I have actually been using etoro for several years now and i have to state because my last etoro review video the platform itself has changed a hell of a lot i thought what much better chance with the new year to give a brand-new review on etoro talk about the great points the bad points and the things that etoro frantically needs to enhance on if it is indeed to contend with the likes of robin hood when it opens stock trading in the us so if you are brand-new to investing or are just looking for a brand-new brokerage account and etoro is a choice then this video is for you all i ask in return is if you find this video advantageous you gently tap that like button to assist me out with the youtube gods and without further ado let’s get on with the video so right off the bat i want to clarify etoro is not the sole brokerage account i utilize i do have numerous accounts of them and i have utilized them for a number of years however i do feel there is lots of areas that etor frantically needs to enhance on if it is indeed to compete and i’ll be quite harsh in criticizing them in this video i feel like it’s only fair as someone who does use etoro on a daily basis to give the severe and honest truth on the unfavorable side as well as the favorable side nevertheless total i do have to state i am excessively delighted with them and if you are looking for a second brokerage account or our new investor i would just say jump in the minimums are quite low give it a try and see if it fits your needs and if you do so by means of the affiliate link down on the pinned
remark and follow the actions there you do in fact get lifetime access to our lwt etoro discord so you can interact with other investors directly even if you do open the account recognize it’s not for you that chatroom is easily offered for you just follow the steps down on the pinned comments let’s start about who etoro is and what they’re about they are an absolute mega giant of a broker over here in europe and they will release stock trading in the us which i feel will be the most significant game changer for this business i have to say myself as somebody who has worked in financing for over 15 years etoro are tackling it the proper way they are regulated in many different jurisdictions and they are broadening at the right pace making sure all the eyes are dotted all the t’s are crossed prior to they open in any jurisdiction for instance they are regulated with the fca over in the uk sysek over in cyprus they’re managed in australia and obviously they are on the finra site over in the us as i said u.s stock trading is coming soon nevertheless the fact that they are taking their time over in
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the us before they introduce stock trading over the last year or so is really a good sign for me since they’re making sure they don’t have a circumstance where they leave themselves open to lawsuits or they mess up with regulation it seems every second week robin hood has some court case or some huge complaint they need to handle we have crypto brokers like binance over in the uk facing major problem with the guideline and the fca there it appears that etoro are taking the best actions initially before they launch ensuring that the customers remain in the most safe possible position and they don’t leave themselves open i need to say this is a great sign for a contemporary brokerage with an app unlike the old standard saxo bank and interactive brokers a modern commission totally free platform more on that later going the right steps ensuring that all the eyes are dotted or the t’s are crossed before they open in any area they are actually operating in this shows me that etoro is wanting to remain for the long term and they have clear goals of growing to be among the most significant brokerages on the planet now the minimum quantity needed to open an account does vary on where you are located on screen now you can see the minimums offered but if you are from the us or the uk
the minimum to open an account is really 10 dollars and a lot of other nations it’s just fifty dollars so you can go on examine this link it will be in the description and see just how much it costs to open an account with etoro in your jurisdiction now like i said etoro is a commission complimentary brokerage but obviously brokers want to generate income so how the hell do they do that well the first obvious fee is if you take cash out of your account there’s a 5 dollars charge but to be sincere that probably gets wrapped up in transaction charges and he toro most likely doesn’t see that much of it the method they make their cash is on something called a spread if you go onto a lot of brokers these days unless you’re getting charged a flat rate you will see that when you buy a stock and when you offer a stock there’s a little difference in between generally it’s simply a really little fee which is called the spread that is the cost that etoro will possibly keep on this trade that’s how they earn money because they are not charging you a commission to open the trade they’re just opening the trade at a somewhat higher rate and the easiest method of describing this is if you purchased say apple in this example on screen from time to time you immediately put it in your portfolio you will see a minor loss on this trade week one day one minute one second one and that portion loss is just how much it cost you to open that trade or you can even actually go and see the dollar charge of how much it roughly cost you to open said trade nevertheless after utilizing this platform for a long period of time when you close the trade too there is a small difference and what happens here is etoro tends to determine the difference and that is just how much they have actually made i have actually tracked this for a long period of time and seen that
when i in fact do close a trade quite a lot of the time the charge that i get charged is a lot less than the preliminary cost that i had for opening the trade itself but this is the regular basic structure nowadays for a great deal of brokers that provide commission free trades if you do not wish to pay a spread you can go and open an interactive brokers account a saxo savings account or some of the other more advanced platforms and you will get charged a repaired charge per trade but for me personally i think for more recent investors especially this is a much cheaper way of doing things now what does etoro need to use well they use stocks etfs cryptocurrency cfds more on that in simply a 2nd copy trading and many a lot more possessions like commodities and foreign exchange or currencies but having a platform that enables you to trade numerous sectors is certainly useful for example you can short bitcoin and go long silver you could also short the japanese yen and go long into gold there is many different elements readily available with this platform and i feel in the contemporary world we reside in currency commodities things of the sort are definitely more needed in brokerage homes especially for the new financier nevertheless i did mention cfds though which is a contract for difference these are basically contracts that brokerage or other institutions can offer a customer to purchase a business normally it’s a method of having a lot more utilize without actually owning any of the stock you are earning a contract with said institution now cfds are actually not available to individuals in the us but they are readily available to people over in europe and in the uk but i have to state provided the scariness of leverage and more than 60
of people trading cfds lose cash i simply completely stay away from cfds especially if you are a more recent or intermediate investor and on that too simply keep away from leverage it’s not actually good for your portfolio now prior to we proceed to the two most popular things with etoro and things that individuals tend to love the most we require to discuss the stocks etfs and products now this is the biggest issue etoro has in my opinion and they are taking a look at altering this really soon in fact i believe it is among their biggest goals for 2022. now although etoro tends to have most the stocks that you wish to trade or etfs they don’t have them all and they are including them at a fairly slow rate they do not wish to add every cent stock under the sun that nobody’s actually trading like i stated they make their money on the spread out so the more individuals trading a stock the more money they make if they added in a low-cap cent stock that only one individual’s trading every single day they’re not going to make that much cash so they are only including stocks that they feel that a helpful and b well less risky i really see this as a little a favorable for brand-new financiers although for somebody like myself who’s had a lot more
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experience it is quite frustrating that a few of the stocks that i do want to trade or a minimum of take a look at and not on the platform now that said i have actually spoken to etoro on this and they have actually promised me that a lot more stocks at record volumes are going to be included this year so by the time this video comes out it may not even be that pertinent but i’m sure if you are a torah user and watching this it can be annoying that perhaps one out of 10 stocks is really not offered on the platform so let’s hope etoro views this video and it alters really very soon now the two most popular things on etoro is the popular investing and the social platform program
Only readily available in 43 states
All U.S. citizens can sign up for a virtual trading account. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee consumers currently can not trade with eToro.
Alternatives to consider
If you wish to trade stocks and cryptocurrencies in the very same place: Robinhood provides trading in stocks and choices, consisting of fractional shares. In addition, it provides 7 various cryptocurrencies and charges no deal costs.