I’ve been using etoro for several years now and i have to say since 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 provide a brand-new evaluation on etoro talk about the great points the bad points and the things that etoro frantically needs to enhance on if it is undoubtedly to complete with the likes of robin hood when it opens stock trading in the us so if you are new to investing or are just 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 helpful you gently tap that like button to help me out with the youtube gods and without additional 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 actually utilized them for numerous years however i do feel there is many areas that etor desperately requires to improve on if it is certainly to contend and i’ll be rather severe in slamming them in this video i feel like it’s just fair as someone who does use etoro on a day-to-day basis to give the extreme and sincere truth on the negative side as well as the positive side nevertheless total i do have to state i am extremely happy with them and if you are looking for a 2nd brokerage account or our new investor i would just say dive in the minimums are quite low give it a try and see if it fits your needs and if you do so through the affiliate link down on the pinned
comment and follow the steps there you do in fact get lifetime access to our lwt etoro discord so you can communicate with other investors straight even if you do open the account realize it’s not for you that chat room is readily offered for you just follow the steps down on the pinned comments let’s start about who etoro is and what they have to do with they are an outright 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 game changer for this company i need to state myself as someone who has actually worked in finance for over 15 years etoro are setting about it the proper way they are regulated in many different jurisdictions and they are expanding at the right rate ensuring all the eyes are dotted all the t’s are crossed prior to they open in any jurisdiction for example they are controlled with the fca over in the uk sysek over in cyprus they’re regulated in australia and naturally they are on the finra website over in the us as i said u.s stock trading is coming very soon nevertheless the fact that they are taking their time over in
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the us before they introduce stock trading over the last year or two is in fact a great sign for me because they’re ensuring they do not have a situation where they leave themselves open to suits or they ruin with regulation it appears every second week robin hood has some lawsuit or some big problem they have to deal with we have crypto brokers like binance over in the uk facing major problem with the fca and the regulation there it appears that etoro are taking the ideal steps initially prior to they introduce making sure that the clients remain in the most safe possible position and they do not leave themselves open i have to say this is an excellent sign for a modern brokerage with an app unlike the old traditional saxo bank and interactive brokers a modern day commission complimentary platform more on that later going the ideal steps ensuring that all the eyes are dotted or the t’s are crossed prior to they open in any location they are really operating in this shows me that etoro is seeking to stay for the long term and they have clear goals of growing to be one of the greatest brokerages worldwide now the minimum quantity required to open an account does differ on where you lie on screen now you can see the minimums offered however if you are from the us or the uk
the minimum to open an account is actually ten 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 just 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 obviously brokers want to make money so how the hell do they do that well the first apparent charge is if you take cash out of your account there’s a five dollars charge however to be truthful that probably gets wrapped up in transaction costs and he toro probably does not 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 offer a stock there’s a little difference in between usually it’s simply a very small charge which is called the spread that is the fee that etoro will potentially continue this trade that’s how they earn money due to the fact that they are not charging you a commission to open the trade they’re simply opening the trade at a somewhat greater rate and the most convenient method of describing this is if you purchased state apple in this example on screen once in a while 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 how much it cost you to open that trade or you can even actually see the dollar and go fee of how much it roughly cost you to open said trade nevertheless after using this platform for a long period of time when you close the trade too there is a small distinction and what takes place here is etoro tends to compute the distinction which is how much they’ve made i have tracked this for a long time and seen that
when i actually do close a trade rather a great deal of the time the fee that i get charged is a lot less than the initial charge that i had for opening the trade itself however this is the typical standard structure these days for a lot of brokers that use commission open markets if you don’t wish to pay a spread you can go and open an interactive brokers account a saxo savings account or a few of the other advanced platforms and you will get charged a repaired cost per trade but for me personally i believe for more recent investors specifically this is a more affordable way of doing things now what does etoro need to provide well they offer stocks etfs cryptocurrency cfds more on that in simply a 2nd copy trading and numerous much more possessions like commodities and foreign exchange or currencies but having a platform that enables you to trade numerous sectors is absolutely useful for example you can short bitcoin and go long silver you might likewise 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 commodities things of the sort are absolutely more required in brokerage houses especially for the new financier nevertheless i did discuss cfds though which is a contract for distinction these are basically agreements that brokerage or other institutions can use a client to buy a company usually it’s a method of having a lot more utilize without in fact owning any of the stock you are making a contract with stated organization now cfds are really not readily available to people in the us but they are readily available to people over in europe and in the uk however i have to state offered the scariness of utilize and more than 60
of individuals trading cfds lose cash i simply entirely keep away from cfds particularly if you are a more recent or intermediate investor and on that too simply keep 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 individuals tend to like the most we need to talk about the stocks etfs and products now this is the most significant problem etoro has in my opinion and they are taking a look at altering this very very soon in fact i believe it is among their greatest objectives for 2022. now although etoro tends to have most the stocks that you wish to trade or etfs they do not have them all and they are adding them at a reasonably sluggish rate they do not want to add every penny stock under the sun that nobody’s in fact trading like i stated they make their money on the spread so the more people trading a stock the more cash they make if they included a low-cap penny stock that only one individual’s trading each and every single day they’re not going to make that much money so they are only including stocks that they feel that an advantageous and b well less risky i really see this as a bit of a positive for new financiers although for someone like myself who’s had a lot more
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experience it is rather annoying that a few of the stocks that i do want to trade or at least take a look at and not on the platform now that stated i have spoken with 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 appropriate however i make sure if you are a torah user and viewing this it can be bothersome that maybe one out of 10 stocks is in fact not offered on the platform so let’s hope etoro views this video and it alters 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. citizens can sign up for a virtual trading account. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee customers currently can not trade with eToro.
Alternatives to consider
If you want to trade stocks and cryptocurrencies in the exact same place: Robinhood provides trading in stocks and alternatives, including fractional shares. In addition, it provides 7 various cryptocurrencies and charges no transaction charges.