I’ve been using etoro for a number of years now and i have to say since my last etoro review video the platform itself has changed a hell of a lot i believed what much better opportunity with the brand-new year to give a brand-new review 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 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 useful you gently tap that like button to help me out with the youtube gods and without further 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 utilize i do have a number of accounts of them and i have actually used them for a number of years nevertheless i do feel there is lots of areas that etor frantically needs to improve on if it is undoubtedly to contend and i’ll be quite extreme in criticizing them in this video i feel like it’s only fair as someone who does use etoro on a day-to-day basis to provide the truthful and severe fact on the negative side as well as the favorable side nevertheless general i do have to state i am extremely happy with them and if you are looking for a second brokerage account or our new investor i would just say dive in the minimums are quite low offer it a whirl and see if it fits your requirements and if you do so via the affiliate link down on the pinned
remark and follow the actions 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 easily offered 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 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 worked in financing for over 15 years etoro are tackling it the proper way they are regulated in several jurisdictions and they are broadening at the ideal rate making certain all the eyes are dotted all the t’s are crossed prior to they open in any jurisdiction for example 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 site over in the us as i said u.s stock trading is coming soon nevertheless the truth that they are taking their time over in
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the us before they introduce stock trading over the last year approximately is really a great sign for me due to the fact that they’re ensuring they don’t have a scenario where they leave themselves open to suits or they screw up with regulation it appears every second week robin hood has some lawsuit or some huge problem they have to deal with we have crypto brokers like binance over in the uk facing major problem with the regulation and the fca there it seems that etoro are taking the best steps initially prior to they release making certain that the clients are in the best possible position and they do not 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 free platform more on that later going the right 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 shows me that etoro is seeking 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 quantity required 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 great deal of other nations it’s just 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 but obviously brokers wish to make money so how the hell do they do that well the first apparent charge is if you take money out of your account there’s a five dollars charge however to be honest that probably gets involved transaction charges 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 a lot of brokers nowadays 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 distinction in between usually it’s simply a very little charge and that is called the spread that is the cost that etoro will possibly continue 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 easiest method of describing this is if you bought state apple in this example on screen once in a while you quickly put it in your portfolio you will see a small loss on this trade week one day one minute one 2nd one which portion loss is how much it cost you to open that trade or you can even in fact see the dollar and go fee of how much it roughly cost you to open said trade nevertheless after using this platform for a long time when you close the trade also there is a slight difference and what happens here is etoro tends to determine the difference which is 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 rather a lot of the time the fee that i get charged is a lot less than the preliminary fee that i had for opening the trade itself however this is the normal basic structure nowadays for a great deal 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 some of the other advanced platforms and you will get charged a repaired charge per trade but for me personally i believe for newer investors specifically this is a much cheaper way of doing things now what does etoro have to provide well they offer stocks etfs cryptocurrency cfds more on that in simply a 2nd copy trading and many many more assets like commodities and forex or currencies however having a platform that allows you to trade numerous sectors is certainly advantageous 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 available with this platform and i feel in the modern world we live in currency commodities things of the sort are absolutely more required in brokerage homes especially for the new investor however i did point out cfds though which is a contract for difference these are basically agreements that brokerage or other institutions can provide a client to purchase a company usually it’s a method of having a lot more leverage without actually owning any of the stock you are making an agreement with stated organization now cfds are really not readily available to people in the us however they are offered to people over in europe and in the uk but i need to say provided the scariness of leverage and more than 60
of people trading cfds lose cash i just totally keep away from cfds particularly if you are a newer or intermediate investor and on that too simply stay away from take advantage of it’s not really good for your portfolio now before we proceed to the two most popular things with etoro and things that people tend to love the most we require to speak about the stocks etfs and products now this is the biggest problem etoro has in my opinion and they are taking a look at altering this really soon in fact i think it’s one of their biggest 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 including them at a relatively slow rate they do not want to add every penny stock under the sun that no one’s really trading like i stated they make their money on the spread out so the more people trading a stock the more money they make if they added in a low-cap cent stock that only one individual’s trading every single day they’re not going to make that much cash so they are only adding stocks that they feel that an advantageous and b well less dangerous i actually see this as a little a favorable for new financiers 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 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 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 frustrating that possibly one out of 10 stocks is in fact not available on the platform so let’s hope etoro sees this video and it changes extremely 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. There are only 43 states (along with Washington D.C. and the Northern Mariana Islands) where you can utilize real money to purchase and offer cryptocurrencies. Delaware, Hawaii, Minnesota, New Hampshire, New York City, Nevada, and Tennessee customers presently can not trade with eToro. The company intends to have 50-state accessibility eventually. Till then, some traders will have to look in other places.
Alternatives to consider
If you wish to trade stocks and cryptocurrencies in the exact same location: Robinhood offers trading in stocks and options, including fractional shares. In addition, it offers 7 different cryptocurrencies and charges no transaction charges.