I have actually been utilizing etoro for several years now and i have to state considering that my last etoro review video the platform itself has changed a hell of a lot i thought what much better opportunity with the new year to offer a brand-new review on etoro talk about the excellent points the bad points and the things that etoro frantically needs 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 just looking for a brand-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 beneficial you gently 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 actually used them for several years nevertheless i do feel there is many areas that etor frantically requires to improve on if it is undoubtedly to compete 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 daily basis to give the severe and honest fact on the negative side as well as the positive side however total i do have to say i am extremely pleased with them and if you are looking for a second brokerage account or our brand-new investor i would just state dive in the minimums are rather low provide it a try and see if it fits your needs and if you do so via the affiliate link down on the pinned
comment and follow the steps there you do really get life time access to our lwt etoro discord so you can connect with other financiers directly even if you do open the account understand 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 will launch stock trading in the us which i feel will be the most significant video game changer for this company i have to state myself as someone who has actually operated in finance for over 15 years etoro are tackling it the right way they are regulated in several jurisdictions and they are broadening at the ideal speed making sure all the eyes are dotted all the t’s are crossed before they open in any jurisdiction for example they are regulated with the fca over in the uk sysek over in cyprus they’re managed in australia and naturally they are on the finra site over in the us as i said u.s stock trading is coming soon nevertheless the fact that they are taking their time over in
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the us prior to they introduce stock trading over the last year or so is really a good sign for me since they’re ensuring they don’t have a scenario where they leave themselves open to suits or they ruin with regulation it appears every second week robin hood has some lawsuit or some big complaint they have to handle we have crypto brokers like binance over in the uk facing serious trouble with the fca and the regulation there it appears that etoro are taking the ideal steps initially prior to they release making certain that the customers are in the most safe possible position and they do not leave themselves open i have to say this is a great sign for a modern brokerage with an app unlike the old conventional saxo bank and interactive brokers a modern commission complimentary platform more on that later going the ideal steps making sure that all the eyes are dotted or the t’s are crossed prior to they open in any location they are really working in this shows me that etoro is looking to stick around for the long term and they have clear aims of growing to be one of the greatest brokerages worldwide now the minimum quantity needed to open an account does vary on where you lie 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 really 10 dollars and a lot of other nations it’s only fifty dollars so you can proceed inspect 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 said etoro is a commission complimentary brokerage but of course brokers wish to make money so how the hell do they do that well the first apparent cost is if you take cash out of your account there’s a 5 bucks charge however to be sincere that most likely gets wrapped up in transaction charges and he toro most likely does not see that much of it the method 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 offer a stock there’s a little distinction in between usually it’s simply a really little fee and that is called the spread that is the cost that etoro will potentially keep on this trade that’s how they make money due to the fact that they are not charging you a commission to open the trade they’re just opening the trade at a somewhat higher cost and the most convenient way of explaining this is if you bought say apple in this example on screen once in a while you instantly 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 how much it cost you to open that trade or you can even in fact drop in the dollar fee of just how much it roughly cost you to open said trade nevertheless after using this platform for a long time when you close the trade too there is a small difference and what occurs here is etoro tends to calculate the difference and that is just how much they have actually made i have actually tracked this for a very long time and seen that
when i actually do close a trade quite a great deal 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 but this is the regular standard structure nowadays for a lot of brokers that use commission open markets if you don’t wish to pay a spread you can go and open an interactive brokers account a saxo bank account or some of the other more advanced platforms and you will get charged a fixed cost per trade but for me personally i believe for newer investors specifically this is a more affordable way of doing things now what does etoro have to offer well they use stocks etfs cryptocurrency cfds more on that in just a 2nd copy trading and many a lot more properties like products and forex or currencies but having a platform that enables you to trade multiple sectors is absolutely 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 aspects available with this platform and i feel in the modern world we reside in currency commodities things of the sort are certainly more needed in brokerage houses especially for the new investor however i did mention cfds though which is a contract for distinction these are essentially contracts that brokerage or other institutions can provide a customer to buy a company generally it’s a way of having a lot more take advantage of without actually owning any of the stock you are making a contract with said organization now cfds are actually not available to people in the us but they are available to individuals over in europe and in the uk however i need to say offered the scariness of take advantage of and more than 60
of people trading cfds lose money i simply entirely stay away from cfds specifically if you are a more recent or intermediate investor and on that too simply stay away from take advantage of it’s not really helpful for your portfolio now before 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 commodities now this is the biggest issue etoro has in my opinion and they are looking at altering this really soon in fact i think 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 including them at a relatively sluggish 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 people trading a stock the more money they make if they added in a low-cap penny stock that only one individual’s trading every day they’re not going to make that much money so they are just adding stocks that they feel that an useful and b well less dangerous i actually see this as a little a favorable for brand-new financiers although for someone like myself who’s had a lot more
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experience it is quite frustrating that a few of the stocks that i do want to trade or at least take a look at and not on the platform now that said i have actually talked to etoro on this and they have assured 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 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 available on the platform so let’s hope etoro views this video and it alters very very soon now the two most popular things on etoro is the social platform and the popular investing program
Just readily 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 customers presently can not trade with eToro.
Alternatives to consider
If you want to trade stocks and cryptocurrencies in the exact same place: Robinhood uses trading in stocks and choices, including fractional shares. In addition, it provides 7 various cryptocurrencies and charges no deal costs.