I’ve been using etoro for several years now and i have to state because my last etoro review video the platform itself has changed a hell of a lot i thought what much better chance 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 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 discover this video useful 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 want to clarify etoro is not the sole brokerage account i utilize i do have numerous accounts of them and i have used them for a number of years nevertheless i do feel there is numerous areas that etor desperately needs to improve on if it is undoubtedly to contend and i’ll be quite harsh in slamming them in this video i feel like it’s just fair as someone who does utilize etoro on an everyday basis to offer the honest and severe reality on the unfavorable side as well as the positive side however general i do have to state i am excessively pleased with them and if you are looking for a 2nd brokerage account or our brand-new financier i would just say dive in the minimums are rather low provide it a whirl 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 in fact 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 chatroom is easily 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 will introduce stock trading in the us which i feel will be the biggest video game changer for this company i need to say myself as somebody who has operated in finance for over 15 years etoro are going about it the right way they are controlled in various jurisdictions and they are broadening at the ideal speed ensuring 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 managed in australia and of course they are on the finra website over in the us as i said u.s stock trading is coming very soon nevertheless the truth 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 really a good sign for me because they’re making sure they don’t have a situation where they leave themselves open to claims or they screw up with regulation it appears every second week robin hood has some lawsuit or some big complaint they need to handle we have crypto brokers like binance over in the uk facing serious problem with the policy and the fca there it seems that etoro are taking the best steps initially prior to they launch making certain that the customers remain in the best possible position and they do not leave themselves open i have to say this is a fantastic sign for a contemporary brokerage with an app unlike the old traditional saxo bank and interactive brokers a modern day commission complimentary platform more on that later going the best actions making sure that all the eyes are dotted or the t’s are crossed prior to they open in any location they are really operating in this reveals me that etoro is aiming to remain for the long term and they have clear objectives of growing to be one of the biggest brokerages in the world now the minimum amount needed to open an account does vary on where you lie on screen now you can see the minimums available however if you are from the us or the uk
the minimum to open an account is in fact ten dollars and a great deal of other countries it’s just fifty dollars so you can go on 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 said etoro is a commission totally free brokerage but obviously brokers wish to make money so how the hell do they do that well the very first obvious fee is if you take cash out of your account there’s a five bucks fee but to be truthful that most likely gets involved deal costs 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 these days unless you’re getting charged a flat rate you will see that when you buy a stock and when you sell a stock there’s a little difference in between generally it’s just a very small fee which is called the spread that is the cost that etoro will potentially keep this trade that’s how they make money because they are not charging you a commission to open the trade they’re just opening the trade at a slightly higher rate and the simplest way of describing this is if you purchased state 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 percentage loss is how much it cost you to open that trade or you can even actually see the dollar and go charge of just how much it roughly cost you to open stated trade nevertheless after using this platform for a very long time when you close the trade too there is a slight distinction and what occurs here is etoro tends to calculate the distinction which is how much they’ve 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 initial charge that i had for opening the trade itself but this is the normal basic 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 savings 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 think for more recent investors specifically this is a more affordable way of doing things now what does etoro need to provide well they offer stocks etfs cryptocurrency cfds more on that in simply a 2nd copy trading and many a lot more assets like products and forex or currencies however having a platform that enables you to trade several sectors is certainly useful for example you can short bitcoin and go long silver you might likewise short the japanese yen and go long into gold there is various aspects readily available with this platform and i feel in the contemporary world we reside in currency commodities things of the sort are certainly more needed in brokerage homes particularly for the new financier nevertheless i did point out cfds though which is a contract for difference these are generally agreements that brokerage or other institutions can provide a customer to buy a business usually it’s a method of having a lot more take advantage of without in fact owning any of the stock you are earning a contract with said organization now cfds are actually not offered to individuals in the us but they are offered to individuals over in europe and in the uk however i have to state provided the scariness of leverage and more than 60
of individuals trading cfds lose money i simply entirely keep away from cfds particularly if you are a more recent or intermediate financier and on that too simply stay away from utilize 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 individuals tend to love the most we require to speak about the stocks etfs and commodities now this is the most significant issue etoro has in my viewpoint and they are looking at altering this very soon in fact i think it is among their biggest 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 including them at a fairly slow rate they do not wish to add every penny stock under the sun that nobody’s actually trading like i stated they make their cash on the spread out so the more individuals trading a stock the more money they make if they included a low-cap cent stock that only one person’s trading every day they’re not going to make that much money so they are only including stocks that they feel that an advantageous and b well less risky i really see this as a little 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 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 said i have spoken to etoro on this and they have 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 might not even be that pertinent however i’m sure if you are a torah user and enjoying this it can be bothersome that perhaps one out of 10 stocks is actually not readily available on the platform so let’s hope etoro sees this video and it alters extremely soon now the two most popular things on etoro is the popular investing and the social platform program
Only readily available in 43 states
All U.S. locals can register for a virtual trading account. There are only 43 states (along with Washington D.C. and the Northern Mariana Islands) where you can use genuine money to purchase and sell cryptocurrencies. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee consumers currently can not trade with eToro. The company intends to have 50-state availability eventually. Up until then, some traders will have to look in other places.
Alternatives to consider
If you want to trade stocks and cryptocurrencies in the same place: Robinhood provides trading in stocks and choices, consisting of fractional shares. In addition, it provides 7 different cryptocurrencies and charges no transaction costs.