I’ve been using etoro for numerous 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 opportunity with the brand-new year to give a new review on etoro talk about the great points the bad points and the things that etoro desperately needs to improve on if it is undoubtedly to complete 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 new brokerage account and etoro is an option then this video is for you all i ask in return is if you discover this video advantageous you gently tap that like button to help 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 use i do have numerous accounts of them and i have actually utilized them for several years however i do feel there is numerous areas that etor frantically needs to improve on if it is undoubtedly to complete and i’ll be quite extreme in criticizing them in this video i feel like it’s only fair as somebody who does use etoro on a day-to-day basis to offer the severe and truthful truth on the negative side as well as the favorable side nevertheless general i do have to say i am overly pleased with them and if you are looking for a 2nd brokerage account or our brand-new investor i would simply state jump in the minimums are quite low offer it a try and see if it fits your needs and if you do so via the affiliate link down on the pinned
comment and follow the steps there you do really get lifetime access to our lwt etoro discord so you can interact with other investors directly even if you do open the account realize it’s not for you that chatroom is easily offered for you simply follow the steps down on the pinned comments let’s start about who etoro is and what they have to do with they are an outright mega giant of a broker over here in europe and they will introduce stock trading in the us which i feel will be the greatest video game changer for this company i need to state myself as someone who has operated in financing for over 15 years etoro are tackling it properly they are regulated in several jurisdictions and they are expanding at the best rate ensuring all the eyes are dotted all the t’s are crossed before they open in any jurisdiction for example they are controlled 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 stated u.s stock trading is coming very soon however the reality that they are taking their time over in
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the us before they introduce stock trading over the last year approximately is in fact a good sign for me due to the fact that they’re making certain they don’t have a circumstance where they leave themselves open to suits or they mess up with guideline it seems every second week robin hood has some lawsuit or some huge complaint they need to handle we have crypto brokers like binance over in the uk facing serious trouble with the fca and the guideline there it appears that etoro are taking the ideal steps initially prior to they release making sure that the clients remain in the best possible position and they do not leave themselves open i have to state this is a great sign for a modern day brokerage with an app unlike the old conventional saxo bank and interactive brokers a modern day commission free platform more on that later going the ideal actions 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 reveals me that etoro is looking to remain for the long term and they have clear goals of growing to be one of the greatest brokerages on the planet now the minimum quantity needed to open an account does vary on where you lie on screen now you can see the minimums readily available however if you are from the us or the uk
the minimum to open an account is really 10 dollars and a lot of other countries it’s only fifty dollars so you can go ahead inspect this link it will remain in the description and see just how much it costs to open an account with etoro in your jurisdiction now like i stated etoro is a commission free brokerage however of course brokers wish to generate income so how the hell do they do that well the first obvious charge is if you take money out of your account there’s a 5 bucks fee but to be truthful that probably gets involved transaction costs and he toro most likely doesn’t see that much of it the way they make their cash is on something called a spread if you go onto most 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 distinction in between normally it’s just a very little charge and that is called the spread that is the cost that etoro will potentially keep on this trade that’s how they earn money due to the fact that they are not charging you a commission to open the trade they’re simply opening the trade at a somewhat higher cost and the easiest way of explaining this is if you purchased say apple in this example on screen now and then you immediately put it in your portfolio you will see a minor loss on this trade week one day one minute one 2nd one which percentage loss is how much it cost you to open that trade or you can even really see the dollar and go cost of just how much it approximately cost you to open said trade however after using this platform for a long time when you close the trade too there is a slight difference and what occurs 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 time and seen that
when i actually do close a trade rather a lot of the time the charge that i get charged is a lot less than the initial charge that i had for opening the trade itself but this is the normal basic structure nowadays for a lot of brokers that offer commission free trades if you don’t 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 fixed fee per trade but for me personally i think for newer investors particularly this is a much cheaper way of doing things now what does etoro need to offer well they use stocks etfs cryptocurrency cfds more on that in just a 2nd copy trading and many many more properties like commodities and foreign exchange or currencies but having a platform that enables you to trade several sectors is absolutely beneficial 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 available with this platform and i feel in the contemporary world we live in currency commodities things of the sort are absolutely more required in brokerage homes particularly for the brand-new financier nevertheless i did mention cfds though which is a contract for difference these are generally agreements that brokerage or other organizations can offer a client to buy a company usually it’s a way of having a lot more utilize without really owning any of the stock you are making a contract with stated institution now cfds are really not readily available to individuals in the us but they are readily available to individuals over in europe and in the uk however i need to say offered the scariness of leverage and more than 60
of people trading cfds lose cash i just entirely stay away from cfds especially if you are a newer or intermediate investor and on that too just keep away from leverage it’s not really good for your portfolio now prior to we carry on to the two most popular things with etoro and things that individuals tend to like the most we require to discuss the stocks etfs and commodities now this is the greatest issue etoro has in my opinion and they are taking a look at altering this extremely very soon in fact i believe it is among their greatest goals for 2022. now although etoro tends to have most the stocks that you wish to trade or etfs they do not have them all and they are adding them at a fairly sluggish rate they do not want to include every penny stock under the sun that no one’s in fact trading like i said they make their money on the spread so the more people trading a stock the more money they make if they included a low-cap penny stock that only one person’s trading every day they’re not going to make that much cash so they are only adding stocks that they feel that a beneficial and b well less dangerous i in fact see this as a little a favorable for brand-new financiers although for someone like myself who’s had a lot more
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experience it is quite annoying that a few of the stocks that i do wish to trade or a minimum of look at and not on the platform now that said i have actually spoken to etoro on this and they have actually assured 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 viewing this it can be bothersome that perhaps one out of 10 stocks is really not readily available on the platform so let’s hope etoro views this video and it alters extremely soon now the two most popular things on etoro is the social platform and the popular investing program
Just readily available in 43 states
All U.S. residents can sign up for a virtual trading account. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee clients presently can not trade with eToro.
Alternatives to think about
If you wish to trade stocks and cryptocurrencies in the very same location: Robinhood offers trading in stocks and options, consisting of fractional shares. In addition, it offers 7 different cryptocurrencies and charges no transaction fees.