I’ve been using etoro for a number of years now and i have to say because my last etoro review video the platform itself has actually altered a hell of a lot i thought what better chance with the new year to offer a brand-new evaluation on etoro talk about the excellent points the bad points and the things that etoro desperately needs to improve on if it is indeed to complete with the likes of robin hood when it opens stock trading in the us so if you are new to investing or are just looking for a new brokerage account and etoro is a choice then this video is for you all i ask in return is if you find this video helpful you gently tap that like button to assist 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 use i do have a number of accounts of them and i have used them for several years however i do feel there is numerous areas that etor desperately needs to improve on if it is certainly to complete and i’ll be quite severe in criticizing them in this video i feel like it’s just reasonable as somebody who does utilize etoro on a daily basis to provide the extreme and sincere fact on the negative side as well as the favorable side nevertheless total i do have to state i am excessively delighted with them and if you are looking for a second brokerage account or our new financier i would just state dive in the minimums are quite 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 actions there you do in fact get life time access to our lwt etoro discord so you can communicate with other financiers straight even if you do open the account recognize it’s not for you that chat room is readily offered for you simply follow the steps down on the pinned remarks let’s start about who etoro is and what they’re about they are an absolute mega giant of a broker over here in europe and they will launch stock trading in the us which i feel will be the greatest video game changer for this business i need to state myself as somebody who has operated in finance for over 15 years etoro are setting about it properly they are managed in several jurisdictions and they are broadening at the right pace ensuring all the eyes are dotted all the t’s are crossed before 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 very soon however the reality that they are taking their time over in
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the us before they launch stock trading over the last year or so 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 screw up with regulation it appears every second week robin hood has some lawsuit or some huge problem they need to deal with we have crypto brokers like binance over in the uk dealing with serious trouble with the fca and the regulation there it appears that etoro are taking the ideal steps initially before they launch making certain that the customers are in the most safe possible position and they do not leave themselves open i have to state this is an excellent sign for a modern day brokerage with an app unlike the old standard saxo bank and interactive brokers a contemporary commission free platform more on that later going the best actions making certain that all the eyes are dotted or the t’s are crossed before they open in any area they are really operating in this reveals me that etoro is aiming to stick around for the long term and they have clear aims of growing to be one of the most significant brokerages worldwide now the minimum amount needed to open an account does differ 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 in fact ten dollars and a lot of other countries it’s only fifty dollars so you can proceed examine 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 totally free brokerage but naturally brokers want to generate income so how the hell do they do that well the first obvious cost is if you take money out of your account there’s a five bucks cost however to be honest that most likely gets involved deal costs and he toro most likely doesn’t see that much of it the method they make their money is on something called a spread if you go onto most 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 normally it’s just a very small cost and that is called the spread that is the cost that etoro will possibly keep this trade that’s how they generate income since they are not charging you a commission to open the trade they’re simply opening the trade at a somewhat higher rate and the easiest method of explaining this is if you bought say apple in this example on screen now and then you immediately put it in your portfolio you will see a small loss on this trade week one day one minute one 2nd one which percentage loss is how much it cost you to open that trade or you can even really go and see the dollar fee of how much it approximately cost you to open said trade however 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’ve made i have tracked this for a very long time and seen that
when i in fact do close a trade quite a lot of the time the cost that i get charged is a lot less than the initial fee that i had for opening the trade itself but this is the typical basic structure these days for a great deal of brokers that offer commission free trades if you don’t wish to pay a spread you can go and open an interactive brokers account a saxo checking account or some of the other advanced platforms and you will get charged a repaired fee per trade but for me personally i believe for newer investors particularly this is a more affordable way of doing things now what does etoro need to offer well they provide stocks etfs cryptocurrency cfds more on that in just a 2nd copy trading and lots of many more assets like products and forex or currencies but having a platform that allows you to trade several sectors is certainly advantageous for instance you can short bitcoin and go long silver you might likewise short the japanese yen and go long into gold there is various elements available with this platform and i feel in the contemporary world we reside in currency products things of the sort are absolutely more required in brokerage houses specifically for the brand-new investor however i did mention cfds though which is a contract for distinction these are basically agreements that brokerage or other institutions can use a customer to buy a company typically it’s a method of having a lot more take advantage of without really owning any of the stock you are making an agreement with stated organization now cfds are in fact not offered to individuals in the us however they are available to individuals over in europe and in the uk however i have to state given the scariness of utilize and more than 60
of individuals trading cfds lose money i simply completely stay away from cfds particularly if you are a more recent or intermediate financier and on that as well just keep away from leverage it’s not truly helpful for your portfolio now prior to we carry on to the two most popular things with etoro and things that individuals tend to like the most we need to speak about the stocks etfs and commodities now this is the greatest issue etoro has in my viewpoint and they are looking at altering this very soon in fact i think it’s one of their biggest goals 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 reasonably sluggish rate they do not wish to include 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 people trading a stock the more cash they make if they added in a low-cap cent stock that only one individual’s trading every day they’re not going to make that much money so they are just including stocks that they feel that a helpful and b well less risky i actually see this as a little a favorable for brand-new investors although for somebody like myself who’s had a lot more
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experience it is quite bothersome that a few of the stocks that i do want to trade or at least look at and not on the platform now that stated i have actually talked to etoro on this and they have actually 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 however i make certain if you are a torah user and enjoying this it can be bothersome that possibly one out of 10 stocks is really not readily available on the platform so let’s hope etoro sees this video and it alters really 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. residents 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 think about
If you wish to trade stocks and cryptocurrencies in the same location: Robinhood uses trading in stocks and choices, including fractional shares. In addition, it offers 7 different cryptocurrencies and charges no transaction charges.