I have actually been utilizing etoro for numerous years now and i have to say since my last etoro review video the platform itself has changed a hell of a lot i believed what better opportunity with the new year to give a new review on etoro talk about the great points the bad points and the things that etoro desperately requires to improve 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 brand-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 discover this video useful you gently tap that like button to help 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 use i do have a number of accounts of them and i have utilized them for several years nevertheless i do feel there is many locations that etor frantically needs to enhance on if it is indeed to compete and i’ll be quite severe in slamming them in this video i feel like it’s only reasonable as somebody who does use etoro on a day-to-day basis to give the harsh and truthful fact on the negative side as well as the positive side nevertheless general i do have to state i am overly happy with them and if you are looking for a 2nd brokerage account or our new financier i would simply state dive in the minimums are rather low offer it a whirl and see if it fits your requirements and if you do so by means of the affiliate link down on the pinned
remark and follow the actions there you do really get life time access to our lwt etoro discord so you can connect with other financiers straight even if you do open the account recognize it’s not for you that chatroom is readily available for you just follow the steps down on the pinned remarks 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 are about to release stock trading in the us which i feel will be the biggest video game changer for this company i need to say myself as somebody who has operated in financing for over 15 years etoro are going about it the right way they are managed in many different jurisdictions and they are expanding at the ideal rate ensuring all the eyes are dotted all the t’s are crossed before they open in any jurisdiction for example they are managed with the fca over in the uk sysek over in cyprus they’re controlled in australia and obviously 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 in 2015 or two is actually a great sign for me since they’re ensuring they don’t have a situation where they leave themselves open to lawsuits or they mess up with guideline it seems every second week robin hood has some court case or some big complaint they have to handle we have crypto brokers like binance over in the uk facing major problem with the regulation and the fca there it seems that etoro are taking the right actions first before they introduce making sure that the clients are in the most safe possible position and they do not leave themselves open i need to state this is a great sign for a modern brokerage with an app unlike the old standard saxo bank and interactive brokers a modern commission totally free platform more on that later going the best steps ensuring that all the eyes are dotted or the t’s are crossed prior to they open in any location they are in fact operating in this shows me that etoro is looking to remain for the long term and they have clear objectives of growing to be one of the biggest brokerages worldwide now the minimum quantity needed to open an account does differ 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 countries it’s only fifty dollars so you can go ahead examine 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 free brokerage but naturally brokers want to earn 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 dollars cost however to be honest that most likely gets involved transaction costs and he toro probably does not see that much of it the method they make their money 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 buy a stock and when you sell a stock there’s a little difference in between usually it’s simply a really little fee which is called the spread that is the cost that etoro will possibly continue 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 slightly higher price and the simplest method of explaining this is if you purchased state apple in this example on screen from time to time you quickly put it in your portfolio you will see a minor loss on this trade week one day one minute one 2nd one and that portion loss is just how much it cost you to open that trade or you can even really see the dollar and go charge of how much it approximately cost you to open stated trade nevertheless after using this platform for a long period of time when you close the trade as well there is a slight distinction and what occurs here is etoro tends to determine the difference which is how much they’ve made i have tracked this for a long time and seen that
when i really do close a trade quite a great deal of the time the charge that i get charged is a lot less than the initial cost that i had for opening the trade itself but this is the typical basic structure nowadays for a lot of brokers that use commission open markets if you do not want to pay a spread you can go and open an interactive brokers account a saxo savings 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 financiers particularly this is a much cheaper method of doing things now what does etoro have to offer well they provide stocks etfs cryptocurrency cfds more on that in just a 2nd copy trading and many a lot more properties like products and foreign exchange or currencies but having a platform that permits you to trade several sectors is definitely 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 many different aspects offered with this platform and i feel in the modern world we live in currency products things of the sort are definitely more required in brokerage houses specifically for the new investor however i did point out cfds though which is a contract for difference these are generally agreements that brokerage or other institutions can use a customer to buy a company normally it’s a way of having a lot more leverage without really owning any of the stock you are earning a contract with said institution now cfds are actually not available to people in the us but they are offered to individuals over in europe and in the uk however i have to state offered the scariness of take advantage of and more than 60
of individuals trading cfds lose money i simply completely keep away from cfds particularly if you are a newer or intermediate financier and on that as well simply keep away from take advantage of it’s not actually helpful for your portfolio now before we carry on to the two most popular things with etoro and things that individuals tend to love the most we need to discuss the stocks etfs and commodities now this is the greatest issue etoro has in my opinion and they are looking at changing this really soon in fact i believe it is among their most significant objectives for 2022. now although etoro tends to have most the stocks that you wish to trade or etfs they don’t have them all and they are adding them at a reasonably sluggish rate they do not wish to add every penny stock under the sun that nobody’s really trading like i said they make their money on the spread so the more individuals trading a stock the more money they make if they added in a low-cap penny stock that only one person’s trading every single day they’re not going to make that much money so they are just including stocks that they feel that a beneficial and b well less dangerous i really see this as a little bit of a favorable for new financiers although for someone like myself who’s had a lot more
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experience it is quite irritating that a few of the stocks that i do want to trade or a minimum of look at and not on the platform now that said i have actually spoken with etoro on this and they have actually assured 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 pertinent but i make certain if you are a torah user and viewing this it can be bothersome that possibly one out of 10 stocks is in fact not available on the platform so let’s hope etoro enjoys this video and it changes really 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 register for a virtual trading account. There are just 43 states (along with Washington D.C. and the Northern Mariana Islands) where you can utilize genuine cash to purchase and offer cryptocurrencies. Delaware, Hawaii, Minnesota, New Hampshire, New York City, Nevada, and Tennessee customers currently can not trade with eToro. The company aims to have 50-state availability ultimately. Up until then, some traders will have to look in other places.
Alternatives to think about
If you want to trade stocks and cryptocurrencies in the exact same location: Robinhood uses trading in stocks and alternatives, including fractional shares. In addition, it provides 7 different cryptocurrencies and charges no deal charges.