I have actually been using etoro for a number of years now and i have to say since my last etoro review video the platform itself has changed 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 excellent points the bad points and the things that etoro frantically requires to enhance on if it is undoubtedly to compete with the likes of robin hood when it opens stock trading in the us so if you are brand-new to investing or are simply 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 discover this video useful you carefully tap that like button to assist 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 several accounts of them and i have used them for several years however i do feel there is numerous locations that etor desperately needs to enhance on if it is indeed to compete and i’ll be quite extreme in slamming them in this video i feel like it’s only reasonable as somebody who does use etoro on a daily basis to offer the severe and truthful fact on the negative side as well as the positive side nevertheless general 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 dive in the minimums are quite low give 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 actually get life time access to our lwt etoro discord so you can connect with other financiers 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 have to do with they are an absolute 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 greatest video game changer for this business i have to state myself as someone who has actually worked in financing for over 15 years etoro are tackling it properly they are controlled in many different jurisdictions and they are broadening at the best speed ensuring all the eyes are dotted all the t’s are crossed before they open in any jurisdiction for instance 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 website over in the us as i said u.s stock trading is coming soon however the truth that they are taking their time over in
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the us prior to they launch stock trading over the in 2015 or two is actually a good sign for me because they’re making sure they do not have a circumstance where they leave themselves open to suits or they screw up with guideline it seems every second week robin hood has some lawsuit or some huge grievance they need to handle we have crypto brokers like binance over in the uk dealing with major trouble with the fca and the regulation there it appears that etoro are taking the right actions initially prior to they release ensuring that the customers are in the best possible position and they don’t leave themselves open i have to say this is a great sign for a modern brokerage with an app unlike the old conventional saxo bank and interactive brokers a modern day commission complimentary platform more on that later going the ideal steps making certain that all the eyes are dotted or the t’s are crossed before they open in any area they are actually operating in this shows me that etoro is wanting to stay for the long term and they have clear goals of growing to be among the biggest brokerages in the world 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 however if you are from the us or the uk
the minimum to open an account is actually ten dollars and a lot 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 said etoro is a commission free brokerage however of course brokers wish to make money so how the hell do they do that well the very first obvious fee is if you take cash out of your account there’s a 5 bucks charge but to be truthful that most likely gets wrapped up in deal charges and he toro probably does not see that much of it the way they make their money is on something called a spread if you go onto a lot 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 distinction in between typically it’s just a very little fee and that is called the spread that is the charge that etoro will possibly keep this trade that’s how they earn money since they are not charging you a commission to open the trade they’re just opening the trade at a slightly higher cost and the simplest method 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 minor loss on this trade week one day one minute one 2nd one which percentage loss is just how much it cost you to open that trade or you can even in fact drop in the dollar cost of just how much it roughly cost you to open stated trade nevertheless after using this platform for a long period of time when you close the trade too there is a slight distinction and what occurs here is etoro tends to determine the difference which is just how much they have actually made i have tracked this for a long time and seen that
when i in fact do close a trade quite a lot of the time the fee 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 standard structure these days for a lot of brokers that provide commission free trades if you don’t want to pay a spread you can go and open an interactive brokers account a saxo savings account or some of the other 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 much cheaper method of doing things now what does etoro need to use well they use stocks etfs cryptocurrency cfds more on that in just a second copy trading and lots of much more possessions like commodities and foreign exchange or currencies but having a platform that enables you to trade multiple sectors is definitely advantageous for instance you can short bitcoin and go long silver you could likewise short the japanese yen and go long into gold there is various aspects readily available with this platform and i feel in the modern world we live in currency products things of the sort are certainly more needed in brokerage houses specifically for the 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 provide a customer to purchase a business normally it’s a way of having a lot more leverage without in fact owning any of the stock you are making a contract with said institution now cfds are really not readily available to individuals in the us however they are offered to people over in europe and in the uk however i have to say offered the scariness of take advantage of and more than 60
of individuals trading cfds lose money i just completely keep away from cfds especially if you are a more recent or intermediate investor and on that also simply keep away from take advantage of it’s not really helpful for your portfolio now before we move on to the two most popular things with etoro and things that individuals tend to enjoy the most we require to discuss the stocks etfs and products now this is the biggest issue etoro has in my viewpoint and they are taking a look at altering this extremely soon in fact i think it’s one of their greatest objectives 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 fairly slow rate they do not wish to include every penny stock under the sun that no one’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 individual’s trading each and every single day they’re not going to make that much money so they are just including stocks that they feel that a helpful and b well less dangerous i in fact see this as a little bit of a favorable for brand-new financiers although for someone like myself who’s had a lot more
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experience it is rather irritating 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 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 may not even be that appropriate but i make sure if you are a torah user and seeing this it can be frustrating that maybe one out of 10 stocks is actually not available on the platform so let’s hope etoro enjoys 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 offered in 43 states
All U.S. homeowners can sign up for a virtual trading account. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee clients currently can not trade with eToro.
Alternatives to consider
If you want to trade stocks and cryptocurrencies in the same place: Robinhood offers trading in stocks and choices, consisting of fractional shares. In addition, it provides 7 different cryptocurrencies and charges no transaction costs.