I’ve been using etoro for several years now and i have to say because my last etoro review video the platform itself has changed 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 requires to enhance on if it is undoubtedly 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 help 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 several accounts of them and i have utilized them for a number of years nevertheless i do feel there is numerous areas that etor desperately requires to enhance on if it is certainly to compete and i’ll be rather extreme in criticizing them in this video i feel like it’s only reasonable as someone who does use etoro on a day-to-day basis to provide the honest and harsh truth on the negative side as well as the favorable side nevertheless total i do have to state i am excessively pleased with them and if you are looking for a second brokerage account or our new investor i would simply state dive in the minimums are quite low give it a whirl and see if it fits your needs and if you do so by means of the affiliate link down on the pinned
comment and follow the steps there you do really get lifetime access to our lwt etoro discord so you can engage with other investors directly 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 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 state myself as somebody who has actually worked in finance for over 15 years etoro are tackling it the proper way they are regulated in many different jurisdictions and they are expanding at the ideal speed making sure all the eyes are dotted all the t’s are crossed prior to they open in any jurisdiction for example they are managed with the fca over in the uk sysek over in cyprus they’re regulated in australia and obviously they are on the finra site over in the us as i stated u.s stock trading is coming very soon nevertheless 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 approximately is really an excellent sign for me because they’re making certain they don’t have a situation where they leave themselves open to claims or they screw up with regulation it seems every second week robin hood has some court case or some big grievance they need to deal with we have crypto brokers like binance over in the uk facing severe trouble with the fca and the guideline there it seems that etoro are taking the ideal actions first prior to they introduce making sure that the customers are in the best 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 traditional saxo bank and interactive brokers a contemporary commission totally free platform more on that later going the right steps ensuring 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 reveals me that etoro is aiming to stick around for the long term and they have clear goals of growing to be among the most significant brokerages worldwide now the minimum amount required 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 actually 10 dollars and a lot 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 said etoro is a commission complimentary brokerage but naturally brokers want to make money so how the hell do they do that well the very first obvious charge is if you take cash out of your account there’s a five dollars cost but to be truthful that most likely gets wrapped up in deal charges 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 a lot of 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 distinction in between generally it’s just an extremely small charge which is called the spread that is the charge that etoro will possibly keep on 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 cost and the easiest way of explaining this is if you bought say 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 which percentage loss is how much it cost you to open that trade or you can even actually see the dollar and go cost of just how much it roughly cost you to open said trade nevertheless after using this platform for a very long time when you close the trade also there is a minor distinction and what occurs here is etoro tends to calculate the difference which is just how much they have actually made i have tracked this for a long period of time and seen that
when i really do close a trade quite a great deal 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 normal standard structure these days for a great deal of brokers that provide commission free trades if you don’t want to pay a spread you can go and open an interactive brokers account a saxo bank account or a few of the other more advanced platforms and you will get charged a fixed cost per trade but for me personally i think for more recent financiers specifically this is a much cheaper way of doing things now what does etoro need to offer well they offer stocks etfs cryptocurrency cfds more on that in simply a second copy trading and lots of many more possessions like commodities and forex or currencies but having a platform that allows you to trade several sectors is certainly helpful 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 aspects available with this platform and i feel in the contemporary world we reside in currency commodities things of the sort are absolutely more required in brokerage houses particularly for the brand-new financier however i did discuss cfds though which is a contract for distinction these are generally agreements that brokerage or other institutions can use a customer to purchase a company usually it’s a way of having a lot more leverage without in fact owning any of the stock you are making a contract with said organization now cfds are really not readily available to people in the us however they are available to people over in europe and in the uk but i have to state given the scariness of take advantage of and more than 60
of individuals trading cfds lose money i just totally stay away from cfds particularly if you are a more recent or intermediate investor and on that as well simply keep away from leverage it’s not really good for your portfolio now before we move on to the two most popular things with etoro and things that individuals tend to love the most we need to discuss the stocks etfs and products now this is the greatest problem etoro has in my viewpoint and they are looking at altering this very soon in fact i believe it is among their biggest 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 include every penny stock under the sun that no one’s in fact trading like i said they make their money on the spread out so the more individuals trading a stock the more money they make if they included a low-cap penny stock that only one person’s trading every day they’re not going to make that much money so they are only 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 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 at least look at and not on the platform now that stated i have talked to 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 however i make sure if you are a torah user and enjoying this it can be irritating that maybe one out of 10 stocks is in fact not readily available on the platform so let’s hope etoro sees this video and it changes really 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 consumers currently can not trade with eToro.
Alternatives to consider
If you want to trade stocks and cryptocurrencies in the same location: Robinhood uses trading in stocks and alternatives, consisting of fractional shares. In addition, it offers 7 various cryptocurrencies and charges no deal charges.