I have actually been using etoro for several years now and i have to say given that my last etoro review video the platform itself has changed a hell of a lot i believed what much better opportunity with the new year to offer a new review on etoro talk about the good points the bad points and the things that etoro desperately needs to improve on if it is undoubtedly 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 discover 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 want 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 several years however i do feel there is numerous areas that etor desperately needs to improve on if it is indeed to compete and i’ll be rather harsh in slamming them in this video i feel like it’s just fair as somebody who does utilize etoro on an everyday basis to provide the truthful and severe truth on the negative side as well as the favorable side nevertheless total i do have to say i am excessively pleased with them and if you are looking for a second brokerage account or our new financier i would just say jump in the minimums are rather low offer it a whirl and see if it fits your requirements and if you do so by means of the affiliate link down on the pinned
remark and follow the steps there you do actually get life time access to our lwt etoro discord so you can communicate with other financiers straight even if you do open the account realize it’s not for you that chatroom is easily available for you just 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 game changer for this company i need to state myself as someone who has actually worked in finance for over 15 years etoro are tackling it properly they are controlled in several jurisdictions and they are expanding 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 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 soon nevertheless the truth 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 great sign for me since they’re ensuring 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 court case or some huge grievance they need to deal with we have crypto brokers like binance over in the uk dealing with severe difficulty with the guideline and the fca there it seems that etoro are taking the ideal actions first prior to they release ensuring that the customers are in the most safe possible position and they do not leave themselves open i have to say this is a fantastic sign for a modern brokerage with an app unlike the old conventional saxo bank and interactive brokers a modern day commission totally free platform more on that later going the right steps making sure that all the eyes are dotted or the t’s are crossed prior to 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 among the greatest brokerages in the world now the minimum quantity required to open an account does vary on where you lie on screen now you can see the minimums offered but if you are from the us or the uk
the minimum to open an account is really ten dollars and a lot of other nations it’s just fifty dollars so you can go ahead check this link it will be in the description and see just how much it costs to open an account with etoro in your jurisdiction now like i stated etoro is a commission totally free brokerage but of course brokers want to earn money so how the hell do they do that well the very first obvious charge is if you take cash out of your account there’s a 5 bucks cost however to be truthful that probably gets involved transaction charges and he toro probably 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 normally it’s simply an extremely small charge which is called the spread that is the cost that etoro will possibly keep this trade that’s how they earn money because they are not charging you a commission to open the trade they’re just opening the trade at a somewhat greater rate and the simplest way of explaining this is if you bought state apple in this example on screen from time to time you immediately put it in your portfolio you will see a minor loss on this trade week one day one minute one 2nd one which portion loss is just how much it cost you to open that trade or you can even actually drop in the dollar cost of just how much it roughly cost you to open stated trade nevertheless after utilizing this platform for a long period of time when you close the trade too there is a minor difference and what occurs here is etoro tends to determine the difference which is how much they have actually made i have actually 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 charge that i get charged is a lot less than the initial fee that i had for opening the trade itself however this is the normal standard structure nowadays for a lot of brokers that use commission free trades if you do not 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 cost per trade but for me personally i think for more recent financiers particularly this is a more affordable method of doing things now what does etoro need to offer well they provide stocks etfs cryptocurrency cfds more on that in just a second copy trading and numerous a lot more assets like products and foreign exchange or currencies however having a platform that enables you to trade several sectors is absolutely beneficial for instance you can short bitcoin and go long silver you might also short the japanese yen and go long into gold there is several elements available with this platform and i feel in the modern world we reside in currency products things of the sort are absolutely more needed in brokerage homes specifically for the new financier nevertheless i did mention cfds though which is a contract for difference these are generally contracts that brokerage or other organizations can use a client to buy a business generally it’s a way of having a lot more leverage without in fact owning any of the stock you are earning a contract with stated organization now cfds are in fact not readily available to individuals in the us however they are offered to individuals over in europe and in the uk however i have to state given the scariness of leverage and more than 60
of individuals trading cfds lose money i just completely stay away from cfds particularly if you are a more recent or intermediate financier and on that as well simply stay away from leverage it’s not really good for your portfolio now before we proceed to the two most popular things with etoro and things that individuals tend to enjoy the most we require to speak about the stocks etfs and commodities now this is the greatest issue etoro has in my opinion and they are taking a look at changing this really soon in fact i believe it is among their greatest 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 relatively slow rate they do not want to add every penny stock under the sun that no one’s actually trading like i stated 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 each and every single day they’re not going to make that much money so they are just including stocks that they feel that an useful and b well less risky i in fact see this as a bit of a favorable for brand-new financiers although for somebody like myself who’s had a lot more
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experience it is rather annoying that some of the stocks that i do wish to trade or a minimum of look at and not on the platform now that stated i have actually spoken with etoro on this and they have guaranteed 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 might not even be that pertinent however i make sure if you are a torah user and seeing this it can be irritating that possibly one out of 10 stocks is really not available on the platform so let’s hope etoro views this video and it changes very soon now the two most popular things on etoro is the social platform and the popular investing program
Just available in 43 states
All U.S. homeowners can sign up for a virtual trading account. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee clients currently can not trade with eToro.
Alternatives to consider
If you want to trade stocks and cryptocurrencies in the same location: Robinhood offers trading in stocks and options, consisting of fractional shares. In addition, it uses 7 different cryptocurrencies and charges no transaction fees.