I’ve been using etoro for numerous years now and i have to say since my last etoro evaluation video the platform itself has changed a hell of a lot i believed what much better chance with the new year to give a new review on etoro talk about the great points the bad points and the things that etoro frantically needs to enhance on if it is undoubtedly to contend with the likes of robin hood when it opens stock trading in the us so if you are new to investing or are simply looking for a 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 helpful you carefully tap that like button to help me out with the youtube gods and without further 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 several accounts of them and i have utilized them for several years nevertheless i do feel there is numerous areas that etor desperately needs to improve on if it is indeed to contend and i’ll be rather harsh in slamming them in this video i feel like it’s just fair as someone who does utilize etoro on a daily basis to offer the extreme and sincere truth on the negative side as well as the positive side however overall i do have to state i am overly delighted with them and if you are looking for a second brokerage account or our brand-new financier i would just say jump in the minimums are quite low provide it a whirl and see if it fits your needs and if you do so by means of 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 engage with other financiers straight even if you do open the account understand it’s not for you that chatroom is easily available for you just follow the steps down on the pinned remarks 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 will introduce stock trading in the us which i feel will be the greatest video game changer for this business i have to say myself as somebody who has 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 best rate making certain all the eyes are dotted all the t’s are crossed before they open in any jurisdiction for example they are controlled with the fca over in the uk sysek over in cyprus they’re regulated 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 truth that they are taking their time over in
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the us before they launch stock trading over the last year or so is really an excellent sign for me because they’re making sure they do not have a circumstance where they leave themselves open to lawsuits or they ruin with regulation it seems every second week robin hood has some court case or some huge problem they have to handle we have crypto brokers like binance over in the uk facing severe trouble with the fca and the policy there it seems that etoro are taking the right actions initially prior to they introduce making sure that the clients remain in the best possible position and they do not leave themselves open i have to say this is a fantastic 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 making sure that all the eyes are dotted or the t’s are crossed prior to they open in any location they are really working 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 greatest brokerages on the planet now the minimum quantity required to open an account does vary on where you are located on screen now you can see the minimums readily available however if you are from the us or the uk
the minimum to open an account is in fact 10 dollars and a lot of other nations it’s only fifty dollars so you can go on 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 said etoro is a commission complimentary brokerage however of course brokers want to earn money so how the hell do they do that well the first apparent fee is if you take cash out of your account there’s a five bucks cost but to be sincere that probably gets wrapped up in transaction fees 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 most 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 difference in between typically it’s simply a really little fee and that is called the spread that is the charge that etoro will possibly continue this trade that’s how they make money since they are not charging you a commission to open the trade they’re just opening the trade at a somewhat higher rate and the simplest method of explaining this is if you bought state 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 which percentage loss is just how much it cost you to open that trade or you can even really drop in the dollar cost of how much it roughly cost you to open said trade however after using this platform for a long period of time when you close the trade too there is a slight difference and what happens here is etoro tends to determine the difference and that is just how much they’ve made i have tracked this for a long time and seen that
when i actually do close a trade quite a lot of the time the fee that i get charged is a lot less than the preliminary fee that i had for opening the trade itself but this is the regular standard structure these days for a lot of brokers that offer commission free trades if you don’t wish to pay a spread you can go and open an interactive brokers account a saxo checking 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 believe for more recent investors especially this is a more affordable method of doing things now what does etoro need to offer well they offer stocks etfs cryptocurrency cfds more on that in just a second copy trading and numerous many more assets like commodities and foreign exchange or currencies but having a platform that allows you to trade numerous sectors is absolutely helpful for example you can short bitcoin and go long silver you could likewise short the japanese yen and go long into gold there is various elements available with this platform and i feel in the contemporary world we reside in currency commodities things of the sort are absolutely more required in brokerage houses particularly for the new investor however i did mention cfds though which is a contract for difference these are basically contracts that brokerage or other organizations can provide a customer to buy a company normally it’s a method of having a lot more utilize without really owning any of the stock you are making a contract with stated institution now cfds are in fact not offered to individuals in the us but they are readily available to individuals over in europe and in the uk but i need to state given the scariness of take advantage of and more than 60
of people trading cfds lose cash i just completely stay away from cfds specifically if you are a newer or intermediate investor and on that too simply stay away from take advantage of it’s not actually helpful for your portfolio now prior to we proceed to the two most popular things with etoro and things that individuals tend to love the most we need to talk about the stocks etfs and products now this is the biggest issue etoro has in my viewpoint and they are looking at altering this really 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 want 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 add every penny stock under the sun that nobody’s in fact trading like i said they make their cash on the spread out 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 every single day they’re not going to make that much money so they are just including stocks that they feel that a beneficial and b well less risky i actually see this as a little bit of a positive for new financiers 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 take a look at and not on the platform now that said i have actually talked to etoro on this and they have guaranteed 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 sure if you are a torah user and viewing this it can be irritating that perhaps one out of 10 stocks is really not readily available on the platform so let’s hope etoro enjoys this video and it alters very very soon now the two most popular things on etoro is the social platform and the popular investing program
Only offered in 43 states
All U.S. homeowners can register for a virtual trading account. However, there are just 43 states (together with Washington D.C. and the Northern Mariana Islands) where you can use genuine money to buy and sell cryptocurrencies. Delaware, Hawaii, Minnesota, New Hampshire, New York, Nevada, and Tennessee consumers currently can not trade with eToro. The company intends to have 50-state accessibility eventually. Till then, some traders will need to look in other places.
Alternatives to think about
If you wish to trade stocks and cryptocurrencies in the very same location: Robinhood provides trading in stocks and options, including fractional shares. In addition, it offers 7 different cryptocurrencies and charges no deal fees.