I have actually been using etoro for numerous years now and i have to say given that my last etoro evaluation video the platform itself has altered a hell of a lot i thought what better chance with the brand-new year to offer a new review on etoro talk about the good points the bad points and the things that etoro frantically needs to improve on if it is indeed 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 a choice then this video is for you all i ask in return is if you find this video beneficial 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 use i do have a number of accounts of them and i have utilized them for several years however i do feel there is numerous areas that etor desperately requires to enhance on if it is undoubtedly to contend and i’ll be quite extreme in slamming them in this video i feel like it’s only reasonable as someone who does use etoro on a day-to-day basis to give the severe and honest fact on the negative side as well as the positive side however overall i do have to state i am extremely happy with them and if you are looking for a 2nd brokerage account or our brand-new financier i would just say jump in the minimums are rather low provide it a try and see if it fits your requirements and if you do so by means of the affiliate link down on the pinned
comment and follow the steps there you do in fact get life time access to our lwt etoro discord so you can interact with other financiers straight even if you do open the account recognize it’s not for you that chat room is readily offered for you simply 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 will introduce stock trading in the us which i feel will be the greatest game changer for this company i need to say myself as someone who has worked in finance for over 15 years etoro are going about it properly they are regulated in various jurisdictions and they are expanding at the best rate 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 controlled in australia and obviously they are on the finra site over in the us as i said u.s stock trading is coming very soon however 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 two is really an excellent sign for me since they’re making sure they do not have a circumstance where they leave themselves open to lawsuits or they screw up with policy it appears every second week robin hood has some lawsuit or some big grievance they have to handle we have crypto brokers like binance over in the uk facing severe problem with the fca and the policy there it appears that etoro are taking the best steps first before they release ensuring that the customers are in the most safe possible position and they do not leave themselves open i need to say this is an excellent sign for a modern day 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 best steps making sure that all the eyes are dotted or the t’s are crossed before they open in any location they are really operating in this reveals me that etoro is wanting to stick around for the long term and they have clear aims of growing to be one of the most significant brokerages in the world now the minimum quantity required 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 in fact ten dollars and a great deal of other nations it’s only fifty dollars so you can proceed inspect 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 stated etoro is a commission complimentary brokerage but naturally brokers wish to generate income so how the hell do they do that well the first obvious fee is if you take money out of your account there’s a five dollars cost however to be truthful that most likely gets involved transaction charges and he toro probably doesn’t see that much of it the method 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 difference in between usually it’s just an extremely small fee which is called the spread that is the charge that etoro will potentially keep this trade that’s how they generate income since they are not charging you a commission to open the trade they’re just opening the trade at a somewhat greater cost and the most convenient way of explaining this is if you bought say apple in this example on screen from time to time you immediately put it in your portfolio you will see a slight loss on this trade week one day one minute one second one and that percentage loss is just how much it cost you to open that trade or you can even actually go and see the dollar charge of just how much it approximately cost you to open said trade however after using this platform for a long period of time when you close the trade as well there is a minor difference and what takes place here is etoro tends to compute the difference which is how much they have actually made i have actually tracked this for a very long time and seen that
when i actually do close a trade rather a great deal of the time the fee that i get charged is a lot less than the preliminary charge that i had for opening the trade itself however this is the regular basic structure these days for a great deal of brokers that use commission free trades if you do not want to pay a spread you can go and open an interactive brokers account a saxo checking 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 financiers specifically this is a much cheaper method of doing things now what does etoro need to use well they offer stocks etfs cryptocurrency cfds more on that in just a second copy trading and lots of a lot more assets like products and forex or currencies however having a platform that permits you to trade numerous sectors is definitely 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 various elements readily available with this platform and i feel in the modern day world we reside in currency commodities things of the sort are definitely more required in brokerage houses especially for the new investor however i did point out cfds though which is a contract for distinction these are generally contracts that brokerage or other organizations can offer a client to buy a company generally it’s a method of having a lot more leverage without really owning any of the stock you are earning a contract with said organization now cfds are really not readily available 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 individuals trading cfds lose money i simply entirely keep away from cfds especially if you are a more recent or intermediate investor and on that too just keep away from utilize it’s not truly great for your portfolio now prior to we proceed to the two most popular things with etoro and things that people tend to love the most we require to talk about the stocks etfs and commodities now this is the biggest issue etoro has in my opinion and they are looking at changing this very soon in fact i believe it’s one of their biggest objectives 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 including them at a reasonably slow rate they do not want to add every cent stock under the sun that nobody’s in fact trading like i said they make their money on the spread out so the more individuals trading a stock the more cash they make if they included a low-cap cent stock that only one person’s trading each and every single day they’re not going to make that much cash so they are only adding stocks that they feel that an useful and b well less dangerous i actually see this as a little a positive for new investors although for someone like myself who’s had a lot more
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experience it is rather frustrating that a few of the stocks that i do want to trade or at least take a look at and not on the platform now that stated i have spoken with etoro on this and they have guaranteed me that a lot more stocks at record volumes are going to be added this year so by the time this video comes out it might not even be that appropriate but i make sure if you are a torah user and viewing this it can be irritating that possibly one out of 10 stocks is actually not readily available on the platform so let’s hope etoro sees this video and it changes very soon now the two most popular things on etoro is the social platform and the popular investing program
Only 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 consumers currently can not trade with eToro.
Alternatives to think about
If you want to trade stocks and cryptocurrencies in the same place: Robinhood provides trading in stocks and alternatives, including fractional shares. In addition, it offers 7 different cryptocurrencies and charges no transaction fees.