I’ve been using etoro for numerous years now and i have to state because my last etoro evaluation video the platform itself has actually changed a hell of a lot i believed what better chance with the new year to give a brand-new review on etoro talk about the great points the bad points and the things that etoro desperately requires to enhance on if it is indeed 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 brand-new brokerage account and etoro is a choice then this video is for you all i ask in return is if you find this video helpful 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 desire to clarify etoro is not the sole brokerage account i use i do have a number of accounts of them and i have actually used them for a number of years however i do feel there is numerous areas that etor desperately needs to enhance on if it is undoubtedly to contend and i’ll be rather extreme in criticizing them in this video i feel like it’s only reasonable as somebody who does utilize etoro on a daily basis to provide the severe and honest truth on the unfavorable side as well as the favorable side however overall i do have to state i am extremely happy with them and if you are looking for a second brokerage account or our new investor i would simply say dive in the minimums are rather low offer it a try and see if it fits your requirements and if you do so via 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 communicate with other financiers directly even if you do open the account recognize it’s not for you that chat room is readily offered for you simply 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 are about to introduce stock trading in the us which i feel will be the greatest game changer for this business i need to say myself as someone who has actually worked in financing for over 15 years etoro are setting about it the proper way they are managed in several jurisdictions and they are broadening at the right rate making sure all the eyes are dotted all the t’s are crossed prior to they open in any jurisdiction for instance they are regulated with the fca over in the uk sysek over in cyprus they’re controlled in australia and obviously they are on the finra site 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 release stock trading over the last year or so is really a great sign for me because they’re making certain they don’t have a scenario where they leave themselves open to suits or they mess up with regulation it appears every second week robin hood has some court case or some big complaint they need to deal with we have crypto brokers like binance over in the uk facing major problem with the regulation and the fca there it appears that etoro are taking the right actions initially before they launch ensuring that the customers are in the best possible position and they don’t leave themselves open i need to say this is an excellent sign for a modern brokerage with an app unlike the old traditional saxo bank and interactive brokers a modern commission totally free platform more on that later going the ideal actions ensuring that all the eyes are dotted or the t’s are crossed before they open in any location they are really working in this reveals me that etoro is seeking to stay for the long term and they have clear aims of growing to be among the biggest brokerages on the planet now the minimum quantity needed to open an account does vary on where you lie 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 just fifty dollars so you can go ahead examine 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 want to make money so how the hell do they do that well the very first apparent charge is if you take money out of your account there’s a 5 bucks fee but to be honest that probably gets wrapped up in transaction charges 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 offer a stock there’s a little difference in between normally it’s simply a really little charge which is called the spread that is the cost that etoro will potentially keep this trade that’s how they generate income because they are not charging you a commission to open the trade they’re simply opening the trade at a slightly higher cost and the simplest way of explaining this is if you bought say apple in this example on screen now and then you instantly put it in your portfolio you will see a minor loss on this trade week one day one minute one 2nd one which portion loss is how much it cost you to open that trade or you can even actually go and see the dollar cost of how much it roughly cost you to open said trade however after using this platform for a very long time when you close the trade also there is a slight difference and what happens here is etoro tends to determine the distinction which is just how much they’ve made i have actually tracked this for a long period of time and seen that
when i in fact do close a trade quite a lot of the time the cost that i get charged is a lot less than the preliminary cost that i had for opening the trade itself however this is the regular basic structure nowadays for a lot of brokers that offer commission open markets if you do not wish to pay a spread you can go and open an interactive brokers account a saxo savings account or some of the other more advanced platforms and you will get charged a repaired charge per trade but for me personally i think for newer investors especially this is a much cheaper method of doing things now what does etoro have to offer well they offer stocks etfs cryptocurrency cfds more on that in simply a second copy trading and many a lot more properties like products and forex or currencies however having a platform that enables you to trade multiple sectors is absolutely advantageous for instance you can short bitcoin and go long silver you could also short the japanese yen and go long into gold there is many different elements offered with this platform and i feel in the modern day world we reside in currency products things of the sort are certainly more required in brokerage houses especially for the brand-new investor nevertheless i did mention cfds though which is a contract for difference these are generally agreements that brokerage or other organizations can use a customer to buy a company usually it’s a method of having a lot more utilize without actually owning any of the stock you are making a contract with stated organization now cfds are really 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 given the scariness of leverage and more than 60
of individuals trading cfds lose cash i just completely keep away from cfds specifically if you are a newer or intermediate financier and on that also just keep away from leverage 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 speak about the stocks etfs and products now this is the greatest problem etoro has in my opinion and they are taking a look at changing this very 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 want to trade or etfs they do not have them all and they are including them at a reasonably slow rate they do not want to include every penny stock under the sun that no one’s actually trading like i said they make their cash on the spread out so the more people trading a stock the more cash they make if they included a low-cap cent stock that only one individual’s trading every day they’re not going to make that much cash so they are just adding stocks that they feel that an advantageous and b well less dangerous i really see this as a 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 some of the stocks that i do want to trade or a minimum of take a look at and not on the platform now that stated 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 added this year so by the time this video comes out it might not even be that relevant however i make sure if you are a torah user and viewing this it can be bothersome that perhaps one out of 10 stocks is actually not readily available on the platform so let’s hope etoro watches this video and it changes really very soon now the two most popular things on etoro is the popular investing and the social platform program
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All U.S. locals can sign up for a virtual trading account. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee customers presently can not trade with eToro.
Alternatives to consider
If you want to trade stocks and cryptocurrencies in the very same place: Robinhood uses trading in stocks and alternatives, including fractional shares. In addition, it offers 7 various cryptocurrencies and charges no transaction fees.