I have actually been using etoro for numerous years now and i have to say since my last etoro evaluation video the platform itself has altered a hell of a lot i believed what much better opportunity with the new year to provide a new evaluation on etoro talk about the excellent points the bad points and the things that etoro desperately requires to enhance 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 brand-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 advantageous you carefully tap that like button to assist me out with the youtube gods and without further 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 nevertheless i do feel there is lots of locations that etor frantically needs to improve 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 fair as somebody who does use etoro on an everyday basis to provide the truthful and extreme reality on the negative side as well as the favorable side nevertheless overall i do have to say i am extremely delighted with them and if you are looking for a second brokerage account or our brand-new investor i would simply say dive in the minimums are quite low provide it a whirl and see if it fits your needs and if you do so via the affiliate link down on the pinned
comment and follow the steps there you do actually get life time access to our lwt etoro discord so you can engage with other financiers directly 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 comments let’s start about who etoro is and what they’re about they are an absolute mega giant of a broker over here in europe and they are about to introduce stock trading in the us which i feel will be the most significant video game changer for this business i need 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 many different jurisdictions and they are expanding at the right rate making sure all the eyes are dotted all the t’s are crossed before they open in any jurisdiction for instance they are regulated with the fca over in the uk sysek over in cyprus they’re controlled in australia and of course they are on the finra website over in the us as i said u.s stock trading is coming 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 last year or two is actually a great sign for me because they’re making certain they do not have a scenario where they leave themselves open to suits or they mess up with policy it seems every second week robin hood has some court case or some huge complaint they have to handle we have crypto brokers like binance over in the uk facing serious difficulty with the guideline and the fca there it appears that etoro are taking the best actions first before they introduce ensuring that the clients remain in the safest possible position and they don’t leave themselves open i have to state this is a terrific sign for a contemporary brokerage with an app unlike the old traditional saxo bank and interactive brokers a modern day commission free platform more on that later going the best actions ensuring that all the eyes are dotted or the t’s are crossed prior to they open in any location they are actually working in this reveals me that etoro is seeking to stay for the long term and they have clear objectives of growing to be one of the greatest brokerages on the planet now the minimum amount required to open an account does vary 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 in fact ten dollars and a lot of other countries it’s just fifty dollars so you can go on check 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 said etoro is a commission free brokerage however of course brokers want to make money 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 cost but to be truthful 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 a lot of brokers these days unless you’re getting charged a flat rate you will see that when you purchase a stock and when you sell a stock there’s a little distinction in between typically it’s simply a very little charge which is called the spread that is the cost that etoro will possibly keep on this trade that’s how they earn money since they are not charging you a commission to open the trade they’re just opening the trade at a somewhat greater rate and the most convenient method of explaining this is if you bought say apple in this example on screen now and then you quickly put it in your portfolio you will see a minor loss on this trade week one day one minute one second one and that percentage loss is how much it cost you to open that trade or you can even actually go and see the dollar cost of how much it approximately cost you to open said trade nevertheless after utilizing this platform for a long period of time when you close the trade as well there is a minor distinction and what takes place here is etoro tends to determine the difference which is just how much they have actually made i have tracked this for a long 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 preliminary charge that i had for opening the trade itself but this is the normal standard structure nowadays for a great deal of brokers that provide commission free trades if you don’t want 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 fixed fee per trade but for me personally i think for newer investors particularly this is a much cheaper way of doing things now what does etoro need to offer well they use stocks etfs cryptocurrency cfds more on that in simply a second copy trading and many a lot more possessions like products and foreign exchange or currencies however having a platform that allows you to trade several sectors is certainly beneficial for instance 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 world we reside in currency commodities things of the sort are definitely more needed in brokerage houses especially for the brand-new investor however i did point out cfds though which is a contract for difference these are essentially contracts that brokerage or other organizations can offer a customer to buy a company usually it’s a way of having a lot more leverage without really owning any of the stock you are earning an agreement with stated organization now cfds are really not readily available to people in the us but they are available to people over in europe and in the uk but i need to say given the scariness of take advantage of and more than 60
of people trading cfds lose cash i just entirely keep away from cfds specifically if you are a newer or intermediate financier and on that as well simply keep 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 biggest problem etoro has in my opinion and they are taking a look at changing this extremely very soon in fact i believe it is among their greatest objectives 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 fairly slow rate they do not wish to include every cent stock under the sun that no one’s really trading like i said 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 person’s trading every single day they’re not going to make that much money so they are just adding stocks that they feel that a helpful 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 rather irritating that a few of the stocks that i do want to trade or a minimum of look at and not on the platform now that stated i have spoken to etoro on this and they have 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 however i’m sure if you are a torah user and seeing this it can be annoying that possibly one out of 10 stocks is really not available on the platform so let’s hope etoro sees this video and it alters very 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. However, there are just 43 states (along with Washington D.C. and the Northern Mariana Islands) where you can utilize real money 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 ultimately. Until then, some traders will have to look in other places.
Alternatives to consider
If you wish to trade stocks and cryptocurrencies in the very same place: Robinhood provides trading in stocks and choices, consisting of fractional shares. In addition, it uses 7 various cryptocurrencies and charges no transaction costs.