I’ve been using etoro for several years now and i have to state considering that my last etoro evaluation video the platform itself has changed a hell of a lot i thought what better opportunity with the brand-new year to give a new evaluation on etoro talk about the excellent points the bad points and the things that etoro frantically needs to improve 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 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 find this video beneficial you carefully tap that like button to assist me out with the youtube gods and without more 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 use i do have several accounts of them and i have utilized them for several years however i do feel there is lots of areas that etor frantically needs to improve on if it is certainly to complete and i’ll be rather harsh in slamming them in this video i feel like it’s just reasonable as someone who does utilize etoro on an everyday basis to offer the honest and harsh reality on the unfavorable side as well as the positive side however total i do have to state i am extremely happy with them and if you are looking for a 2nd brokerage account or our new investor i would simply state dive in the minimums are rather low give it a try and see if it fits your requirements and if you do so through the affiliate link down on the pinned
remark and follow the steps there you do actually get lifetime access to our lwt etoro discord so you can connect with other investors directly even if you do open the account understand it’s not for you that chat room is readily 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 launch stock trading in the us which i feel will be the biggest video game changer for this business i need to say myself as someone who has actually operated in finance for over 15 years etoro are going about it the right way they are controlled in various 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 managed with the fca over in the uk sysek over in cyprus they’re controlled in australia and naturally 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 introduce stock trading over the in 2015 approximately is in fact an excellent sign for me because they’re making sure they don’t have a situation where they leave themselves open to claims or they mess up with regulation it seems every second week robin hood has some lawsuit or some big problem they have to deal with we have crypto brokers like binance over in the uk dealing with major difficulty with the fca and the policy there it seems that etoro are taking the right steps first prior to they launch making certain that the clients remain in the safest possible position and they don’t leave themselves open i have to state this is a fantastic sign for a modern day brokerage with an app unlike the old conventional saxo bank and interactive brokers a contemporary commission complimentary platform more on that later going the ideal actions ensuring that all the eyes are dotted or the t’s are crossed before they open in any location they are in fact operating in this shows me that etoro is wanting to stay for the long term and they have clear objectives of growing to be one of the greatest brokerages in the world now the minimum quantity needed to open an account does differ on where you are located on screen now you can see the minimums readily available however if you are from the us or the uk
the minimum to open an account is actually ten dollars and a lot of other countries it’s only fifty dollars so you can proceed inspect 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 obviously brokers want to earn money so how the hell do they do that well the very first obvious cost is if you take cash out of your account there’s a 5 bucks charge but to be truthful that probably gets involved deal fees 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 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 typically it’s simply an extremely small cost which is called the spread that is the charge that etoro will potentially keep this trade that’s how they make money since 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 describing this is if you purchased say apple in this example on screen once in a while you instantly put it in your portfolio you will see a slight 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 see the dollar and go fee of just how much it approximately cost you to open stated trade however after using this platform for a long time when you close the trade as well there is a minor difference and what occurs here is etoro tends to compute 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 really 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 typical standard structure nowadays for a lot of brokers that use commission free trades if you don’t 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 fixed cost per trade but for me personally i believe for more recent investors particularly 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 simply a 2nd copy trading and many much more possessions like products and foreign exchange or currencies however having a platform that permits you to trade several sectors is certainly useful for instance you can short bitcoin and go long silver you could also short the japanese yen and go long into gold there is several aspects readily available with this platform and i feel in the contemporary world we reside in currency products things of the sort are definitely more required in brokerage houses particularly for the new financier 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 customer to purchase 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 stated organization now cfds are actually not offered to people in the us but they are available to individuals over in europe and in the uk however i need to state given the scariness of leverage and more than 60
of people trading cfds lose cash i just totally stay away from cfds specifically if you are a more recent or intermediate investor and on that as well simply stay away from utilize it’s not actually great for your portfolio now before we proceed to the two most popular things with etoro and things that individuals tend to love the most we require to speak about the stocks etfs and commodities now this is the biggest problem etoro has in my viewpoint and they are taking a look at altering this extremely soon in fact i believe it’s one of their most significant 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 adding them at a reasonably slow rate they do not want to include every cent stock under the sun that nobody’s in fact 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 included a low-cap penny stock that only one individual’s trading every single day they’re not going to make that much money so they are only including stocks that they feel that a beneficial and b well less dangerous i actually see this as a little a favorable for new investors although for somebody like myself who’s had a lot more
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experience it is quite irritating that some of the stocks that i do wish to trade or at least look at and not on the platform now that said i have actually spoken with etoro on this and they have promised 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 appropriate but i make sure if you are a torah user and seeing this it can be irritating that maybe one out of 10 stocks is really not available on the platform so let’s hope etoro enjoys this video and it alters very soon now the two most popular things on etoro is the social platform and the popular investing program
Just 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 consumers currently can not trade with eToro.
Alternatives to consider
If you wish to trade stocks and cryptocurrencies in the same location: Robinhood offers trading in stocks and options, including fractional shares. In addition, it provides 7 various cryptocurrencies and charges no transaction costs.