I have actually been using etoro for a number of years now and i have to state given that my last etoro review video the platform itself has actually changed a hell of a lot i thought what much better chance with the new year to offer a brand-new evaluation on etoro talk about the great points the bad points and the things that etoro desperately requires 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 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 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 several accounts of them and i have actually used them for a number of years nevertheless i do feel there is numerous areas that etor desperately requires to improve on if it is indeed to complete and i’ll be rather severe in slamming them in this video i feel like it’s just fair as somebody who does utilize etoro on a day-to-day basis to give the truthful and extreme reality on the negative side as well as the positive side nevertheless general i do have to state i am extremely pleased with them and if you are looking for a 2nd brokerage account or our new investor i would simply state dive in the minimums are rather low give it a try and see if it fits your requirements and if you do so via the affiliate link down on the pinned
remark and follow the actions there you do actually get life time access to our lwt etoro discord so you can communicate with other investors directly even if you do open the account understand it’s not for you that chat room is easily 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 will introduce stock trading in the us which i feel will be the biggest video 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 regulated in many different jurisdictions and they are expanding at the ideal pace making certain all the eyes are dotted all the t’s are crossed before they open in any jurisdiction for instance they are controlled 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 stated u.s stock trading is coming soon however the reality that they are taking their time over in
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the us before they introduce stock trading over the in 2015 or two is really a great sign for me since they’re ensuring they don’t have a scenario where they leave themselves open to lawsuits or they ruin with policy it seems every second week robin hood has some court case or some big grievance they have to handle we have crypto brokers like binance over in the uk dealing with major difficulty with the policy and the fca there it appears that etoro are taking the best actions first before they launch making sure that the clients remain in the safest possible position and they don’t leave themselves open i need to say this is an excellent sign for a modern day brokerage with an app unlike the old standard saxo bank and interactive brokers a contemporary commission totally free platform more on that later going the ideal steps 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 aiming to stay for the long term and they have clear aims of growing to be one of the greatest brokerages worldwide now the minimum amount required 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 in fact ten dollars and a great deal of other nations it’s only fifty dollars so you can go ahead 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 but naturally brokers want to generate income so how the hell do they do that well the very first apparent fee is if you take money out of your account there’s a five dollars charge but to be sincere that probably gets wrapped up in deal fees 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 these days 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 little charge and that is called the spread that is the charge that etoro will possibly keep this trade that’s how they make money since they are not charging you a commission to open the trade they’re just opening the trade at a somewhat greater rate and the simplest method of explaining 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 slight loss on this trade week one day one minute one second one which portion loss is just how much it cost you to open that trade or you can even really drop in the dollar fee of just how much it roughly cost you to open said trade nevertheless after utilizing this platform for a long period of time when you close the trade too there is a small distinction and what occurs here is etoro tends to calculate the difference which is how much they’ve made i have actually tracked this for a long time and seen that
when i actually do close a trade quite a great deal of the time the cost that i get charged is a lot less than the preliminary cost that i had for opening the trade itself however this is the normal basic structure nowadays for a great deal of brokers that offer commission free trades if you do not want to pay a spread you can go and open an interactive brokers account a saxo checking account or some of the other advanced platforms and you will get charged a fixed fee per trade but for me personally i think for newer financiers particularly this is a much cheaper method of doing things now what does etoro need to offer well they offer stocks etfs cryptocurrency cfds more on that in simply a second copy trading and many many more properties like commodities and foreign exchange or currencies however having a platform that permits you to trade multiple sectors is certainly advantageous for example you can short bitcoin and go long silver you might likewise short the japanese yen and go long into gold there is several elements readily available with this platform and i feel in the contemporary world we reside in currency products things of the sort are absolutely more required in brokerage houses specifically for the brand-new investor nevertheless i did point out cfds though which is a contract for difference these are basically agreements that brokerage or other organizations can offer a customer to purchase a company generally it’s a method of having a lot more leverage without in fact owning any of the stock you are earning an agreement with stated organization now cfds are actually not readily available to individuals in the us but they are available to individuals over in europe and in the uk however i have to say provided the scariness of utilize and more than 60
of individuals trading cfds lose money i just totally keep away from cfds particularly if you are a newer or intermediate investor and on that also simply stay away from utilize it’s not really helpful for your portfolio now prior to we move on to the two most popular things with etoro and things that people tend to like the most we need to speak about the stocks etfs and products now this is the greatest problem etoro has in my viewpoint and they are looking at changing 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 adding them at a fairly slow rate they do not wish to add every penny stock under the sun that nobody’s actually 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 included a low-cap cent stock that only one person’s trading every single day they’re not going to make that much cash so they are just including stocks that they feel that a helpful and b well less risky i in fact see this as a little a positive for new investors although for somebody like myself who’s had a lot more
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experience it is rather annoying that some of the stocks that i do wish to trade or at least look at and not on the platform now that said i have spoken with 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 however i make certain if you are a torah user and viewing this it can be bothersome that possibly one out of 10 stocks is actually 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 offered 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 consumers presently can not trade with eToro.
Alternatives to think about
If you want to trade stocks and cryptocurrencies in the exact same location: Robinhood uses trading in stocks and choices, including fractional shares. In addition, it uses 7 various cryptocurrencies and charges no deal fees.