a fee for the conversion to USD. So it is better to use USD from the beginning.
How does eToro work?
We mentioned before that one of the best things about eToro is how simple it is to use the platform. It isn't necessary to read a lot or have previous knowledge to start trading.
You won't have any problems with the interface if you have used any other social network.
Now we will walk you through the registration process and the different sections of the eToro interface that you should know.
When you register, you will have to enter your personal data, like first name, last name, address….
To complete your registration, you will have to answer some questions about your experience as an investor.
But don't worry: it's not about passing an exam. They only intend to know how much knowledge you have and what type of financial instruments they can recommend. For example, if it is your first experience in the investment world, they will not suggest that you invest in futures.
You will see a bar that says “incomplete profile” until you complete all the requested information.
Next, we will talk about the different sections of the site.
With the “Set Price Alerts” tool, you'll be able to program an alert when an asset is at a certain price. This is perfect in case you want to buy an asset and you are waiting for its price to fall.
“News Feed” is the more “social” section. There, traders can interact and share experiences.
“Instruments”, “People” and “CopyPortfolios” are within “Discover”. And we discussed previously in this guide the different financial instruments on eToro:
- Raw materials
- Index funds
The concept “social trading” comes to life within “People”: there, you can copy the movements of any user you choose.
Using the search bar, you can find the users that best suit your interests: by average earnings, market or risk level, for instance. Just indicate the amount you want to invest and eToro will replicate the movements of the selected investor, in proportion. “In proportion” means that if you have $ 1000 and the investor puts 10% in an asset, eToro will invest also 10% of your funds (that is, $ 100) in that same asset.
Also, here you will see CopyPortfolios classified into: Top Trader, Market, and Partner.
In some cases, you might prefer copying to CopyPortfolios than to other users, since you avoid putting all your eggs in one basket. The portfolios are easily identifiable: one about gaming, another about large drone companies, another about pharmacy … Do you suspect that a certain sector will prosper anytime soon? Then you will surely find a CopyPortfolio about it.
“Social trading”, an innovative concept
eToro is a pioneer in social trading, it was the first broker to propose it. Since then, a multitude of copycats have appeared, but we have tried them all and eToro is still the best.
But the main accomplishment wasn't just recreating a social network in the world of trading. They could have made the umpteenth social network in which users talk about investing, but they wanted to go further: the great innovation of eToro was allowing users to replicate the moves of experienced investors, who were rewarded for their contributions.
It sounds complex but it isn't: when you access eToro you will see in the menu on the left the options “Copy People” and “Invest in CopyPortfolios”.
“CopyPortfolios” contain a collection of assets of the same sector. For instance, if you heard that the gaming industry is going to prosper shortly but you don't know which stocks to select, you just have to invest in the CopyPortfolio “InTheGame”, which includes companies like Google, Microsoft, NVIDIA, Nintendo, Logitech, AMD, Intel, Unity, among others.
You should know that in the past year, CopyPortfolio has given returns of 100%. And you can benefit from it just by choosing a portfolio, enter your chosen amount, place the stop-loss and click on the “Invest” button.
But you can also copy other successful investors of the platform. It is really easy: you can find them with “Copy People” and just replicate their moves.
In the profile of each user, you will be able to see their risk profile (the higher the risk, the more chances of earning more and losing more money), their performance history, and the kind of assets they operate..
Besides copying other user's strategies, which is really interesting and helpful, we also recommend that you benefit from the community by reading other user's remarks. You can learn a lot from their experiences and knowledge, mainly if you aim to make a living from investments.
There are different methods or ways for crypto trading, like day trading or buying and holding, for naming just a couple.
In case you don't have much experience trading, my recommendation is a middle point: when you open your 3M position, set a stop-loss order 15-20% under the maximum price, and let the magic happen.
Therefore, if for example you buy a cryptocurrency at $ 10, it goes up to $ 20, and after that it decreases to $ 12, your position will be closed at $ 16-17 and you will have made a considerable profit.
Perhaps you are wondering: why not selling back when the cost is at its highest? But that would only work for a psychic or a fortune-teller. The mentioned method is more down-to-earth and can work out perfectly.
At some point, you can take your first steps with advanced trading strategies, such as going short or using leverage.
Trading with leverage
Are you familiar with the term “leverage”? Just in case, we'll define it shortly: the good thing about trading is that it lets you invest more money than you can have in a given time. For instance, if you enter with $ 100 and you put them with x2 leverage, you will be really investing $ 200.
Leverage and the importance of “Take Profit” and “Stop Loss”
Assuming that, for instance, you are positive that 3M price is going up, and that you have $ 1,000 for “going long”, you must know that you have the option of investing more and making more money.
Possibly, you could ask your bank for a credit, put something as collateral, wait for it to be accepted and receiving the money, and then buy 3M… But maybe once you have made all that, your prediction could've been confirmed a long time ago, and 3M would be already at such a high value that it is not worth investing.
Leverage is like a loan, but it is only a few clicks away! eToro allows you to operate with much more money than what you have on the platform's wallet. Before trading, you will be able to choose between the different leverage options as in the image:
Trading with other assets allows you to use higher leverage. The reason is that leverage is most common in short-term operations or day trading, and cryptocurrencies tend to be a medium or long-term investment. Let's talk a bit more about how leverage works:
- If you want to invest $ 1,000 and you use leverage x2, you will be starting with $ 2,000 (remember that$ 1,000 was “borrowed” from eToro).
- A few days later, 3M price does increases, as you assumed, and now the cost of your investment is $ 2,400 (20% more), so you decide to sell back.
- The $ 1k of leverage will be deducted, and you will have $ 1,400 left; which means the net profit is $ 400, since the other $1,000 was yours from the beginning.
In conclusion, by investing $ 1000 and obtaining $ 400, your net profit would be 40%. That is pretty decent.
Still wondering where the catch is? The trick is that the risk of losing out is also there. If everything goes as you planned, you will earn profits in little time; but if the opposite occurs, you will also lose more really quickly.
For instance: if instead of increasing by 20%, the price falls by 10%, you won't lose $ 10, but twice (the leverage) that figure, that would be $ 20. For that reason, the concepts of Take Profit and Stop Loss are fundamental when using leverage.
Take Profit is a limit you can set when trading: you set the platform to sell your assets once they get to a point above the entry price. For instance, you can buy 3M shares at $ 100 and request that your position is closed automatically when it goes up to $ 120. It is very useful to avoid being blinded by enthusiasm: a 20% profit is usually pretty good, but once you see the price has risen, you might want to gain a bit more and decide to wait, but this could be a mistake. So, Take Profit helps you reduce risks when trading.
Stop Loss is even more necessary, particularly when trading with leverage, since a small loss could have a significant impact. That is why it is essential to mark a Stop Loss more tight than that suggested by the broker.
How does a demo account work?
Are you taking your first steps as an investor? Using a demo account can be very helpful. Just make sure the virtual mode is set in the top left corner of the page and you can start practicing with a “fictional” portfolio.
This can be a great way of gaining experience and confidence before trading with real money. You will have an amount of $ 100.000 (“fake” or virtual, of course) to begin with, and you will be able to operate with all the different assets available on eToro, not only with 3M.
The first attempt is not usually that good. But don't worry, because you can ask eToro to deposit back the virtual $ 100k to your portfolio.
Take into account that investing is mostly about being cautious, and perhaps a demo account can prevent you from controlling your impulses. It will never be the same as risking your own money.
Finally, the virtual mode is kind of pointless if you intend to invest in the medium or long-term, since you would be wasting years to see the results. Virtual accounts may be useful for trying out short or medium-term operations.
Frequently asked questions
* Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Disclaimer: 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.