I have actually been using etoro for several years now and i have to say since my last etoro review video the platform itself has altered a hell of a lot i thought what much better chance with the new year to provide a new evaluation on etoro talk about the excellent points the bad points and the things that etoro desperately needs 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 brand-new to investing or are just looking for a new brokerage account and etoro is a choice then this video is for you all i ask in return is if you discover this video advantageous you carefully tap that like button to assist me out with the youtube gods and without further 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 use i do have several accounts of them and i have utilized them for several years however i do feel there is numerous areas that etor desperately requires to enhance on if it is indeed to compete and i’ll be quite harsh in criticizing them in this video i feel like it’s only fair as somebody who does utilize etoro on an everyday basis to provide the truthful and severe fact on the unfavorable side as well as the favorable side nevertheless total i do have to state i am extremely pleased with them and if you are looking for a 2nd brokerage account or our brand-new investor i would just say jump in the minimums are rather low provide it a whirl and see if it fits your requirements and if you do so via 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 interact with other financiers straight even if you do open the account realize it’s not for you that chatroom is readily available for you simply 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 introduce stock trading in the us which i feel will be the most significant game changer for this company i have to state myself as somebody who has worked in finance for over 15 years etoro are tackling it the right way they are managed in several jurisdictions and they are broadening at the right 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 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 said 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 release stock trading over the in 2015 or two is in fact a great sign for me due to the fact that they’re making sure they do not have a scenario where they leave themselves open to lawsuits or they ruin with guideline it seems every second week robin hood has some lawsuit or some huge complaint they have to deal with we have crypto brokers like binance over in the uk facing major trouble with the fca and the regulation there it appears that etoro are taking the right actions first before they launch making certain that the customers remain in the most safe possible position and they don’t leave themselves open i have to say this is a great sign for a modern 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 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 working in this shows me that etoro is looking to stay for the long term and they have clear aims of growing to be among the biggest brokerages in the world now the minimum quantity required to open an account does differ on where you are located on screen now you can see the minimums available but if you are from the us or the uk
the minimum to open an account is actually ten dollars and a lot of other nations it’s just fifty dollars so you can go on inspect this link it will be 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 totally free brokerage however obviously brokers wish to make money so how the hell do they do that well the first apparent cost is if you take money out of your account there’s a 5 dollars cost however to be truthful that probably gets wrapped up in transaction fees 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 the majority of brokers nowadays 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 normally it’s just a very small cost which is called the spread that is the fee that etoro will possibly keep on this trade that’s how they make money because they are not charging you a commission to open the trade they’re simply opening the trade at a slightly higher cost and the most convenient method of explaining this is if you purchased say apple in this example on screen now and then you instantly 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 just how much it cost you to open that trade or you can even in fact go and see the dollar cost of how much it roughly cost you to open said trade however after utilizing this platform for a long time when you close the trade too there is a minor distinction and what takes place here is etoro tends to compute the distinction and that is how much they’ve made i have tracked this for a long period of time and seen that
when i really do close a trade quite a lot 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 normal standard structure these days for a lot of brokers that offer commission open markets if you don’t want to pay a spread you can go and open an interactive brokers account a saxo savings account or some of the other advanced platforms and you will get charged a fixed charge per trade but for me personally i think for newer financiers especially 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 just a second copy trading and numerous a lot more assets like products and forex or currencies but having a platform that permits you to trade numerous sectors is definitely advantageous for instance you can short bitcoin and go long silver you could also short the japanese yen and go long into gold there is several aspects offered with this platform and i feel in the contemporary world we reside in currency products things of the sort are certainly more needed in brokerage homes especially for the brand-new financier nevertheless i did point out cfds though which is a contract for difference these are basically agreements that brokerage or other institutions can use a customer to buy a company generally it’s a method of having a lot more take advantage of without in fact owning any of the stock you are earning a contract with said organization now cfds are actually not readily available to people in the us however they are offered to individuals over in europe and in the uk but i have to say given the scariness of leverage and more than 60
of people trading cfds lose money i just completely stay away from cfds especially if you are a more recent or intermediate financier and on that too just keep away from leverage it’s not really great for your portfolio now before we proceed to the two most popular things with etoro and things that people tend to love the most we require to discuss the stocks etfs and products now this is the most significant issue etoro has in my opinion and they are taking a look at altering this extremely 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 adding them at a reasonably slow rate they do not want to add every cent stock under the sun that nobody’s in fact trading like i stated they make their money on the spread out so the more people trading a stock the more money they make if they added in a low-cap cent stock that only one person’s trading each and every single day they’re not going to make that much money so they are only adding stocks that they feel that an advantageous and b well less risky i actually see this as a little bit of a favorable for brand-new investors although for someone like myself who’s had a lot more
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experience it is quite irritating that a few 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 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 may not even be that appropriate but i’m sure if you are a torah user and watching 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 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 clients presently can not trade with eToro.
Alternatives to consider
If you want to trade stocks and cryptocurrencies in the very same location: Robinhood uses trading in stocks and options, consisting of fractional shares. In addition, it offers 7 various cryptocurrencies and charges no transaction fees.