I’ve been using etoro for numerous years now and i have to say because my last etoro evaluation video the platform itself has actually changed a hell of a lot i thought what better opportunity with the new year to offer a brand-new review on etoro talk about the excellent points the bad points and the things that etoro frantically 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 brand-new to investing or are simply looking for a brand-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 beneficial you carefully 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 utilized them for several years nevertheless i do feel there is many areas that etor desperately requires to improve on if it is indeed to contend and i’ll be rather harsh in criticizing them in this video i feel like it’s only reasonable as somebody who does use etoro on a daily basis to give the harsh and sincere fact on the unfavorable side as well as the positive side however total i do have to state i am excessively pleased with them and if you are looking for a second brokerage account or our new investor i would simply say jump in the minimums are rather low offer it a try and see if it fits your requirements and if you do so through the affiliate link down on the pinned
remark and follow the steps there you do really get life time access to our lwt etoro discord so you can engage with other investors directly even if you do open the account understand it’s not for you that chatroom is easily offered for you simply 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 are about to release stock trading in the us which i feel will be the greatest video game changer for this company i have to state myself as somebody who has actually worked in finance for over 15 years etoro are going about it properly they are regulated in various jurisdictions and they are expanding at the best speed ensuring all the eyes are dotted all the t’s are crossed prior to 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 of course they are on the finra site over in the us as i said u.s stock trading is coming very soon however the fact that they are taking their time over in
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the us prior to they introduce stock trading over the in 2015 approximately is really an excellent sign for me due to the fact that they’re making certain they don’t have a situation where they leave themselves open to suits or they ruin with policy it seems every second week robin hood has some court case or some huge problem they have to deal with we have crypto brokers like binance over in the uk dealing with serious difficulty with the fca and the guideline there it appears that etoro are taking the right steps initially prior to they launch ensuring that the clients are in the safest possible position and they don’t leave themselves open i need to state this is an excellent sign for a modern brokerage with an app unlike the old standard saxo bank and interactive brokers a contemporary commission free platform more on that later going the right steps making certain that all the eyes are dotted or the t’s are crossed before they open in any area they are really operating in this reveals me that etoro is aiming to remain for the long term and they have clear aims of growing to be one of the most significant brokerages worldwide now the minimum amount needed to open an account does differ on where you are located on screen now you can see the minimums readily available 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 on 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 free brokerage however obviously brokers wish to earn money so how the hell do they do that well the first obvious fee is if you take cash out of your account there’s a five bucks fee however to be truthful that probably gets involved 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 a lot of brokers these days 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 just an extremely little charge which is called the spread that is the charge that etoro will possibly keep this trade that’s how they earn money due to the fact that they are not charging you a commission to open the trade they’re just opening the trade at a slightly greater cost and the easiest method of explaining this is if you bought state apple in this example on screen from time to time you immediately put it in your portfolio you will see a small 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 really see the dollar and go cost of just how much it roughly cost you to open said trade nevertheless after using this platform for a long period of time when you close the trade as well there is a slight difference and what happens here is etoro tends to compute the difference which is how much they have actually made i have tracked this for a very 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 however this is the typical standard structure these days for a lot of brokers that provide 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 a few of the other more advanced platforms and you will get charged a repaired charge per trade but for me personally i think for newer financiers especially this is a more affordable 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 many many more assets like commodities and foreign exchange or currencies but having a platform that permits you to trade multiple sectors is certainly beneficial for instance you can short bitcoin and go long silver you might also short the japanese yen and go long into gold there is various elements readily available with this platform and i feel in the contemporary world we live in currency commodities things of the sort are certainly more required in brokerage homes specifically for the new investor nevertheless i did discuss cfds though which is a contract for difference these are essentially contracts that brokerage or other institutions can provide a customer to buy a company usually it’s a method of having a lot more leverage without in fact owning any of the stock you are making a contract with stated organization now cfds are in fact not available to individuals in the us however they are offered to individuals over in europe and in the uk but i have to state provided the scariness of take advantage of and more than 60
of individuals trading cfds lose cash i simply entirely stay away from cfds especially if you are a more recent or intermediate investor and on that also simply stay away from utilize it’s not actually good for your portfolio now before we carry on to the two most popular things with etoro and things that people tend to like the most we require to speak about the stocks etfs and products now this is the biggest issue etoro has in my opinion and they are looking at changing this extremely 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 fairly sluggish rate they do not wish to add every penny stock under the sun that no one’s in fact trading like i said they make their cash on the spread so the more individuals trading a stock the more cash they make if they added in a low-cap penny stock that only one person’s trading each and every single day they’re not going to make that much money so they are only adding stocks that they feel that a beneficial and b well less dangerous i in fact see this as a little bit of a positive for brand-new investors although for someone like myself who’s had a lot more
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experience it is rather bothersome that some of the stocks that i do wish 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 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 may not even be that appropriate however i’m sure if you are a torah user and watching this it can be annoying that maybe one out of 10 stocks is actually not available on the platform so let’s hope etoro views this video and it alters extremely soon now the two most popular things on etoro is the popular investing and the social platform program
Just readily available in 43 states
All U.S. residents can sign up for a virtual trading account. However, there are only 43 states (together with Washington D.C. and the Northern Mariana Islands) where you can use real cash to buy and sell cryptocurrencies. Delaware, Hawaii, Minnesota, New Hampshire, New York City, Nevada, and Tennessee clients currently can not trade with eToro. The company aims to have 50-state availability eventually. Until then, some traders will need to look elsewhere.
Alternatives to consider
If you want to trade stocks and cryptocurrencies in the exact same location: Robinhood provides trading in stocks and choices, consisting of fractional shares. In addition, it offers 7 different cryptocurrencies and charges no transaction charges.