I have actually been using etoro for several years now and i have to say given that my last etoro evaluation video the platform itself has changed a hell of a lot i believed what better opportunity with the new year to give a new evaluation on etoro talk about the great points the bad points and the things that etoro desperately needs to improve on if it is indeed to contend 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 a choice then this video is for you all i ask in return is if you discover this video advantageous you gently 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 a number of years however i do feel there is many areas that etor frantically needs to enhance on if it is indeed to compete and i’ll be rather harsh in slamming them in this video i feel like it’s just reasonable as somebody who does use etoro on a day-to-day basis to provide the harsh and honest reality on the negative side as well as the favorable side however overall i do have to say i am overly pleased with them and if you are looking for a second brokerage account or our brand-new financier i would simply state dive in the minimums are quite low provide it a whirl and see if it fits your needs and if you do so through 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 interact with other investors directly even if you do open the account realize it’s not for you that chatroom is easily offered for you just follow the steps down on the pinned remarks 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 will introduce stock trading in the us which i feel will be the most significant game changer for this business i need to say myself as somebody who has actually operated in finance for over 15 years etoro are tackling it the proper way they are managed in many different jurisdictions and they are expanding at the ideal rate making certain all the eyes are dotted all the t’s are crossed prior to 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 naturally they are on the finra website over in the us as i said u.s stock trading is coming soon however the fact 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 so is really an excellent sign for me due to the fact that they’re making certain they don’t have a scenario where they leave themselves open to lawsuits or they mess up with guideline it appears every second week robin hood has some lawsuit or some big complaint they need to handle we have crypto brokers like binance over in the uk facing serious difficulty with the regulation and the fca there it seems that etoro are taking the best steps initially before they release ensuring that the clients remain in the best possible position and they don’t leave themselves open i need to state this is a terrific sign for a contemporary brokerage with an app unlike the old traditional saxo bank and interactive brokers a contemporary commission complimentary platform more on that later going the best actions making sure 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 wanting to stay for the long term and they have clear objectives of growing to be one of the most significant brokerages worldwide now the minimum amount needed to open an account does vary on where you are located on screen now you can see the minimums available but if you are from the us or the uk
the minimum to open an account is in fact 10 dollars and a lot of other countries it’s only fifty dollars so you can proceed inspect 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 complimentary brokerage but naturally brokers wish to earn money so how the hell do they do that well the first obvious charge is if you take money out of your account there’s a 5 bucks charge however to be honest that probably gets wrapped up in deal costs and he toro probably doesn’t 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 purchase a stock and when you offer a stock there’s a little difference in between normally it’s simply a really little cost which is called the spread that is the fee that etoro will potentially 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 greater cost and the most convenient way of explaining this is if you bought say apple in this example on screen now and then you immediately put it in your portfolio you will see a small loss on this trade week one day one minute one 2nd one and that percentage loss is just how much it cost you to open that trade or you can even in fact 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 also there is a slight difference and what happens here is etoro tends to compute the difference which is just how much they’ve made i have tracked this for a long time and seen that
when i actually do close a trade quite a lot of the time the fee that i get charged is a lot less than the preliminary cost that i had for opening the trade itself but this is the typical standard structure nowadays for a great deal of brokers that provide commission free trades if you do not want 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 fixed charge per trade but for me personally i think for more recent financiers specifically this is a much cheaper method of doing things now what does etoro have to use well they provide stocks etfs cryptocurrency cfds more on that in simply a second copy trading and numerous a lot more possessions like commodities and foreign exchange or currencies however having a platform that allows you to trade multiple sectors is absolutely useful for instance you can short bitcoin and go long silver you could likewise short the japanese yen and go long into gold there is many different elements available with this platform and i feel in the contemporary world we reside in currency commodities things of the sort are absolutely more required in brokerage houses specifically for the new investor nevertheless i did discuss cfds though which is a contract for distinction these are generally agreements that brokerage or other organizations can use a client to buy a company generally it’s a way of having a lot more take advantage of without in fact owning any of the stock you are making a contract with stated organization now cfds are really not readily available to individuals in the us but they are offered to people over in europe and in the uk however i have to say offered the scariness of leverage and more than 60
of individuals trading cfds lose cash i simply entirely keep away from cfds especially if you are a more recent or intermediate financier and on that too just keep away from take advantage of it’s not really helpful for your portfolio now prior to we carry on to the two most popular things with etoro and things that individuals tend to like the most we require to discuss the stocks etfs and commodities now this is the most significant problem etoro has in my opinion and they are taking a look at changing this really very soon in fact i think it is among their biggest 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 including them at a reasonably sluggish rate they do not want to include every penny stock under the sun that nobody’s in fact trading like i said they make their money on the spread out so the more individuals 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 money so they are just including stocks that they feel that a beneficial and b well less dangerous i in fact see this as a little a positive for new financiers although for somebody like myself who’s had a lot more
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experience it is quite annoying that some of the stocks that i do want to trade or at least take a look at and not on the platform now that said i have actually talked to etoro on this and they have 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 relevant however i make sure if you are a torah user and enjoying this it can be irritating that possibly one out of 10 stocks is really not available on the platform so let’s hope etoro sees 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 offered in 43 states
All U.S. residents can sign up for a virtual trading account. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee clients presently can not trade with eToro.
Alternatives to consider
If you wish to trade stocks and cryptocurrencies in the same place: Robinhood uses trading in stocks and alternatives, including fractional shares. In addition, it offers 7 various cryptocurrencies and charges no transaction charges.