so i have actually been using etoro for a number of years now…Etoro Number Of Instruments… and i have to state because my last etoro review video the platform itself has changed a hell of a lot i thought what better opportunity with the new year to give a new evaluation on etoro talk about the good points the bad points and the things that etoro desperately needs to improve 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 just looking for a brand-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 advantageous you gently tap that like button to help me out with the youtube gods and without more ado let’s get on with the video so right off the bat i wish to clarify etoro is not the sole brokerage account i utilize i do have a number of accounts of them and i have utilized them for several years however i do feel there is numerous locations that etor frantically needs to improve on if it is undoubtedly to compete and i’ll be rather extreme in criticizing them in this video i seem like it’s just fair as someone who does utilize etoro every day to provide the sincere and severe truth on the unfavorable side along with the positive side however general i do need to say i am excessively delighted with them and if you are trying to find a second brokerage account or our brand-new financier i would simply say jump in the minimums are quite low give it a whirl and see if it fits your requirements and if you do so through the affiliate link down on the pinned
remark and follow the steps there you do in fact get lifetime access to our lwt etoro discord so you can connect with other investors straight even if you do open the account recognize it’s not for you that chat room is easily offered for you just follow the steps down on the pinned remarks 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 greatest game changer for this company i need to say myself as somebody who has worked in finance for over 15 years etoro are tackling it properly they are controlled in many different jurisdictions and they are broadening at the best speed making sure all the eyes are dotted all the t’s are crossed before they open in any jurisdiction for example they are managed with the fca over in the uk sysek over in cyprus they’re controlled in australia and obviously they are on the finra site over in the us as i stated u.s stock trading is coming soon however the fact 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 really an excellent sign for me because they’re ensuring they don’t have a situation where they leave themselves open to suits or they screw up with policy it appears every second week robin hood has some lawsuit or some huge problem they have to handle we have crypto brokers like binance over in the uk dealing with major trouble with the fca and the policy there it seems that etoro are taking the best actions first before they introduce ensuring that the clients are in the most safe possible position and they don’t leave themselves open i need to say this is a terrific sign for a contemporary brokerage with an app unlike the old traditional saxo bank and interactive brokers a modern day commission free platform more on that later going the ideal steps making sure that all the eyes are dotted or the t’s are crossed before they open in any area they are actually operating in this reveals me that etoro is looking to remain for the long term and they have clear aims of growing to be among the biggest brokerages on the planet now the minimum amount required to open an account does vary on where you are located on screen now you can see the minimums offered however if you are from the us or the uk
the minimum to open an account is actually ten dollars and a lot of other countries it’s only fifty dollars so you can go ahead check this link it will remain 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 free brokerage however of course brokers wish to generate income so how the hell do they do that well the first obvious cost is if you take cash out of your account there’s a 5 dollars charge but to be sincere that most likely gets involved deal costs and he toro most likely doesn’t see that much of it the method they make their cash is on something called a spread if you go onto most brokers these days 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 a really small fee and that is called the spread that is the charge that etoro will potentially continue 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 price and the simplest way 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 slight loss on this trade week one day one minute one second one and that percentage loss is just how much it cost you to open that trade or you can even actually go and see the dollar fee of just how much it roughly cost you to open said trade nevertheless after utilizing this platform for a very long time when you close the trade too there is a small difference and what occurs here is etoro tends to determine the difference and that is how much they have actually made i have actually tracked this for a long time and seen that
when i in fact do close a trade rather a lot of the time the cost that i get charged is a lot less than the preliminary charge that i had for opening the trade itself however this is the typical basic structure nowadays for a lot of brokers that provide 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 advanced platforms and you will get charged a repaired charge per trade but for me personally i think for more recent financiers especially this is a much cheaper way of doing things now what does etoro have to offer well they use stocks etfs cryptocurrency cfds more on that in simply a 2nd copy trading and lots of many more possessions like commodities and forex or currencies however having a platform that allows you to trade numerous sectors is definitely advantageous 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 live in currency products things of the sort are certainly more needed in brokerage houses especially for the new financier nevertheless i did point out cfds though which is a contract for distinction these are generally contracts that brokerage or other institutions can offer a client to purchase a business normally it’s a way of having a lot more leverage without really owning any of the stock you are making a contract with said organization now cfds are really not offered to individuals in the us however they are offered to individuals over in europe and in the uk however i need to state offered the scariness of take advantage of and more than 60
of individuals trading cfds lose cash i simply completely keep away from cfds particularly if you are a newer or intermediate investor and on that also just stay away from take advantage of it’s not actually great for your portfolio now prior to we move 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 products now this is the greatest problem etoro has in my viewpoint and they are looking at altering this really soon in fact i believe it is among their biggest objectives 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 fairly slow rate they do not wish to include every penny stock under the sun that no one’s actually trading like i said they make their money on the spread so the more people trading a stock the more cash they make if they included a low-cap cent stock that only one individual’s trading every single 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 in fact 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 rather bothersome that some of the stocks that i do want to trade or a minimum of take a look at and not on the platform now that stated i have actually talked to 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 certain if you are a torah user and seeing this it can be annoying that maybe one out of 10 stocks is really not offered on the platform so let’s hope etoro views this video and it alters really very soon now the two most popular things on etoro is the social platform and the popular investing program
Just offered 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 clients presently 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 alternatives, including fractional shares. In addition, it uses 7 various cryptocurrencies and charges no deal costs.