I have actually been using etoro for numerous years now and i have to state considering that my last etoro review video the platform itself has changed a hell of a lot i thought what better chance with the new year to give a new review on etoro talk about the excellent points the bad points and the things that etoro desperately requires to improve on if it is undoubtedly to compete with the likes of robin hood when it opens stock trading in the us so if you are 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 find 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 desire to clarify etoro is not the sole brokerage account i use i do have a number of accounts of them and i have used them for numerous years however i do feel there is many locations that etor frantically needs to improve on if it is indeed to contend and i’ll be quite extreme in criticizing them in this video i feel like it’s only fair as someone who does utilize etoro on a daily basis to give the extreme and truthful truth on the negative side as well as the positive side nevertheless total i do have to say i am overly delighted with them and if you are looking for a second brokerage account or our new financier i would just say dive in the minimums are rather low give 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 actions there you do in fact get life time access to our lwt etoro discord so you can interact with other investors straight 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 have to do with they are an absolute mega giant of a broker over here in europe and they are about to release stock trading in the us which i feel will be the most significant video game changer for this company i have to state myself as somebody who has actually operated in finance for over 15 years etoro are going about it the right way they are controlled in various 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 controlled with the fca over in the uk sysek over in cyprus they’re managed in australia and naturally they are on the finra site over in the us as i said u.s stock trading is coming very soon nevertheless the fact that they are taking their time over in
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the us before they launch stock trading over the last year or so 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 mess up with regulation it seems every second week robin hood has some lawsuit or some huge complaint they have to deal with we have crypto brokers like binance over in the uk facing severe problem with the policy and the fca there it appears that etoro are taking the best actions first prior to they launch ensuring that the customers remain in the safest possible position and they don’t leave themselves open i need to say this is a great sign for a modern brokerage with an app unlike the old standard saxo bank and interactive brokers a contemporary commission complimentary platform more on that later going the right steps making sure that all the eyes are dotted or the t’s are crossed before they open in any location they are in fact operating in this shows me that etoro is wanting to stick around for the long term and they have clear objectives of growing to be among the biggest brokerages worldwide now the minimum amount required to open an account does vary 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 lot of other nations it’s just fifty dollars so you can go on examine this link it will remain 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 earn money 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 five bucks charge however to be honest that most likely gets wrapped up in deal fees and he toro most likely doesn’t see that much of it the method they make their money is on something called a spread if you go onto most brokers nowadays unless you’re getting charged a flat rate you will see that when you buy a stock and when you sell a stock there’s a little distinction in between generally it’s just a really little charge and that is called the spread that is the cost that etoro will possibly keep this trade that’s how they generate income because they are not charging you a commission to open the trade they’re simply opening the trade at a somewhat greater price and the most convenient way of describing 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 slight loss on this trade week one day one minute one 2nd one which portion loss is just how much it cost you to open that trade or you can even really go and see the dollar cost of just how much it roughly cost you to open said trade nevertheless after using this platform for a very long time when you close the trade as well there is a small distinction and what happens here is etoro tends to determine the difference which is how much they’ve made i have tracked this for a very long time and seen that
when i actually do close a trade rather a lot of the time the cost that i get charged is a lot less than the preliminary charge that i had for opening the trade itself however this is the typical standard 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 bank account or a few of the other advanced platforms and you will get charged a fixed 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 offer well they offer stocks etfs cryptocurrency cfds more on that in simply a second copy trading and many much more properties like products and forex or currencies however having a platform that enables you to trade multiple sectors is certainly helpful for example you can short bitcoin and go long silver you might likewise short the japanese yen and go long into gold there is several aspects available with this platform and i feel in the modern day world we live in currency commodities things of the sort are definitely more required in brokerage houses especially for the new investor nevertheless i did point out cfds though which is a contract for distinction these are basically contracts that brokerage or other institutions can offer a customer to purchase a company generally it’s a way of having a lot more take advantage of without really owning any of the stock you are earning an agreement with said organization now cfds are in fact not readily available to people in the us however they are readily available to people over in europe and in the uk however i need to state offered the scariness of utilize and more than 60
of individuals trading cfds lose money i just completely stay away from cfds specifically if you are a more recent or intermediate financier and on that as well simply stay away from leverage it’s not actually helpful for your portfolio now before we carry on to the two most popular things with etoro and things that individuals tend to like the most we require to speak about the stocks etfs and products now this is the most significant issue etoro has in my viewpoint and they are taking a look at altering this very very soon in fact i think it’s one of 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 adding them at a relatively sluggish rate they do not want to include every cent stock under the sun that no one’s actually trading like i said they make their cash on the spread so the more people trading a stock the more cash they make if they included a low-cap cent stock that only one person’s trading every single day they’re not going to make that much money so they are just including stocks that they feel that a beneficial and b well less risky i in fact see this as a little a favorable for brand-new investors although for someone like myself who’s had a lot more
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experience it is quite annoying that some of the stocks that i do wish to trade or at least take a look at and not on the platform now that stated i have talked 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 make certain if you are a torah user and enjoying this it can be frustrating that maybe one out of 10 stocks is really not readily available on the platform so let’s hope etoro views this video and it alters very very 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. 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 think about
If you want to trade stocks and cryptocurrencies in the same location: Robinhood offers trading in stocks and alternatives, including fractional shares. In addition, it offers 7 different cryptocurrencies and charges no transaction fees.