I’ve been using etoro for a number of years now and i have to say since my last etoro evaluation video the platform itself has actually changed a hell of a lot i thought what better opportunity with the new year to give a new evaluation on etoro talk about the excellent points the bad points and the things that etoro desperately requires 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 just looking for a new brokerage account and etoro is an alternative then this video is for you all i ask in return is if you find this video helpful you gently tap that like button to assist 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 numerous accounts of them and i have used them for numerous years nevertheless i do feel there is numerous locations that etor desperately requires to enhance on if it is certainly to compete and i’ll be rather severe in criticizing them in this video i feel like it’s only fair as somebody who does utilize etoro on a daily basis to give the extreme and honest reality on the unfavorable side as well as the positive side however general i do have to state i am overly happy with them and if you are looking for a second brokerage account or our brand-new financier i would simply say jump in the minimums are quite low provide 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 steps there you do actually get lifetime access to our lwt etoro discord so you can connect with other financiers straight even if you do open the account recognize it’s not for you that chat room is readily available 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 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 most significant video game changer for this business i need to say myself as someone who has actually operated in financing for over 15 years etoro are setting about it the proper way they are managed in various jurisdictions and they are expanding at the right speed 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 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 nevertheless 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 so is actually 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 ruin with regulation it seems every second week robin hood has some lawsuit or some huge complaint they need to deal with 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 actions initially prior to they release making sure that the customers remain in the safest possible position and they do not leave themselves open i need to state this is a fantastic sign for a modern brokerage with an app unlike the old standard saxo bank and interactive brokers a contemporary commission free platform more on that later going the right steps making certain that all the eyes are dotted or the t’s are crossed prior to they open in any area they are actually working in this shows me that etoro is looking to stay for the long term and they have clear aims of growing to be among the greatest brokerages worldwide now the minimum quantity required to open an account does vary on where you are located on screen now you can see the minimums available but if you are from the us or the uk
the minimum to open an account is in fact ten dollars and a lot of other countries it’s just fifty dollars so you can proceed inspect 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 however naturally brokers wish to generate income so how the hell do they do that well the very first obvious cost is if you take money out of your account there’s a five bucks charge however to be honest that probably gets wrapped up in transaction charges and he toro most likely doesn’t see that much of it the method they make their cash is on something called a spread if you go onto a lot of brokers nowadays 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 typically it’s just a really small fee and that 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 slightly greater price and the most convenient method of explaining this is if you bought state apple in this example on screen once in a while you quickly put it in your portfolio you will see a slight loss on this trade week one day one minute one second one which percentage loss is how much it cost you to open that trade or you can even in fact go and see the dollar cost of just how much it approximately cost you to open stated trade however after using 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 determine the distinction and that 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 quite a lot of the time the charge that i get charged is a lot less than the initial cost that i had for opening the trade itself but this is the regular standard structure nowadays for a lot of brokers that provide commission open markets if you do not wish to pay a spread you can go and open an interactive brokers account a saxo checking account or some of the other advanced platforms and you will get charged a repaired fee per trade but for me personally i believe for newer investors specifically this is a much cheaper way of doing things now what does etoro have to use well they use stocks etfs cryptocurrency cfds more on that in just a 2nd copy trading and many much more assets like commodities and forex or currencies however having a platform that enables you to trade multiple sectors is definitely helpful for instance 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 offered with this platform and i feel in the modern day world we reside in currency products things of the sort are absolutely more required in brokerage houses specifically for the brand-new investor however i did discuss cfds though which is a contract for distinction these are generally contracts that brokerage or other organizations can use a client to purchase a business generally it’s a way of having a lot more take advantage of without in fact owning any of the stock you are earning an agreement with stated institution now cfds are in fact not readily available to people in the us however they are offered to individuals over in europe and in the uk however i need to state given the scariness of leverage and more than 60
of individuals trading cfds lose cash i simply completely stay away from cfds specifically if you are a more recent or intermediate financier and on that as well simply stay away from take advantage of it’s not really helpful for your portfolio now prior to we move on to the two most popular things with etoro and things that people tend to like the most we require to discuss the stocks etfs and commodities now this is the greatest issue etoro has in my viewpoint and they are looking at altering this extremely soon in fact i think it is among their biggest goals 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 adding them at a reasonably slow rate they do not wish to add every penny stock under the sun that nobody’s in fact trading like i said they make their cash 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 individual’s trading every day they’re not going to make that much cash so they are just adding stocks that they feel that an advantageous and b well less dangerous i in fact see this as a little bit of a favorable for new investors although for someone like myself who’s had a lot more
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experience it is rather irritating 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 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 however i make sure if you are a torah user and seeing this it can be annoying that maybe one out of 10 stocks is in fact not available on the platform so let’s hope etoro views this video and it alters extremely very soon now the two most popular things on etoro is the popular investing and the social platform program
Only offered in 43 states
All U.S. residents can register for a virtual trading account. However, there are only 43 states (along with Washington D.C. and the Northern Mariana Islands) where you can use genuine cash to buy and sell cryptocurrencies. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee consumers presently can not trade with eToro. The company aims to have 50-state availability eventually. Up until then, some traders will need to look in other places.
Alternatives to think about
If you want to trade stocks and cryptocurrencies in the exact same location: Robinhood provides trading in stocks and alternatives, including fractional shares. In addition, it uses 7 different cryptocurrencies and charges no transaction fees.