I’ve been using etoro for a number of years now and i have to say given that my last etoro review video the platform itself has altered a hell of a lot i believed what much better opportunity with the new year to offer a new evaluation on etoro talk about the good points the bad points and the things that etoro frantically requires to enhance on if it is undoubtedly 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 simply 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 discover this video useful you gently tap that like button to assist me out with the youtube gods and without further 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 a number of accounts of them and i have used them for several years nevertheless i do feel there is numerous locations that etor desperately needs to improve on if it is undoubtedly to complete and i’ll be rather severe 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 give the sincere and harsh reality on the negative side as well as the favorable side nevertheless 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 just state dive in the minimums are rather low offer it a try and see if it fits your needs and if you do so by means of 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 available for you simply follow the steps down on the pinned remarks 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 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 somebody who has worked in finance for over 15 years etoro are setting about it the right way they are controlled in several jurisdictions and they are expanding at the right rate ensuring 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 managed in australia and obviously they are on the finra site 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 before they introduce stock trading over the last year or two is actually a great sign for me because they’re making sure they don’t have a scenario where they leave themselves open to suits or they mess up with guideline it seems every second week robin hood has some lawsuit or some huge grievance they have to handle we have crypto brokers like binance over in the uk facing severe trouble with the guideline and the fca there it appears that etoro are taking the right steps first before they introduce ensuring that the clients remain in the best possible position and they do not leave themselves open i need to state this is an excellent sign for a modern day 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 best steps ensuring that all the eyes are dotted or the t’s are crossed prior to they open in any area they are in fact working in this reveals me that etoro is looking to stay for the long term and they have clear goals of growing to be one of the most significant brokerages in the world now the minimum quantity required to open an account does differ on where you lie on screen now you can see the minimums offered however if you are from the us or the uk
the minimum to open an account is really ten dollars and a lot of other nations it’s only fifty dollars so you can go ahead examine this link it will remain in the description and see just how much it costs to open an account with etoro in your jurisdiction now like i said etoro is a commission free brokerage however naturally brokers want to earn money so how the hell do they do that well the very first obvious fee is if you take money out of your account there’s a five bucks cost however to be sincere that most likely gets wrapped up in deal fees 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 many 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 usually it’s simply an extremely small cost and that is called the spread that is the cost that etoro will potentially keep on this trade that’s how they earn money since they are not charging you a commission to open the trade they’re just opening the trade at a slightly higher rate and the most convenient way of explaining this is if you bought say apple in this example on screen from time to time you quickly 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 just how much it cost you to open that trade or you can even in fact see the dollar and go cost of how much it approximately cost you to open stated trade nevertheless after utilizing this platform for a long time when you close the trade too there is a slight distinction and what happens here is etoro tends to determine the difference which is just how much they have actually made i have actually tracked this for a long period of time and seen that
when i actually do close a trade rather a lot of the time the cost that i get charged is a lot less than the preliminary fee that i had for opening the trade itself however this is the typical basic structure nowadays for a great deal 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 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 believe for newer investors particularly this is a much cheaper way of doing things now what does etoro need to provide well they provide stocks etfs cryptocurrency cfds more on that in just a second copy trading and numerous a lot more assets like products and foreign exchange or currencies however having a platform that permits you to trade numerous 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 aspects offered with this platform and i feel in the contemporary world we reside in currency products things of the sort are absolutely more required in brokerage houses specifically for the new investor nevertheless i did mention cfds though which is a contract for difference these are basically contracts that brokerage or other organizations can use a customer to purchase a company typically it’s a method of having a lot more leverage without really owning any of the stock you are earning a contract with stated institution now cfds are really not available to individuals in the us however they are available to people over in europe and in the uk but i need to say given the scariness of utilize and more than 60
of people trading cfds lose cash i simply completely stay away from cfds specifically if you are a more recent or intermediate investor and on that as well simply stay away from utilize it’s not really great for your portfolio now before we proceed to the two most popular things with etoro and things that people tend to love the most we need to speak about the stocks etfs and commodities now this is the biggest issue etoro has in my viewpoint and they are taking a look at altering this extremely very soon in fact i think it’s one of their biggest objectives 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 sluggish rate they do not wish to add every cent stock under the sun that nobody’s actually trading like i said they make their money on the spread so the more individuals trading a stock the more cash they make if they added in a low-cap cent stock that only one person’s trading every day they’re not going to make that much cash so they are only adding stocks that they feel that an advantageous and b well less risky i really see this as a little 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 some of the stocks that i do wish to trade or at least take a look at and not on the platform now that stated i have spoken to 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 may not even be that pertinent however i make sure if you are a torah user and watching this it can be irritating that perhaps one out of 10 stocks is really not available on the platform so let’s hope etoro views this video and it changes 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. citizens can sign up for a virtual trading account. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee consumers presently can not trade with eToro.
Alternatives to consider
If you want to trade stocks and cryptocurrencies in the same location: Robinhood provides trading in stocks and options, including fractional shares. In addition, it provides 7 various cryptocurrencies and charges no deal fees.