I have actually been using etoro for several years now and i have to state because my last etoro evaluation video the platform itself has actually altered a hell of a lot i thought what better opportunity with the brand-new year to offer a brand-new review on etoro talk about the great points the bad points and the things that etoro desperately 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 brand-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 advantageous 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 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 numerous years however i do feel there is many areas that etor desperately requires to improve on if it is undoubtedly to compete and i’ll be quite extreme in slamming them in this video i feel like it’s just fair as somebody who does utilize etoro on a daily basis to provide the severe and truthful truth on the negative side as well as the favorable side however total i do have to state i am excessively pleased with them and if you are looking for a 2nd brokerage account or our new financier i would just state jump in the minimums are rather low offer 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 actually get life time access to our lwt etoro discord so you can connect with other financiers straight even if you do open the account realize it’s not for you that chatroom 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 are about to launch stock trading in the us which i feel will be the biggest game changer for this business i have to say myself as someone who has actually operated in finance for over 15 years etoro are going about it the proper way they are regulated in many different jurisdictions and they are broadening at the best rate ensuring all the eyes are dotted all the t’s are crossed before they open in any jurisdiction for example they are controlled with the fca over in the uk sysek over in cyprus they’re managed in australia and naturally they are on the finra site over in the us as i stated 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 or so is actually a great sign for me because they’re making sure they don’t have a situation where they leave themselves open to suits or they mess up with policy it seems every second week robin hood has some court case or some huge complaint they need to handle we have crypto brokers like binance over in the uk dealing with severe problem with the fca and the regulation there it appears that etoro are taking the ideal actions initially before they introduce making sure that the customers are in the safest possible position and they do not leave themselves open i need to say this is a terrific sign for a contemporary brokerage with an app unlike the old traditional saxo bank and interactive brokers a modern day commission totally free platform more on that later going the best steps making sure that all the eyes are dotted or the t’s are crossed before they open in any location they are actually operating in this reveals me that etoro is seeking to stay for the long term and they have clear aims of growing to be one of the biggest brokerages worldwide now the minimum amount needed to open an account does differ on where you lie 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 10 dollars and a lot of other nations it’s just fifty dollars so you can proceed 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 stated etoro is a commission totally free brokerage however of course brokers wish to earn money 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 dollars cost but to be honest that most likely gets wrapped up in transaction charges and he toro most likely doesn’t see that much of it the way they make their cash is on something called a spread if you go onto many 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 typically it’s just a really small cost which is called the spread that is the fee that etoro will potentially continue 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 somewhat greater cost and the simplest method of describing this is if you bought state apple in this example on screen from time to time you instantly put it in your portfolio you will see a small loss on this trade week one day one minute one second one and that percentage loss is how much it cost you to open that trade or you can even in fact drop in the dollar charge of how much it approximately cost you to open stated trade however after using this platform for a long period of time when you close the trade also there is a small difference and what occurs here is etoro tends to determine the distinction which is just how much they have actually made i have actually tracked this for a long time and seen that
when i really do close a trade quite a lot of the time the cost that i get charged is a lot less than the initial cost 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 free trades if you don’t wish to pay a spread you can go and open an interactive brokers account a saxo bank account or some of the other more advanced platforms and you will get charged a repaired cost per trade but for me personally i believe for newer investors specifically this is a much cheaper method of doing things now what does etoro need to provide well they offer stocks etfs cryptocurrency cfds more on that in simply a second copy trading and many much more properties like commodities and forex or currencies but having a platform that allows you to trade several sectors is absolutely helpful for example you can short bitcoin and go long silver you might also short the japanese yen and go long into gold there is several aspects readily available with this platform and i feel in the contemporary world we reside in currency commodities things of the sort are definitely more required in brokerage homes especially for the brand-new financier nevertheless i did mention cfds though which is a contract for distinction these are basically contracts that brokerage or other institutions can use a client 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 making an agreement with stated organization now cfds are really not available to individuals in the us however they are readily available to people over in europe and in the uk but i need to state given the scariness of utilize and more than 60
of people trading cfds lose money i simply completely keep away from cfds specifically if you are a newer or intermediate investor and on that as well simply stay away from take advantage of it’s not really good for your portfolio now prior to we carry on to the two most popular things with etoro and things that people tend to enjoy the most we require to talk about the stocks etfs and commodities now this is the greatest issue etoro has in my opinion and they are taking a look at altering this really 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 wish to trade or etfs they do not have them all and they are adding them at a reasonably slow rate they do not want to add every penny stock under the sun that no one’s really trading like i said 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 cent stock that only one person’s trading each and every single day they’re not going to make that much cash so they are only adding stocks that they feel that a helpful and b well less dangerous i really see this as a little bit of a positive for new investors although for somebody like myself who’s had a lot more
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experience it is quite frustrating 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 actually spoken with etoro on this and they have promised 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 might not even be that pertinent however i make certain if you are a torah user and enjoying this it can be bothersome that maybe one out of 10 stocks is really not offered on the platform so let’s hope etoro watches 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
Just 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 wish to trade stocks and cryptocurrencies in the exact same place: Robinhood offers trading in stocks and alternatives, including fractional shares. In addition, it offers 7 various cryptocurrencies and charges no deal costs.