I’ve been utilizing etoro for numerous years now and i have to state given that my last etoro evaluation video the platform itself has changed a hell of a lot i believed what much better opportunity with the new year to give a brand-new evaluation on etoro talk about the great points the bad points and the things that etoro frantically 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 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 beneficial you carefully tap that like button to help 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 a number of accounts of them and i have used them for a number of years however i do feel there is lots of locations that etor frantically requires to improve on if it is undoubtedly to compete and i’ll be quite harsh in slamming them in this video i feel like it’s just reasonable as someone who does utilize etoro on a daily basis to offer the extreme and honest truth on the negative side as well as the favorable side nevertheless general i do have to say i am extremely pleased with them and if you are looking for a 2nd brokerage account or our brand-new investor i would just state 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
remark and follow the actions there you do really get lifetime access to our lwt etoro discord so you can interact with other investors 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 comments 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 greatest game changer for this company i need to state myself as someone who has worked in finance for over 15 years etoro are setting about it the right way they are managed in various jurisdictions and they are expanding at the right pace making sure all the eyes are dotted all the t’s are crossed before they open in any jurisdiction for example they are regulated with the fca over in the uk sysek over in cyprus they’re managed in australia and of course they are on the finra website over in the us as i said u.s stock trading is coming very soon however the truth 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 a good sign for me because they’re making certain they do not have a scenario where they leave themselves open to lawsuits or they mess up with policy it appears 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 severe problem with the fca and the policy there it appears that etoro are taking the best steps initially prior to they introduce ensuring that the clients are in the most safe possible position and they don’t leave themselves open i have to say this is a fantastic sign for a modern day brokerage with an app unlike the old standard saxo bank and interactive brokers a modern commission complimentary platform more on that later going the right steps making sure that all the eyes are dotted or the t’s are crossed prior to they open in any area they are actually operating in this reveals me that etoro is looking to stay for the long term and they have clear objectives of growing to be one of 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 readily available but 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 just fifty dollars so you can proceed inspect 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 totally free brokerage however naturally brokers wish to make money 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 honest that probably gets wrapped up in deal fees and he toro most likely does not see that much of it the way 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 offer a stock there’s a little distinction in between generally it’s simply an extremely little cost and that is called the spread that is the cost 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 somewhat greater cost and the simplest way of explaining this is if you bought state apple in this example on screen now and then you immediately put it in your portfolio you will see a small loss on this trade week one day one minute one 2nd one which percentage loss is how much it cost you to open that trade or you can even really see the dollar and go fee of just how much it roughly cost you to open stated trade however after using this platform for a long time when you close the trade as well there is a slight distinction and what takes place here is etoro tends to determine the distinction which is how much they’ve made i have tracked this for a very long time and seen that
when i in fact do close a trade rather a lot of the time the fee that i get charged is a lot less than the preliminary charge that i had for opening the trade itself but this is the regular basic structure these days for a lot of brokers that use commission open markets if you don’t want to pay a spread you can go and open an interactive brokers account a saxo bank account or some of the other advanced platforms and you will get charged a repaired cost per trade but for me personally i think for more recent financiers especially this is a much cheaper method of doing things now what does etoro need to use well they offer stocks etfs cryptocurrency cfds more on that in just a 2nd copy trading and many much more assets like commodities and foreign exchange or currencies but having a platform that enables you to trade several sectors is definitely beneficial 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 offered with this platform and i feel in the modern world we live in currency products things of the sort are definitely more required in brokerage homes particularly for the brand-new financier nevertheless i did discuss cfds though which is a contract for difference these are generally agreements that brokerage or other organizations can provide a customer to purchase a company typically it’s a method of having a lot more utilize without really owning any of the stock you are making a contract with said institution now cfds are actually not available to individuals in the us but they are offered to individuals over in europe and in the uk but i need to say offered the scariness of take advantage of and more than 60
of individuals trading cfds lose money i just entirely keep away from cfds especially if you are a newer or intermediate financier and on that too just keep away from leverage it’s not really great for your portfolio now before we move on to the two most popular things with etoro and things that people tend to love the most we need to talk about the stocks etfs and products now this is the biggest issue etoro has in my viewpoint and they are looking at changing this very very soon in fact i think it’s one of their greatest goals for 2022. now although etoro tends to have most the stocks that you want to trade or etfs they do not have them all and they are including them at a relatively slow rate they do not want to include every penny stock under the sun that no one’s actually trading like i stated they make their money on the spread out so the more individuals trading a stock the more cash 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 an advantageous and b well less risky i actually see this as a little a positive for new financiers although for someone like myself who’s had a lot more
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experience it is quite bothersome 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 guaranteed 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 make sure if you are a torah user and viewing this it can be bothersome that possibly one out of 10 stocks is in fact not offered on the platform so let’s hope etoro watches this video and it changes very soon now the two most popular things on etoro is the popular investing and the social platform program
Just available in 43 states
All U.S. residents can register for a virtual trading account. There are just 43 states (along with Washington D.C. and the Northern Mariana Islands) where you can use real money to buy and offer cryptocurrencies. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee consumers currently can not trade with eToro. The company aims to have 50-state accessibility ultimately. Up until then, some traders will have to look somewhere else.
Alternatives to consider
If you wish to trade stocks and cryptocurrencies in the exact same location: Robinhood offers trading in stocks and choices, consisting of fractional shares. In addition, it uses 7 different cryptocurrencies and charges no transaction charges.