I’ve been using etoro for a number of years now and i have to state because my last etoro review video the platform itself has actually changed a hell of a lot i thought what better opportunity with the new year to offer a brand-new review on etoro talk about the good points the bad points and the things that etoro frantically requires to enhance 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 simply looking for a new brokerage account and etoro is an option then this video is for you all i ask in return is if you discover this video useful 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 utilize i do have several accounts of them and i have actually utilized them for numerous years nevertheless i do feel there is many areas that etor desperately requires to enhance on if it is undoubtedly to contend and i’ll be rather extreme in slamming them in this video i feel like it’s just fair as somebody who does use etoro on a day-to-day basis to give the severe and sincere truth on the negative side as well as the favorable side however general i do have to state i am excessively delighted with them and if you are looking for a second brokerage account or our brand-new financier i would simply say dive in the minimums are rather low provide 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 actually get life time access to our lwt etoro discord so you can connect with other financiers straight even if you do open the account realize it’s not for you that chatroom is readily available for you just 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 outright 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 biggest video game changer for this business i need to state myself as somebody who has operated in financing for over 15 years etoro are going about it the right way they are managed in various jurisdictions and they are expanding at the right pace ensuring 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 regulated in australia and of course they are on the finra website 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 a good sign for me since they’re ensuring they don’t have a circumstance where they leave themselves open to suits or they mess up with guideline it seems every second week robin hood has some lawsuit or some big grievance they need to handle we have crypto brokers like binance over in the uk dealing with severe trouble with the guideline and the fca there it appears that etoro are taking the ideal steps initially prior to they launch making certain that the customers remain in the most safe possible position and they don’t leave themselves open i need to say this is a terrific sign for a contemporary brokerage with an app unlike the old standard saxo bank and interactive brokers a modern day commission complimentary platform more on that later going the ideal steps ensuring 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 stick around for the long term and they have clear goals of growing to be one of the greatest brokerages on the planet now the minimum amount needed 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 actually ten dollars and a lot of other nations it’s just fifty dollars so you can go ahead 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 said etoro is a commission totally free brokerage however naturally brokers wish to generate income so how the hell do they do that well the first apparent cost is if you take money out of your account there’s a 5 dollars fee but to be truthful that probably gets involved deal charges 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 many 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 difference in between usually it’s just a really small cost and that is called the spread that is the charge that etoro will possibly keep on this trade that’s how they make money since they are not charging you a commission to open the trade they’re simply opening the trade at a slightly higher price and the easiest method of describing this is if you bought say apple in this example on screen now and then you instantly put it in your portfolio you will see a slight loss on this trade week one day one minute one second one which portion loss is just how much it cost you to open that trade or you can even really see the dollar and go cost of 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 too there is a small distinction and what happens here is etoro tends to compute the distinction which is how much they’ve made i have tracked this for a very 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 initial cost that i had for opening the trade itself however this is the typical standard structure nowadays for a great deal of brokers that use commission free trades if you don’t want to pay a spread you can go and open an interactive brokers account a saxo bank account or a few of the other more advanced platforms and you will get charged a fixed charge per trade but for me personally i believe for newer investors particularly this is a much cheaper way of doing things now what does etoro need to use well they provide stocks etfs cryptocurrency cfds more on that in just a second copy trading and numerous a lot more properties like products and forex or currencies but having a platform that allows you to trade several sectors is absolutely helpful for example you can short bitcoin and go long silver you might also 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 day world we live in currency products things of the sort are certainly more required in brokerage houses specifically for the brand-new financier nevertheless i did point out cfds though which is a contract for difference these are essentially contracts that brokerage or other institutions can use a client to buy a business typically it’s a method of having a lot more leverage without really owning any of the stock you are earning a contract with stated institution now cfds are in fact not available to individuals in the us but they are available to people over in europe and in the uk but i have to state provided the scariness of utilize and more than 60
of people trading cfds lose money i just entirely keep away from cfds especially if you are a more recent or intermediate investor and on that too just keep away from leverage it’s not truly great for your portfolio now prior to we move on to the two most popular things with etoro and things that people tend to enjoy the most we need to talk about the stocks etfs and products now this is the greatest problem etoro has in my opinion and they are taking a look at altering this extremely very soon in fact i think it’s one of their biggest goals for 2022. now although etoro tends to have most the stocks that you want to trade or etfs they do not have them all and they are including them at a reasonably slow rate they do not wish to include every penny stock under the sun that no one’s actually 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 penny stock that only one person’s trading every day they’re not going to make that much cash so they are only adding stocks that they feel that a helpful and b well less risky i really see this as a bit of a positive for brand-new investors although for someone 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 a minimum of take a look at and not on the platform now that said i have spoken to etoro on this and they have actually 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 relevant but i make sure if you are a torah user and watching this it can be frustrating that perhaps one out of 10 stocks is really not offered on the platform so let’s hope etoro sees this video and it changes very very soon now the two most popular things on etoro is the social platform and the popular investing program
Only offered 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 think about
If you want to trade stocks and cryptocurrencies in the same place: Robinhood uses trading in stocks and alternatives, including fractional shares. In addition, it offers 7 different cryptocurrencies and charges no transaction costs.