There has been a virtual explosion of interest in online forex trading in the last 10 years. While it is true that FX trading platforms and brokerage companies can be differentiated by various features, interfaces, strengths and weaknesses, at the end of the day, they are simply FX companies. Their purpose is clear: they provide a connection between an online trader and the foreign exchange market (currencies market).
eToro is first and foremost about social trading. It has at its heart the goal of connecting online traders with a large and growing investment network. This social trading enterprise enables traders to engage with one another in a community of like-minded individuals. And it’s all done while harnessing the collective potential of the eToro network.
The flagship social trading application – eToro OpenBook – makes it really easy for members in the investment network to share info, tips, tricks and strategies. This information can then be applied to forex trading accounts, with the goal of realizing profits off trades. Take note that any trading action initiated by any trader in the investment network is instantly recorded in live streaming feeds. Traders anywhere and everywhere – from New York to New Delhi – can see, follow and copy the trades made by members of the eToro community. A series of useful tools, compliments of eToro OpenBook, allows traders to use this information.
The information may well be valuable, since it aids in teaching new forex trading techniques, and alerting traders to potentially lucrative trades in the Forex market. But the true value of information in the eToro OpenBook lies in its copy functions. Take the following example as a case in point: you see a forex trade (FX trade) that you like, so you decide to copy the trade by clicking on the ‘copy’ button.
Note: you can set your own parameters for each of the trades that you copy in the live feeds.
It’s entirely possible to copy a specific trader from the live feed. You needn’t copy an individual trade. If you identify a trader who’s actions you consistently want to copy, it makes little sense to monitor that particular trader’s activity and copy each trade individually. Enter CopyTrader. Thanks to this useful trading tool, it’s possible to trade like the Social Gurus on eToro’s social trading network. The Social Guru Finder feature allows you to locate the most successful traders at eToro. Note that you can set search requirements to match your preferences. You may like a particular trader’s style, strategies and techniques rather than just their bottom line. At this point, click on CopyTrader in their profile to automatically begin copying their trades.
Innovation, interactivity and style certainly play their part in differentiating eToro from any other traditional forex broker or trading network out there. eToro makes no bones about the fact that it is first and foremost a social trading enterprise. It is the benchmark against which other investment networks measure their own performance. To date, over 2 million traders have joined the eToro network to learn, work together and share in each other’s triumphs and help pick each other up when they have set backs.
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