I’ve been using etoro for numerous years now and i have to state given that my last etoro review video the platform itself has changed a hell of a lot i thought what much better chance with the brand-new year to give a brand-new review on etoro talk about the great points the bad points and the things that etoro frantically requires to improve on if it is indeed to contend 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 an alternative then this video is for you all i ask in return is if you find this video helpful you carefully tap that like button to help me out with the youtube gods and without additional 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 utilized them for a number of years nevertheless i do feel there is numerous locations that etor frantically needs to improve on if it is undoubtedly to contend and i’ll be rather severe in criticizing them in this video i feel like it’s only reasonable as somebody who does use etoro on a daily basis to provide the harsh and honest reality on the unfavorable side as well as the favorable side nevertheless total i do have to state i am excessively happy with them and if you are looking for a 2nd brokerage account or our brand-new investor i would simply say jump in the minimums are quite low provide it a whirl and see if it fits your requirements and if you do so through the affiliate link down on the pinned
comment and follow the actions there you do really 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 readily available for you simply 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 game changer for this business i have to say myself as someone who has actually operated in financing for over 15 years etoro are setting about it the right way they are controlled in several jurisdictions and they are broadening at the best pace making sure 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 managed in australia and obviously they are on the finra site 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 launch stock trading over the in 2015 approximately is in fact an excellent sign for me since they’re making sure they do not have a circumstance where they leave themselves open to claims or they screw up with policy it seems every second week robin hood has some court case or some big grievance they have to handle we have crypto brokers like binance over in the uk dealing with severe trouble with the regulation and the fca there it appears that etoro are taking the best steps first prior to they launch ensuring that the clients remain in the best possible position and they do not leave themselves open i need to say this is a terrific sign for a modern day brokerage with an app unlike the old standard saxo bank and interactive brokers a modern commission totally free platform more on that later going the right actions making sure that all the eyes are dotted or the t’s are crossed before they open in any area they are in fact operating in this shows me that etoro is seeking to stay for the long term and they have clear objectives of growing to be among the biggest 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 however if you are from the us or the uk
the minimum to open an account is in fact 10 dollars and a lot of other countries it’s just fifty dollars so you can proceed 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 obviously brokers want to generate income so how the hell do they do that well the very first apparent fee is if you take cash out of your account there’s a five dollars charge however to be truthful that probably gets involved transaction fees 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 most brokers these days 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 difference in between typically it’s just an extremely small charge which is called the spread that is the cost that etoro will potentially continue this trade that’s how they earn money since they are not charging you a commission to open the trade they’re simply opening the trade at a slightly higher price and the most convenient way of explaining this is if you bought say apple in this example on screen from time to time you immediately put it in your portfolio you will see a small loss on this trade week one day one minute one second one and that percentage loss is how much it cost you to open that trade or you can even really see the dollar and go charge of how much it approximately 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 slight difference and what takes place 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 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 initial cost that i had for opening the trade itself however this is the normal standard structure nowadays for a great deal of brokers that provide 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 more advanced platforms and you will get charged a repaired fee per trade but for me personally i think for more recent financiers particularly this is a much cheaper way of doing things now what does etoro have to provide well they use stocks etfs cryptocurrency cfds more on that in just a second copy trading and lots of much more properties like products and foreign exchange or currencies however having a platform that allows you to trade numerous sectors is certainly advantageous for example you can short bitcoin and go long silver you might 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 live in currency commodities things of the sort are absolutely more needed in brokerage homes especially for the new investor however i did point out cfds though which is a contract for difference these are generally agreements that brokerage or other organizations can offer a customer to buy a business usually it’s a way of having a lot more utilize without in fact owning any of the stock you are earning an agreement with said organization now cfds are really not offered to people in the us but they are available to people over in europe and in the uk however i need to say offered the scariness of utilize and more than 60
of people trading cfds lose cash i just totally keep away from cfds especially if you are a more recent or intermediate investor and on that also simply keep away from leverage it’s not truly good for your portfolio now prior to we proceed to the two most popular things with etoro and things that individuals tend to like the most we need to discuss the stocks etfs and commodities now this is the most significant issue etoro has in my opinion and they are taking a look at altering this really very soon in fact i think it’s one of their greatest objectives for 2022. now although etoro tends to have most the stocks that you wish to trade or etfs they don’t have them all and they are including them at a reasonably slow rate they do not wish to add every cent stock under the sun that nobody’s actually trading like i stated they make their money on the spread so the more individuals trading a stock the more money 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 only adding stocks that they feel that an useful and b well less dangerous i really see this as a bit of a positive for new investors although for somebody like myself who’s had a lot more
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experience it is rather irritating that some of the stocks that i do wish to trade or at least take a look at and not on the platform now that said i have actually spoken to etoro on this and they have actually promised me that a lot more stocks at record volumes are going to be included this year so by the time this video comes out it might not even be that relevant however i’m sure if you are a torah user and viewing this it can be frustrating that possibly one out of 10 stocks is actually not available on the platform so let’s hope etoro enjoys this video and it changes very soon now the two most popular things on etoro is the popular investing and the social platform program
Only 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 consumers currently can not trade with eToro.
Alternatives to think about
If you wish to trade stocks and cryptocurrencies in the exact same location: Robinhood provides trading in stocks and choices, including fractional shares. In addition, it provides 7 various cryptocurrencies and charges no transaction fees.