I have actually been using etoro for a number of years now and i have to say since my last etoro review video the platform itself has changed a hell of a lot i thought what better opportunity with the new year to offer a new review on etoro talk about the excellent points the bad points and the things that etoro frantically needs to improve 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 new to investing or are simply looking for a brand-new brokerage account and etoro is an alternative then this video is for you all i ask in return is if you discover this video useful you gently tap that like button to help me out with the youtube gods and without additional 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 actually utilized them for a number of years however i do feel there is numerous areas that etor desperately requires to improve on if it is undoubtedly to compete and i’ll be quite extreme in criticizing them in this video i feel like it’s only fair as someone who does use etoro on a day-to-day basis to give the harsh and honest truth on the unfavorable side as well as the favorable side nevertheless general i do have to state i am extremely delighted with them and if you are looking for a second brokerage account or our new investor i would simply state dive in the minimums are rather low offer it a try and see if it fits your needs and if you do so through the affiliate link down on the pinned
comment and follow the actions there you do really get lifetime access to our lwt etoro discord so you can communicate with other financiers straight even if you do open the account realize it’s not for you that chatroom is readily available for you just follow the steps down on the pinned remarks let’s start about who etoro is and what they have to do with they are an absolute mega giant of a broker over here in europe and they are about to launch stock trading in the us which i feel will be the biggest game changer for this company i have to state myself as somebody who has actually worked in finance for over 15 years etoro are going about it the right way they are managed in various jurisdictions and they are broadening at the best pace ensuring all the eyes are dotted all the t’s are crossed before they open in any jurisdiction for example they are managed with the fca over in the uk sysek over in cyprus they’re regulated in australia and naturally they are on the finra site over in the us as i said u.s stock trading is coming soon however the truth that they are taking their time over in
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the us before they release stock trading over the last year approximately is in fact a good sign for me since they’re making certain they do not have a scenario where they leave themselves open to lawsuits or they screw up with regulation it seems every second week robin hood has some court case or some big problem they have to handle we have crypto brokers like binance over in the uk dealing with severe problem with the policy and the fca there it appears that etoro are taking the best steps initially before they release ensuring that the customers are in the safest possible position and they do not leave themselves open i have to say this is an excellent sign for a modern day brokerage with an app unlike the old conventional saxo bank and interactive brokers a modern commission totally free platform more on that later going the ideal 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 seeking to remain for the long term and they have clear aims of growing to be among the biggest brokerages worldwide now the minimum amount needed to open an account does differ on where you lie on screen now you can see the minimums readily available but if you are from the us or the uk
the minimum to open an account is actually ten dollars and a great deal of other nations it’s just fifty dollars so you can go on examine this link it will be in the description and see how much it costs to open an account with etoro in your jurisdiction now like i stated etoro is a commission complimentary brokerage but of course brokers want to make money so how the hell do they do that well the very first apparent cost is if you take cash out of your account there’s a 5 bucks charge but to be sincere that most likely gets involved deal costs and he toro probably doesn’t see that much of it the method they make their money is on something called a spread if you go onto the majority of brokers nowadays unless you’re getting charged a flat rate you will see that when you purchase a stock and when you offer a stock there’s a little difference in between typically it’s just a really little charge and that is called the spread that is the charge that etoro will possibly continue this trade that’s how they make money because they are not charging you a commission to open the trade they’re simply opening the trade at a somewhat higher price and the simplest way of describing this is if you purchased say apple in this example on screen now and then you quickly put it in your portfolio you will see a slight 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 in fact see the dollar and go fee of how much it approximately cost you to open stated trade nevertheless after utilizing this platform for a very long time when you close the trade also there is a small difference and what occurs here is etoro tends to compute the distinction which is how much they’ve made i have tracked this for a very long time and seen that
when i in fact do close a trade quite a great deal of the time the fee that i get charged is a lot less than the initial charge that i had for opening the trade itself however this is the regular basic structure nowadays for a great deal of brokers that use commission open markets if you don’t wish to pay a spread you can go and open an interactive brokers account a saxo bank account or some of the other more advanced platforms and you will get charged a repaired fee per trade but for me personally i believe for newer investors particularly this is a much cheaper method of doing things now what does etoro have to offer well they use stocks etfs cryptocurrency cfds more on that in just a 2nd copy trading and lots of a lot more assets like commodities and forex or currencies but having a platform that permits you to trade several sectors is absolutely advantageous for example you can short bitcoin and go long silver you might likewise short the japanese yen and go long into gold there is many different aspects offered with this platform and i feel in the contemporary world we live in currency commodities things of the sort are certainly more needed in brokerage homes especially for the brand-new investor nevertheless i did mention cfds though which is a contract for distinction these are generally contracts that brokerage or other institutions can offer a customer to purchase a company generally it’s a method of having a lot more leverage without in fact owning any of the stock you are earning an agreement with said organization now cfds are really not offered to individuals in the us however they are offered to people over in europe and in the uk however i need to state offered the scariness of leverage and more than 60
of people trading cfds lose cash i just completely stay away from cfds particularly if you are a more recent or intermediate financier and on that too simply keep away from take advantage of it’s not actually good for your portfolio now before we move on to the two most popular things with etoro and things that people tend to love the most we need to speak about the stocks etfs and products now this is the greatest problem etoro has in my opinion and they are taking a look at altering this very very soon in fact i think it is among their biggest objectives for 2022. now although etoro tends to have most the stocks that you want to trade or etfs they do not have them all and they are adding them at a fairly sluggish rate they do not wish to add every penny stock under the sun that nobody’s really trading like i stated they make their cash on the spread so the more people trading a stock the more money they make if they added in a low-cap penny stock that only one person’s trading each and every single day they’re not going to make that much cash so they are just adding stocks that they feel that an useful and b well less dangerous i really see this as a little a favorable for new investors although for somebody like myself who’s had a lot more
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experience it is quite bothersome that some of the stocks that i do want to trade or at least take a 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 appropriate but i make certain if you are a torah user and enjoying this it can be annoying that perhaps one out of 10 stocks is in fact not available on the platform so let’s hope etoro views this video and it changes really very soon now the two most popular things on etoro is the popular investing and the social platform program
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All U.S. homeowners can sign up for a virtual trading account. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee clients currently can not trade with eToro.
Alternatives to consider
If you wish to trade stocks and cryptocurrencies in the very same location: Robinhood provides trading in stocks and options, including fractional shares. In addition, it offers 7 various cryptocurrencies and charges no deal charges.