I have actually been using etoro for several 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 chance with the brand-new year to provide a new review on etoro talk about the good points the bad points and the things that etoro desperately needs 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 brand-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 helpful you carefully 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 desire to clarify etoro is not the sole brokerage account i utilize i do have a number of accounts of them and i have used them for numerous years nevertheless i do feel there is many locations that etor desperately needs to improve on if it is undoubtedly to compete and i’ll be rather harsh in slamming them in this video i feel like it’s just reasonable as someone who does use etoro on a day-to-day basis to provide the honest and severe reality on the unfavorable side as well as the favorable 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 investor i would just say jump in the minimums are quite low give it a try and see if it fits your requirements 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 connect with other investors straight even if you do open the account realize it’s not for you that chat room is easily available 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 outright 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 biggest video game changer for this company i have to state myself as somebody who has actually worked in financing for over 15 years etoro are setting about it the right way they are managed in several jurisdictions and they are broadening at the best rate making certain 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 of course they are on the finra site over in the us as i said 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 launch stock trading over the in 2015 or so is really a great sign for me since they’re making certain they do not have a circumstance where they leave themselves open to lawsuits or they screw up with policy it seems every second week robin hood has some court case or some big problem they need to handle we have crypto brokers like binance over in the uk dealing with major difficulty with the guideline and the fca there it seems that etoro are taking the ideal actions initially before they introduce making sure that the customers are in the most safe possible position and they don’t leave themselves open i have to state this is a great sign for a contemporary brokerage with an app unlike the old traditional saxo bank and interactive brokers a contemporary commission free platform more on that later going the best steps making certain that all the eyes are dotted or the t’s are crossed before they open in any area they are in fact working in this shows me that etoro is wanting to remain for the long term and they have clear aims of growing to be one of the most significant 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 offered but if you are from the us or the uk
the minimum to open an account is in fact 10 dollars and a great deal of other countries it’s just fifty dollars so you can go on examine 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 but of course brokers want to earn money so how the hell do they do that well the very first apparent charge is if you take cash out of your account there’s a five dollars charge but to be sincere that most likely gets wrapped up in transaction fees and he toro most likely doesn’t see that much of it the way 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 purchase a stock and when you offer a stock there’s a little distinction in between usually it’s just a really small charge and that is called the spread that is the charge that etoro will possibly continue this trade that’s how they generate income due to the fact that they are not charging you a commission to open the trade they’re just opening the trade at a slightly greater rate and the easiest way of explaining this is if you bought say apple in this example on screen once in a while you instantly put it in your portfolio you will see a small loss on this trade week one day one minute one 2nd one and that portion loss is how much it cost you to open that trade or you can even really go and see the dollar fee of just how much it roughly cost you to open stated trade nevertheless after using this platform for a long period of time when you close the trade as well there is a minor distinction and what occurs here is etoro tends to calculate the difference which is just how much they’ve made i have tracked this for a long period of time and seen that
when i in fact do close a trade rather a lot of the time the cost 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 these days for a lot of brokers that use commission open markets if you do not wish to pay a spread you can go and open an interactive brokers account a saxo savings account or a few of the other more advanced platforms and you will get charged a repaired charge per trade but for me personally i think for newer 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 just a 2nd copy trading and lots of a lot more assets like products and forex or currencies but having a platform that enables you to trade numerous sectors is definitely helpful for example you can short bitcoin and go long silver you could likewise short the japanese yen and go long into gold there is many different elements readily available with this platform and i feel in the modern world we live in currency products things of the sort are absolutely more needed in brokerage homes particularly for the brand-new investor nevertheless i did point out cfds though which is a contract for distinction these are basically agreements that brokerage or other organizations can use a client to purchase a business usually it’s a way of having a lot more utilize without in fact owning any of the stock you are making an agreement with stated organization now cfds are in fact not available to people in the us but they are offered to individuals over in europe and in the uk however i have to say given the scariness of take advantage of and more than 60
of individuals trading cfds lose money i just completely stay away from cfds especially if you are a newer or intermediate investor and on that also simply stay away from take advantage of it’s not actually great for your portfolio now before we carry on to the two most popular things with etoro and things that people tend to enjoy the most we require to speak about the stocks etfs and commodities now this is the greatest problem etoro has in my viewpoint and they are taking a look at changing this very soon in fact i think it’s one of their most significant objectives for 2022. now although etoro tends to have most the stocks that you want to trade or etfs they don’t have them all and they are including them at a reasonably slow rate they do not want to include every penny stock under the sun that nobody’s actually trading like i stated they make their money on the spread so the more individuals trading a stock the more cash they make if they added in a low-cap penny stock that only one individual’s trading each and every single day they’re not going to make that much money so they are only adding stocks that they feel that an advantageous and b well less dangerous i really see this as a bit of a favorable for new financiers although for somebody like myself who’s had a lot more
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experience it is rather annoying 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 said i have actually spoken with etoro on this and they have assured 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 may not even be that relevant however i’m sure if you are a torah user and seeing this it can be irritating that perhaps one out of 10 stocks is really not offered on the platform so let’s hope etoro enjoys this video and it changes really soon now the two most popular things on etoro is the popular investing and the social platform program
Just available in 43 states
All U.S. locals can register for a virtual trading account. Nevertheless, there are only 43 states (together with Washington D.C. and the Northern Mariana Islands) where you can use genuine money to buy and sell cryptocurrencies. Delaware, Hawaii, Minnesota, New Hampshire, New York City, Nevada, and Tennessee customers presently can not trade with eToro. The business intends to have 50-state schedule eventually. Until then, some traders will need to look elsewhere.
Alternatives to think about
If you want to trade stocks and cryptocurrencies in the same place: Robinhood offers trading in stocks and choices, including fractional shares. In addition, it offers 7 different cryptocurrencies and charges no transaction costs.