so i’ve been using etoro for several years now…How To Import Etoro Data Into Excel… and i have to say given that my last etoro review video the platform itself has changed a hell of a lot i believed what better chance with the new year to provide a new review on etoro discuss the assets the bad points and the things that etoro desperately requires to improve 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 trying to find a brand-new brokerage account and etoro is a choice then this video is for you all i ask in return is if you discover this video useful you carefully 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 wish to clarify etoro is not the sole brokerage account i utilize i do have a number of accounts of them and i have actually utilized them for several years however i do feel there is lots of locations that etor frantically requires to improve on if it is certainly to compete and i’ll be quite harsh in criticizing them in this video i seem like it’s just reasonable as somebody who does utilize etoro every day to give the truthful and harsh truth on the unfavorable side along with the positive side nevertheless total i do need to say i am overly happy with them and if you are searching for a second brokerage account or our brand-new financier i would just state jump in the minimums are quite low give 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 actually get lifetime access to our lwt etoro discord so you can connect with other financiers directly even if you do open the account realize it’s not for you that chat room is easily available 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 release stock trading in the us which i feel will be the biggest game changer for this company i have to say myself as somebody who has worked in financing for over 15 years etoro are going about it the right way they are controlled in several jurisdictions and they are broadening at the right pace 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 obviously they are on the finra website over in the us as i stated u.s stock trading is coming very soon nevertheless the reality that they are taking their time over in
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the us prior to they release stock trading over the last year or two is really a good sign for me since they’re making certain they do not have a circumstance where they leave themselves open to claims or they mess up with regulation it appears every second week robin hood has some court case or some huge complaint they need to handle we have crypto brokers like binance over in the uk dealing with serious problem with the regulation and the fca there it seems that etoro are taking the right steps initially before they introduce making sure that the customers are 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 day 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 before they open in any location they are really operating in this shows me that etoro is looking to stay for the long term and they have clear objectives of growing to be among the most significant brokerages on the planet now the minimum amount needed to open an account does differ on where you lie on screen now you can see the minimums available but if you are from the us or the uk
the minimum to open an account is actually 10 dollars and a great deal of other nations it’s just fifty dollars so you can go ahead examine 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 said etoro is a commission complimentary brokerage but obviously brokers want to generate income so how the hell do they do that well the first apparent cost is if you take cash out of your account there’s a 5 bucks charge but to be sincere that most likely gets involved transaction costs and he toro most likely doesn’t see that much of it the way they make their money is on something called a spread if you go onto the majority of brokers nowadays 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 generally it’s just a very little fee and that is called the spread that is the fee that etoro will possibly keep 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 somewhat higher rate and the most convenient 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 small loss on this trade week one day one minute one second one which portion loss is just 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 difference and what occurs here is etoro tends to determine the distinction and that is how much they’ve made i have actually tracked this for a long 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 preliminary charge that i had for opening the trade itself but this is the typical standard structure nowadays for a great deal of brokers that use commission open markets if you don’t wish to pay a spread you can go and open an interactive brokers account a saxo savings account or some of the other advanced platforms and you will get charged a fixed charge per trade but for me personally i think for newer investors specifically this is a more affordable way of doing things now what does etoro have to offer well they use stocks etfs cryptocurrency cfds more on that in simply a 2nd copy trading and many a lot more assets like products and foreign exchange or currencies however having a platform that allows you to trade numerous sectors is absolutely advantageous for example you can short bitcoin and go long silver you could also short the japanese yen and go long into gold there is several aspects readily available with this platform and i feel in the contemporary world we reside in currency commodities things of the sort are certainly more required in brokerage homes especially for the brand-new financier however i did discuss cfds though which is a contract for distinction these are basically agreements that brokerage or other institutions can offer a client to purchase a company typically it’s a method of having a lot more take advantage of without in fact owning any of the stock you are earning an agreement with said organization now cfds are actually not offered to people in the us but they are offered to individuals over in europe and in the uk but i have to say provided the scariness of utilize and more than 60
of individuals trading cfds lose money i simply totally stay away from cfds particularly if you are a newer or intermediate financier and on that also just keep away from leverage it’s not actually good for your portfolio now before we move on to the two most popular things with etoro and things that individuals tend to enjoy the most we require to talk about the stocks etfs and products now this is the biggest problem etoro has in my viewpoint and they are taking a look at changing this really 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 want to trade or etfs they do not have them all and they are adding them at a relatively sluggish rate they do not want to add every cent stock under the sun that no one’s really trading like i stated they make their money on the spread so the more individuals trading a stock the more cash they make if they included a low-cap cent stock that only one individual’s trading every single 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 really see this as a little bit of a favorable for new investors although for somebody like myself who’s had a lot more
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experience it is rather annoying 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 stated i have spoken with etoro on this and they have assured me that a lot more stocks at record volumes are going to be included this year so by the time this video comes out it may not even be that relevant however i make sure if you are a torah user and seeing this it can be frustrating that maybe one out of 10 stocks is really not offered on the platform so let’s hope etoro watches this video and it alters 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 register for a virtual trading account. There are only 43 states (along with Washington D.C. and the Northern Mariana Islands) where you can utilize real money to purchase and offer cryptocurrencies. Delaware, Hawaii, Minnesota, New Hampshire, New York City, Nevada, and Tennessee consumers currently can not trade with eToro. The company aims to have 50-state availability eventually. Until then, some traders will have to look elsewhere.
Alternatives to consider
If you want to trade stocks and cryptocurrencies in the same location: Robinhood provides trading in stocks and choices, including fractional shares. In addition, it offers 7 different cryptocurrencies and charges no transaction costs.