I’ve been using etoro for several years now and i have to say because my last etoro review video the platform itself has actually changed a hell of a lot i thought what much better opportunity with the new year to offer a brand-new review on etoro talk about the good points the bad points and the things that etoro desperately needs to enhance on if it is indeed 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 just 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 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 desire to clarify etoro is not the sole brokerage account i utilize i do have several accounts of them and i have actually utilized them for a number of years nevertheless i do feel there is lots of areas that etor desperately requires to enhance on if it is certainly to contend and i’ll be quite extreme in slamming them in this video i feel like it’s only fair as somebody who does use etoro on a daily basis to offer the sincere and extreme truth on the negative side as well as the positive side nevertheless general i do have to say i am extremely pleased with them and if you are looking for a second brokerage account or our new investor i would just state dive in the minimums are quite 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
comment and follow the steps there you do in fact get life time access to our lwt etoro discord so you can interact with other financiers directly even if you do open the account understand it’s not for you that chat room is readily 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 outright 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 game changer for this company i need to state myself as someone who has actually operated in financing for over 15 years etoro are tackling it the proper way they are managed in several jurisdictions and they are broadening at the ideal speed ensuring 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 managed in australia and naturally they are on the finra site over in the us as i said u.s stock trading is coming 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 two is really a great sign for me because they’re ensuring they don’t have a situation where they leave themselves open to lawsuits or they screw up with policy it seems every second week robin hood has some lawsuit or some big grievance they need to handle we have crypto brokers like binance over in the uk facing serious trouble with the fca and the policy there it seems that etoro are taking the ideal steps first before they launch making sure that the clients remain in the safest possible position and they do not leave themselves open i have to say this is a fantastic sign for a contemporary 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 steps ensuring that all the eyes are dotted or the t’s are crossed before they open in any location they are really operating in this shows me that etoro is looking to stick around for the long term and they have clear objectives of growing to be one of the biggest brokerages on the planet now the minimum quantity needed to open an account does vary on where you are located on screen now you can see the minimums available however if you are from the us or the uk
the minimum to open an account is actually 10 dollars and a lot of other countries it’s just 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 complimentary brokerage however naturally brokers wish to generate income so how the hell do they do that well the very first obvious cost is if you take money out of your account there’s a 5 bucks fee however to be truthful that most likely gets involved deal costs and he toro probably does not see that much of it the method they make their cash is on something called a spread if you go onto many brokers these days unless you’re getting charged a flat rate you will see that when you purchase a stock and when you sell a stock there’s a little distinction in between typically it’s simply a very small cost and that is called the spread that is the charge that etoro will possibly keep this trade that’s how they generate income because they are not charging you a commission to open the trade they’re just opening the trade at a slightly higher price and the most convenient way 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 which portion loss is how much it cost you to open that trade or you can even really see the dollar and go fee of how much it roughly cost you to open said trade nevertheless after utilizing this platform for a very long time when you close the trade too there is a minor distinction and what happens here is etoro tends to calculate the difference and that is just how much they’ve made i have tracked this for a long period of time and seen that
when i actually 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 however this is the regular basic structure nowadays for a great deal of brokers that offer commission free trades if you don’t want 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 fixed charge per trade but for me personally i think for more recent investors particularly this is a much cheaper method of doing things now what does etoro need to provide well they provide stocks etfs cryptocurrency cfds more on that in simply a 2nd copy trading and lots of many more assets like products and foreign exchange or currencies but having a platform that allows you to trade numerous sectors is certainly beneficial for instance you can short bitcoin and go long silver you could also short the japanese yen and go long into gold there is various aspects offered with this platform and i feel in the contemporary world we live in currency commodities things of the sort are absolutely more needed in brokerage houses particularly for the brand-new investor however i did point out cfds though which is a contract for difference these are generally contracts that brokerage or other institutions can provide a client to buy a company normally it’s a way of having a lot more leverage without actually owning any of the stock you are earning an agreement with said institution now cfds are actually not offered to people in the us but they are available to people over in europe and in the uk but i need to state provided the scariness of leverage and more than 60
of individuals trading cfds lose cash i just entirely stay away from cfds specifically if you are a more recent or intermediate financier and on that as well just keep away from take advantage of it’s not actually great for your portfolio now before we move on to the two most popular things with etoro and things that people tend to like the most we need to talk about the stocks etfs and commodities now this is the greatest problem etoro has in my opinion and they are looking at altering this very very soon in fact i believe 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 don’t have them all and they are adding them at a relatively slow rate they do not want to include every cent stock under the sun that nobody’s actually trading like i said they make their cash on the spread so the more people trading a stock the more money they make if they added in a low-cap cent stock that only one person’s trading each and every single day they’re not going to make that much money so they are just adding stocks that they feel that an useful and b well less risky i in fact see this as a little bit of a favorable for new investors although for someone like myself who’s had a lot more
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experience it is quite annoying that a few of the stocks that i do wish to trade or a minimum of look at and not on the platform now that stated i have actually talked to 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 might not even be that appropriate but i make certain if you are a torah user and enjoying this it can be irritating that maybe one out of 10 stocks is actually not 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 social platform and the popular investing program
Only available 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 customers presently can not trade with eToro.
Alternatives to consider
If you wish to trade stocks and cryptocurrencies in the exact same location: Robinhood provides trading in stocks and choices, including fractional shares. In addition, it provides 7 various cryptocurrencies and charges no transaction costs.