I’ve been using etoro for numerous years now and i have to say considering that my last etoro evaluation video the platform itself has actually changed a hell of a lot i thought what much better chance with the new year to give a brand-new review on etoro talk about the good points the bad points and the things that etoro desperately 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 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 find this video beneficial 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 utilize i do have numerous accounts of them and i have used them for several years however i do feel there is many locations that etor desperately needs to enhance on if it is indeed to contend and i’ll be quite harsh in slamming them in this video i feel like it’s just fair as someone who does utilize etoro on a day-to-day basis to give the severe and honest reality on the negative side as well as the positive side however overall i do have to say i am overly pleased with them and if you are looking for a second brokerage account or our brand-new investor i would simply state dive in the minimums are rather 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
remark and follow the steps there you do really get life time access to our lwt etoro discord so you can communicate with other financiers directly even if you do open the account realize it’s not for you that chat room is readily available for you simply 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 will launch stock trading in the us which i feel will be the greatest video game changer for this business i need to say myself as someone who has operated in financing for over 15 years etoro are setting about it the proper way they are controlled in several jurisdictions and they are expanding at the ideal rate 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 regulated in australia and obviously they are on the finra site over in the us as i stated u.s stock trading is coming soon nevertheless the fact that they are taking their time over in
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the us before they launch stock trading over the last year or two is in fact a good sign for me because they’re ensuring they do not have a situation where they leave themselves open to claims or they ruin with policy it appears every second week robin hood has some lawsuit or some huge problem they need to handle we have crypto brokers like binance over in the uk facing severe difficulty with the fca and the guideline there it seems that etoro are taking the right actions first before they introduce ensuring that the clients are in the most safe possible position and they do not leave themselves open i have to state this is a terrific sign for a modern day brokerage with an app unlike the old conventional 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 actually operating in this shows me that etoro is looking to stay for the long term and they have clear goals of growing to be among the biggest brokerages worldwide now the minimum amount needed to open an account does vary on where you are located on screen now you can see the minimums offered 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 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 but obviously brokers want to generate income so how the hell do they do that well the first apparent charge is if you take money out of your account there’s a five bucks cost however to be sincere that probably gets involved deal charges and he toro probably 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 nowadays 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 typically it’s simply a really little cost which is called the spread that is the cost that etoro will possibly keep on this trade that’s how they earn money because they are not charging you a commission to open the trade they’re just opening the trade at a slightly higher price and the easiest way of describing 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 small loss on this trade week one day one minute one second one which portion loss is how much it cost you to open that trade or you can even in fact drop in the dollar fee of just how much it approximately 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 small difference and what occurs here is etoro tends to calculate the difference and that is how much they have actually made i have actually tracked this for a long period of 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 charge that i had for opening the trade itself however this is the regular standard structure these days for a lot of brokers that offer commission free trades if you do not wish to pay a spread you can go and open an interactive brokers account a saxo checking account or a few of the other more advanced platforms and you will get charged a fixed charge per trade but for me personally i think for newer investors particularly this is a more affordable way of doing things now what does etoro have to provide well they provide stocks etfs cryptocurrency cfds more on that in just a second copy trading and lots of a lot more possessions like commodities and foreign exchange or currencies however having a platform that allows you to trade several sectors is certainly 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 various elements available with this platform and i feel in the modern world we live in currency commodities things of the sort are absolutely more needed in brokerage houses specifically for the new investor however i did discuss cfds though which is a contract for distinction these are basically agreements that brokerage or other organizations can provide a customer to purchase a company typically it’s a way of having a lot more take advantage of without actually owning any of the stock you are earning an agreement with stated institution now cfds are actually not offered to people in the us but they are offered to people over in europe and in the uk but i have to say provided the scariness of utilize and more than 60
of people trading cfds lose cash i just entirely keep away from cfds especially if you are a newer or intermediate financier and on that too just keep away from take advantage of it’s not truly great for your portfolio now before we carry on to the two most popular things with etoro and things that individuals tend to like the most we require to discuss the stocks etfs and commodities now this is the greatest problem etoro has in my opinion and they are taking a look at altering this really very soon in fact i believe it’s one of their most significant goals 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 including them at a fairly slow rate they do not want to include every penny stock under the sun that no one’s in fact trading like i said they make their cash on the spread out so the more individuals trading a stock the more cash they make if they added in a low-cap penny stock that only one individual’s trading every day they’re not going to make that much money so they are only including stocks that they feel that an useful and b well less dangerous i actually see this as a little 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 annoying that a few of the stocks that i do want to trade or a minimum of take a look at and not on the platform now that stated i have talked to etoro on this and they have actually assured 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 may not even be that pertinent however i make certain if you are a torah user and watching this it can be bothersome that perhaps one out of 10 stocks is actually not offered on the platform so let’s hope etoro views this video and it changes really very soon now the two most popular things on etoro is the social platform and the popular investing program
Only readily available in 43 states
All U.S. citizens can register for a virtual trading account. However, there are just 43 states (along with Washington D.C. and the Northern Mariana Islands) where you can use real cash to buy and sell cryptocurrencies. Delaware, Hawaii, Minnesota, New Hampshire, New York City, Nevada, and Tennessee clients presently can not trade with eToro. The business intends to have 50-state availability eventually. Until then, some traders will need to look somewhere else.
Alternatives to think about
If you want to trade stocks and cryptocurrencies in the same location: Robinhood offers trading in stocks and options, including fractional shares. In addition, it provides 7 various cryptocurrencies and charges no transaction costs.