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 altered a hell of a lot i thought what better opportunity with the new year to give a brand-new evaluation on etoro talk about the good points the bad points and the things that etoro frantically needs to enhance on if it is undoubtedly to contend with the likes of robin hood when it opens stock trading in the us so if you are brand-new to investing or are simply looking for a new brokerage account and etoro is an option then this video is for you all i ask in return is if you find this video useful you carefully 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 desire 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 areas that etor frantically requires to improve on if it is indeed to contend and i’ll be quite extreme in slamming them in this video i feel like it’s only reasonable as someone who does use etoro on an everyday basis to offer the honest and extreme truth on the negative side as well as the favorable side however general i do have to state i am extremely 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 rather low give it a try and see if it fits your needs and if you do so via 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 directly even if you do open the account recognize it’s not for you that chat room is easily offered for you simply 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 will release stock trading in the us which i feel will be the biggest game changer for this business i need to state myself as someone who has actually operated in financing for over 15 years etoro are tackling it the right way they are regulated in several jurisdictions and they are expanding at the ideal pace making certain all the eyes are dotted all the t’s are crossed prior to they open in any jurisdiction for instance 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 said u.s stock trading is coming soon however the truth that they are taking their time over in
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the us before they release stock trading over the in 2015 approximately is actually an excellent sign for me because they’re making certain they don’t have a scenario where they leave themselves open to lawsuits or they mess up with regulation it seems every second week robin hood has some court case or some big grievance they have to deal with we have crypto brokers like binance over in the uk dealing with serious trouble with the fca and the policy there it appears that etoro are taking the ideal steps first before they launch making sure that the clients remain in the safest possible position and they don’t leave themselves open i have to say this is a terrific sign for a modern day brokerage with an app unlike the old traditional saxo bank and interactive brokers a modern 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 prior to they open in any area they are really working in this reveals me that etoro is wanting to remain for the long term and they have clear goals of growing to be among the greatest brokerages in the world now the minimum quantity required to open an account does differ on where you lie 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 really 10 dollars and a great deal of other countries it’s only fifty dollars so you can go ahead check this link it will be 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 however obviously brokers wish to earn money so how the hell do they do that well the first apparent fee is if you take cash out of your account there’s a 5 dollars fee but to be sincere that probably gets wrapped up in deal costs and he toro probably does not see that much of it the way 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 purchase a stock and when you sell a stock there’s a little difference in between generally it’s just a really little charge which is called the spread that is the fee that etoro will possibly 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 somewhat higher price and the easiest method of describing 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 2nd one and that portion loss is how much it cost you to open that trade or you can even really drop in the dollar cost of how much it approximately cost you to open said trade however after utilizing this platform for a long period of time when you close the trade as well there is a slight distinction and what happens here is etoro tends to determine the difference and that is just how much they have actually made i have tracked this for a very long time and seen that
when i in fact do close a trade rather a great deal of the time the charge that i get charged is a lot less than the initial cost that i had for opening the trade itself but this is the regular standard structure these days for a lot 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 bank account or a few of the other advanced platforms and you will get charged a repaired charge per trade but for me personally i believe for newer investors specifically this is a much cheaper way of doing things now what does etoro need to offer well they use stocks etfs cryptocurrency cfds more on that in simply a second copy trading and numerous many more assets like commodities and foreign exchange or currencies but having a platform that enables you to trade several sectors is absolutely helpful for instance you can short bitcoin and go long silver you could also short the japanese yen and go long into gold there is many different elements available with this platform and i feel in the modern world we live in currency products things of the sort are absolutely more required in brokerage houses especially for the new financier however i did point out cfds though which is a contract for distinction these are generally agreements that brokerage or other institutions can provide a customer to purchase a business normally it’s a method 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 offered to individuals in the us but they are offered to people over in europe and in the uk however i need to state provided the scariness of take advantage of and more than 60
of individuals trading cfds lose cash i just totally stay away from cfds especially if you are a newer or intermediate investor and on that as well simply stay away from leverage it’s not truly helpful for your portfolio now before we carry on to the two most popular things with etoro and things that people tend to like the most we need to discuss the stocks etfs and commodities now this is the biggest problem etoro has in my opinion and they are taking a look at altering this extremely very soon in fact i think it is among their greatest objectives for 2022. now although etoro tends to have most the stocks that you want to trade or etfs they don’t have them all and they are adding them at a fairly slow rate they do not want to include every penny stock under the sun that nobody’s really 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 cent stock that only one individual’s trading every single day they’re not going to make that much money so they are only adding stocks that they feel that a helpful and b well less dangerous i actually see this as a bit of a positive for brand-new investors although for somebody 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 wish to trade or a minimum of take a look at and not on the platform now that said i have 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 but i’m sure if you are a torah user and viewing this it can be frustrating that maybe one out of 10 stocks is really not readily available on the platform so let’s hope etoro sees this video and it changes extremely very soon now the two most popular things on etoro is the social platform and the popular investing program
Only available in 43 states
All U.S. locals 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 provides trading in stocks and alternatives, consisting of fractional shares. In addition, it provides 7 different cryptocurrencies and charges no transaction charges.