I’ve been using etoro for numerous years now and i have to say because my last etoro evaluation video the platform itself has actually changed a hell of a lot i believed what better chance 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 requires 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 an alternative then this video is for you all i ask in return is if you discover this video advantageous 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 use i do have numerous accounts of them and i have utilized them for numerous years nevertheless i do feel there is many areas that etor frantically requires to enhance on if it is undoubtedly to compete and i’ll be quite harsh in slamming them in this video i feel like it’s only fair as somebody who does utilize etoro on an everyday basis to give the severe and truthful fact on the negative side as well as the favorable side nevertheless overall i do have to say i am extremely happy with them and if you are looking for a 2nd brokerage account or our new investor i would just state dive in the minimums are quite 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 engage with other financiers straight even if you do open the account realize it’s not for you that chat room is readily 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 absolute mega giant of a broker over here in europe and they are about to release stock trading in the us which i feel will be the biggest game changer for this business i have to say myself as somebody who has actually worked in financing for over 15 years etoro are setting about it the proper way they are managed in several jurisdictions and they are broadening at the ideal pace ensuring 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 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 before they launch stock trading over the in 2015 approximately is actually an excellent sign for me due to the fact that they’re making sure they don’t have a situation where they leave themselves open to claims or they screw up with policy it seems every second week robin hood has some lawsuit or some big grievance they need to handle we have crypto brokers like binance over in the uk facing serious difficulty with the guideline and the fca there it seems that etoro are taking the ideal steps initially before they release making sure that the clients are in the best possible position and they don’t 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 contemporary commission free platform more on that later going the ideal actions making sure that all the eyes are dotted or the t’s are crossed before they open in any location they are in fact working in this shows me that etoro is looking to stick around for the long term and they have clear objectives of growing to be among the greatest brokerages in the world now the minimum quantity needed to open an account does vary on where you are located on screen now you can see the minimums available however if you are from the us or the uk
the minimum to open an account is in fact ten dollars and a great deal of other nations it’s only fifty dollars so you can proceed check this link it will remain in the description and see how much it costs to open an account with etoro in your jurisdiction now like i stated etoro is a commission free brokerage but obviously brokers want to earn money so how the hell do they do that well the very first obvious fee is if you take money out of your account there’s a five bucks fee but to be sincere that most likely gets involved transaction costs and he toro most likely does not 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 buy a stock and when you offer a stock there’s a little distinction in between usually it’s simply an extremely small cost which is called the spread that is the fee 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 just opening the trade at a slightly greater rate and the most convenient way of describing this is if you bought state apple in this example on screen once in a while you quickly 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 how much it cost you to open that trade or you can even actually go and see the dollar cost of how much it approximately cost you to open stated trade however after using this platform for a long time when you close the trade too there is a minor difference and what happens here is etoro tends to compute the distinction which is how much they have actually made i have tracked this for a long time and seen that
when i in fact do close a trade rather a great deal of the time the cost that i get charged is a lot less than the initial cost that i had for opening the trade itself however this is the regular standard structure nowadays for a lot of brokers that use commission open markets if you do not want to pay a spread you can go and open an interactive brokers account a saxo checking account or a few of the other advanced platforms and you will get charged a fixed charge per trade but for me personally i believe for newer financiers especially this is a more affordable method of doing things now what does etoro need to provide well they use stocks etfs cryptocurrency cfds more on that in simply a second copy trading and lots of a lot more possessions like products and foreign exchange or currencies but having a platform that permits you to trade multiple sectors is absolutely helpful for example you can short bitcoin and go long silver you could also short the japanese yen and go long into gold there is many different aspects readily available with this platform and i feel in the modern day world we reside in currency products things of the sort are definitely more required in brokerage homes especially for the new financier nevertheless i did mention cfds though which is a contract for difference these are generally contracts that brokerage or other institutions can offer a customer to buy a business normally it’s a method of having a lot more leverage without in fact owning any of the stock you are earning an agreement with said institution now cfds are actually not available to individuals in the us however they are offered to people over in europe and in the uk however i have to say provided the scariness of take advantage of and more than 60
of people trading cfds lose cash i just totally stay away from cfds particularly if you are a more recent or intermediate financier and on that also simply keep away from take advantage of it’s not actually great for your portfolio now before we proceed to the two most popular things with etoro and things that individuals tend to love the most we require to discuss the stocks etfs and products now this is the greatest problem etoro has in my opinion and they are taking a look at altering this very soon in fact i believe 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 adding them at a reasonably slow rate they do not want to add every cent 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 money they make if they added in a low-cap penny stock that only one person’s trading every day they’re not going to make that much cash so they are just adding stocks that they feel that a helpful and b well less risky i in fact see this as a little a positive for new investors although for someone like myself who’s had a lot more
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experience it is quite irritating that some of the stocks that i do want 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 actually 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 may not even be that appropriate but i’m sure if you are a torah user and watching this it can be irritating that perhaps one out of 10 stocks is really not available on the platform so let’s hope etoro enjoys this video and it alters very very soon now the two most popular things on etoro is the popular investing and the social platform program
Only offered 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 currently can not trade with eToro.
Alternatives to think about
If you wish to trade stocks and cryptocurrencies in the same place: Robinhood uses trading in stocks and alternatives, consisting of fractional shares. In addition, it provides 7 different cryptocurrencies and charges no transaction charges.