I have actually been using etoro for several years now and i have to say considering that my last etoro evaluation video the platform itself has actually changed a hell of a lot i thought what much better chance with the new year to give a new evaluation on etoro talk about the good points the bad points and the things that etoro desperately needs to enhance 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 simply 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 carefully 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 numerous accounts of them and i have actually used them for several years however i do feel there is lots of locations that etor desperately 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 just reasonable as someone who does use etoro on an everyday basis to give the truthful and extreme reality on the unfavorable side as well as the positive side however total i do have to state i am overly delighted with them and if you are looking for a second brokerage account or our new investor i would simply say dive in the minimums are quite low provide it a whirl and see if it fits your requirements and if you do so by means of the affiliate link down on the pinned
remark and follow the actions there you do in fact get lifetime access to our lwt etoro discord so you can engage with other investors directly even if you do open the account realize it’s not for you that chatroom is easily available for you just follow the steps down on the pinned comments let’s start about who etoro is and what they’re about they are an outright 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 greatest game changer for this business i need to state myself as someone who has actually operated in financing for over 15 years etoro are going about it the proper way they are managed in many different jurisdictions and they are broadening at the right speed making sure all the eyes are dotted all the t’s are crossed before they open in any jurisdiction for instance they are controlled 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 stated 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 prior to they release stock trading over the in 2015 or two is in fact an excellent sign for me because they’re ensuring they do not have a situation where they leave themselves open to lawsuits or they mess 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 facing major problem with the fca and the policy there it appears that etoro are taking the ideal actions first before they launch ensuring that the clients remain in the safest possible position and they don’t leave themselves open i have to say this is an excellent sign for a modern brokerage with an app unlike the old traditional 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 prior to they open in any location they are in fact operating in this reveals me that etoro is looking to remain for the long term and they have clear goals of growing to be among the biggest brokerages on the planet now the minimum quantity needed to open an account does differ on where you lie 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 really ten dollars and a lot of other countries it’s only fifty dollars so you can go ahead inspect 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 free brokerage however of course brokers want to earn money 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 5 bucks fee but to be sincere that most likely gets involved transaction costs and he toro probably does not 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 buy a stock and when you offer a stock there’s a little difference in between generally it’s just a really little fee and that is called the spread that is the cost that etoro will potentially continue this trade that’s how they earn money because they are not charging you a commission to open the trade they’re simply opening the trade at a slightly greater rate and the simplest method of describing this is if you purchased 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 which percentage loss is how much it cost you to open that trade or you can even really see the dollar and go fee of how much it approximately cost you to open stated trade nevertheless after using this platform for a very long time when you close the trade also there is a slight difference and what takes place here is etoro tends to determine the difference and that is just how much they have actually made i have actually tracked this for a long period of time and seen that
when i in fact do close a trade quite a great deal 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 however this is the normal basic structure these days for a lot of brokers that offer commission open markets if you do not wish to pay a spread you can go and open an interactive brokers account a saxo bank account or some of the other advanced platforms and you will get charged a repaired fee per trade but for me personally i think for more recent financiers especially 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 many many more properties like products and forex or currencies but having a platform that enables you to trade multiple sectors is definitely useful 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 aspects offered with this platform and i feel in the contemporary world we reside in currency products things of the sort are absolutely more needed in brokerage homes especially for the brand-new financier however i did discuss cfds though which is a contract for distinction these are basically contracts that brokerage or other institutions can use a client to buy a business typically it’s a method of having a lot more utilize without really owning any of the stock you are making a contract with said organization now cfds are actually not available to people in the us but they are readily available to people over in europe and in the uk but i have to state offered the scariness of take advantage of and more than 60
of individuals trading cfds lose money i just entirely keep away from cfds especially if you are a more recent or intermediate investor and on that also simply stay away from leverage it’s not truly great for your portfolio now before we proceed to the two most popular things with etoro and things that people tend to enjoy the most we require to talk about the stocks etfs and products now this is the greatest issue etoro has in my opinion and they are looking at changing this really very soon in fact i believe it’s one of their most significant 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 adding them at a relatively slow 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 every day they’re not going to make that much cash so they are just including stocks that they feel that an advantageous and b well less risky i in fact see this as a little a positive for brand-new investors although for somebody like myself who’s had a lot more
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experience it is quite irritating that a few of the stocks that i do want to trade or at least look at and not on the platform now that said i have spoken with etoro on this and they have actually guaranteed 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’m sure if you are a torah user and enjoying this it can be bothersome that possibly one out of 10 stocks is in fact not readily available on the platform so let’s hope etoro sees 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
Only 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 customers presently can not trade with eToro.
Alternatives to consider
If you want to trade stocks and cryptocurrencies in the same place: Robinhood provides trading in stocks and alternatives, consisting of fractional shares. In addition, it uses 7 various cryptocurrencies and charges no transaction costs.