I have actually been utilizing 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 review 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 complete with the likes of robin hood when it opens stock trading in the us so if you are new to investing or are just looking for a brand-new brokerage account and etoro is an option then this video is for you all i ask in return is if you find this video helpful 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 desire to clarify etoro is not the sole brokerage account i use i do have numerous accounts of them and i have actually utilized them for a number of years however i do feel there is numerous areas that etor frantically needs to improve on if it is certainly to complete and i’ll be rather severe in criticizing them in this video i feel like it’s only fair as somebody who does use etoro on an everyday basis to give the harsh and honest truth on the unfavorable side as well as the favorable side nevertheless total i do have to say i am overly pleased with them and if you are looking for a second brokerage account or our new financier i would just state dive in the minimums are quite low give it a whirl 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 actually get life time access to our lwt etoro discord so you can communicate 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 comments 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 greatest game changer for this business i have to say myself as someone who has worked in financing for over 15 years etoro are going about it the proper way they are regulated in many different jurisdictions and they are expanding at the ideal rate making sure all the eyes are dotted all the t’s are crossed before 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 obviously they are on the finra website over in the us as i stated u.s stock trading is coming soon however the reality that they are taking their time over in
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the us prior to they release stock trading over the in 2015 or two is actually a good sign for me due to the fact that they’re making certain they do not have a scenario where they leave themselves open to suits or they screw up with guideline it appears every second week robin hood has some lawsuit or some big problem they need to deal with we have crypto brokers like binance over in the uk facing severe difficulty with the policy and the fca there it appears that etoro are taking the ideal actions initially prior to they introduce making sure that the clients remain in the most safe possible position and they do not leave themselves open i have to say this is a great sign for a modern day brokerage with an app unlike the old traditional saxo bank and interactive brokers a modern day commission free platform more on that later going the right steps ensuring 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 seeking to remain for the long term and they have clear aims of growing to be one of the most significant brokerages in the world now the minimum amount required to open an account does vary on where you lie 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 in fact ten dollars and a great deal of other nations it’s just fifty dollars so you can go ahead check 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 totally free brokerage however of course brokers want 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 dollars cost however to be honest that most likely gets involved deal fees and he toro probably doesn’t see that much of it the way they make their money is on something called a spread if you go onto many 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 distinction in between typically it’s simply a really small fee which is called the spread that is the charge 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 simply opening the trade at a somewhat greater price and the simplest way 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 slight loss on this trade week one day one minute one 2nd one and that portion loss is how much it cost you to open that trade or you can even in fact drop in the dollar fee of how much it approximately cost you to open stated trade nevertheless after using this platform for a very long time when you close the trade as well there is a small difference and what happens here is etoro tends to determine the difference and that is just how much they have actually made i have tracked this for a long time and seen that
when i in fact do close a trade rather a great deal of the time the fee that i get charged is a lot less than the initial fee that i had for opening the trade itself but this is the typical standard structure these days for a lot of brokers that use 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 a few of the other advanced platforms and you will get charged a repaired cost per trade but for me personally i think for newer investors particularly this is a much cheaper way of doing things now what does etoro have to offer well they provide stocks etfs cryptocurrency cfds more on that in just a second copy trading and many much more properties like commodities and forex or currencies but having a platform that permits you to trade numerous sectors is certainly helpful for instance you can short bitcoin and go long silver you could likewise short the japanese yen and go long into gold there is various aspects available with this platform and i feel in the modern day world we reside in currency products things of the sort are definitely more required in brokerage homes specifically for the new investor however i did point out cfds though which is a contract for difference these are basically contracts that brokerage or other organizations can use a customer to buy a business typically it’s a way of having a lot more utilize without in fact owning any of the stock you are making an agreement with said institution now cfds are in fact not available to individuals in the us but they are readily available to individuals over in europe and in the uk but i need to say given the scariness of take advantage of and more than 60
of people trading cfds lose cash i simply totally stay away from cfds particularly if you are a more recent or intermediate financier and on that also just stay away from take advantage of it’s not really great 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 require 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 extremely very 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 don’t have them all and they are adding them at a reasonably slow rate they do not want to add every penny stock under the sun that no one’s actually trading like i stated they make their cash on the spread out so the more individuals trading a stock the more money they make if they included a low-cap penny stock that only one person’s trading every day they’re not going to make that much money so they are only including 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 brand-new investors although for someone like myself who’s had a lot more
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experience it is rather frustrating that a few of the stocks that i do wish to trade or a minimum of take a look at and not on the platform now that said i have 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 may not even be that appropriate however i make sure if you are a torah user and seeing this it can be irritating that maybe one out of 10 stocks is really not offered on the platform so let’s hope etoro sees this video and it changes very very 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. homeowners can sign up for a virtual trading account. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee customers currently can not trade with eToro.
Alternatives to think about
If you wish to trade stocks and cryptocurrencies in the same place: Robinhood provides trading in stocks and options, including fractional shares. In addition, it provides 7 different cryptocurrencies and charges no transaction fees.