I have actually been using etoro for a number of years now and i have to state since my last etoro review video the platform itself has altered a hell of a lot i thought what better chance with the brand-new year to provide a brand-new review on etoro talk about the great 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 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 advantageous 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 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 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 feel like it’s just reasonable as someone who does utilize etoro on a daily basis to provide the severe and truthful reality on the negative side as well as the positive side nevertheless overall i do have to say i am overly pleased with them and if you are looking for a 2nd brokerage account or our brand-new financier i would just say dive in the minimums are quite low provide it a whirl and see if it fits your requirements and if you do so through the affiliate link down on the pinned
comment and follow the actions 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 recognize it’s not for you that chat room is easily 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 absolute 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 most significant game changer for this business i need to say myself as someone who has operated in finance for over 15 years etoro are setting about it the proper way they are regulated in various jurisdictions and they are expanding at the ideal speed ensuring all the eyes are dotted all the t’s are crossed before they open in any jurisdiction for instance they are managed with the fca over in the uk sysek over in cyprus they’re controlled in australia and of course they are on the finra site over in the us as i said 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 launch stock trading over the last year or so is really a great sign for me since they’re making certain they do not have a circumstance where they leave themselves open to lawsuits or they mess up with regulation it appears every second week robin hood has some court case or some huge complaint they have to deal with we have crypto brokers like binance over in the uk facing serious difficulty with the fca and the guideline there it appears that etoro are taking the right steps first before they launch making sure that the clients remain in the safest possible position and they do not leave themselves open i need to state this is a terrific sign for a modern brokerage with an app unlike the old standard saxo bank and interactive brokers a modern day commission totally free platform more on that later going the right actions making certain that all the eyes are dotted or the t’s are crossed prior to they open in any location they are actually working in this shows me that etoro is aiming to stay for the long term and they have clear aims of growing to be one of the greatest brokerages in the world now the minimum amount needed to open an account does differ on where you are located on screen now you can see the minimums offered but 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 countries it’s just fifty dollars so you can go on inspect 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 but obviously brokers want to earn money so how the hell do they do that well the first obvious cost is if you take money out of your account there’s a five bucks charge however to be truthful that most likely gets involved transaction costs 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 a lot 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 difference in between generally it’s just a really little cost and that is called the spread that is the fee that etoro will potentially keep on this trade that’s how they earn money because they are not charging you a commission to open the trade they’re simply opening the trade at a slightly higher rate and the simplest method of describing this is if you purchased 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 second one and that percentage loss is just how much it cost you to open that trade or you can even in fact drop in the dollar charge of just how much it approximately cost you to open stated trade nevertheless after utilizing this platform for a long period of time when you close the trade also there is a minor distinction and what occurs here is etoro tends to calculate the difference and that is just how much they have actually made i have actually tracked this for a long period of time and seen that
when i really do close a trade quite a great deal of the time the fee that i get charged is a lot less than the initial charge that i had for opening the trade itself but this is the normal standard structure these days for a lot of brokers that use commission free trades if you do not want to pay a spread you can go and open an interactive brokers account a saxo bank account or a few of the other advanced platforms and you will get charged a repaired fee per trade but for me personally i believe for more recent financiers especially 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 properties like products and forex or currencies however having a platform that permits you to trade numerous sectors is definitely helpful for instance you can short bitcoin and go long silver you could also short the japanese yen and go long into gold there is several elements offered with this platform and i feel in the modern day world we reside in currency commodities things of the sort are definitely more needed in brokerage homes especially for the brand-new investor nevertheless i did discuss cfds though which is a contract for difference these are generally contracts that brokerage or other institutions can offer a customer to purchase a company normally it’s a way of having a lot more leverage without in fact owning any of the stock you are making a contract with stated organization now cfds are really not available to people in the us but they are available to individuals over in europe and in the uk however i have to say given the scariness of take advantage of and more than 60
of individuals trading cfds lose cash i just completely keep away from cfds particularly if you are a more recent or intermediate investor and on that too simply stay away from utilize it’s not truly 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 discuss the stocks etfs and products now this is the greatest issue etoro has in my viewpoint and they are looking at changing this very very soon in fact i believe it is among their greatest goals for 2022. now although etoro tends to have most the stocks that you wish to trade or etfs they do not have them all and they are adding them at a reasonably slow rate they do not wish to add every penny stock under the sun that no one’s really trading like i said they make their money on the spread 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 cash so they are only including stocks that they feel that a helpful and b well less risky i really see this as a little a positive for brand-new financiers although for someone like myself who’s had a lot more
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experience it is rather annoying that a few of the stocks that i do wish to trade or at least look at and not on the platform now that said 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’m sure if you are a torah user and watching this it can be annoying that maybe one out of 10 stocks is actually not readily available on the platform so let’s hope etoro sees 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
Just 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 wish to trade stocks and cryptocurrencies in the same location: Robinhood provides trading in stocks and choices, consisting of fractional shares. In addition, it uses 7 different cryptocurrencies and charges no deal charges.