Founded in 2007, eToro is the largest social investment network in the world. The company operates by combining the online trading of instruments such as foreign currencies, commodities and indices, with a social networking atmosphere. This allows users of the network to view, follow and copy the trading actions of any user within their network.
Furthermore, eToro acts as a huge networking forum in which traders of all experience levels can connect with and learn from other like-minded individuals. The foundations of the company were developed to provide a mutual meeting ground for eToro clients to discuss, learn and share all things trading related. All of these features are conducted through eToro’s innovative trading platform, known as the OpenBook.
The company has without a doubt introduced a revolutionary and innovative approach to the financial industry which is changing the way we connect, learn and trade. An overview of the company has been provided below.
Since the company’s establishment, eToro has been consistently recognised for their innovative approach to the financial industry with awards such as:
- 2013 FinTech50 Awards: Winner Game-Changing Technologies across Europe
- 2013 Star Awards: Best Trading Platform
- 2012 FSTech: Best use of Customer Communications and Social Networking Technology
- 2012 World Finance Foreign Exchange Awards: Best Social Trading Network
- 2011 World Finance Foreign Exchange Awards:
- Best Social Trading Network
- Best Mobile Trading Platform
- Best Trading Software Provider
- Global Banking & Finance Review: Best Social Trading Platform
Trading with eToro
Evidently the business model used by eToro varies significantly from other traditional online trading companies. By this we mean that rather than regarding trading strategies as top secret information, eToro instead openly provides this information to their clients directly from investors who are actually performing these trades. The company allows users to monitor the trading actions of other eToro users which can then be copied and applied automatically to your own account. Clients of the company allow their trades to be directly uploaded to the platform which can then be displayed and sorted in a variety of different ways. For example, an eToro client can categorise the trades that they view by the level of profit made.
eToro is a global marketplace that provides investors with the ability to trade commodities, currencies, CFD stocks and indices in over 170 countries. With over 4.5 million users, the company continues to grow on a daily basis which generates thousands of new accounts for traders to exchange, copy and learn strategies from. This social trading community gives eToro clients the opportunity to access a huge network of traders who provide immense collective potential for other users to capitalise on through their interaction and educational resources.
OpenBook Trading Platform
The social trading network that forms the foundation for eToro’s business model is developed around their online trading platform, known as the OpenBook. With millions of users accessing the platform on a daily basis, the opportunities that arise for their clients to make profitable trades is immense. eToro encourages traders to interact with each other via the platforms discussion walls in which you can send personal messages and view online feeds. Further features of the platform include:
- Consistent updates on trading feeds to help assist users in identifying opportunities within the marketplace
- View the public trading feeds which show all of the trading activity for all traders using the platform
- Ability to filter out specific information within this trading feed
- Develop a personal watchlist or a ‘top 100’ to help manage portfolios and provide only the information that you wish to receive
- Use the CopyTrader function tool which allows users to directly copy the positions of traders within the network
- View the history of any trader in the network in regards to their profits and losses
- Access the platform as a web-based browser or through a mobile device
- Suitable for users of all experience levels from novice/beginner traders right through to highly experienced professional traders
- Free access to the OpenBook Demo Account with US$10,000 in virtual funds
- Ability to enable pre-set leverage settings so that risk can be easily calculated and managed
- Access a variety of training courses to assist beginners in learning how the market works and how to trade
- Access an array of temporary and permanent bonuses and promotion deals which are updated on a monthly basis
eToro review Summary
The revolutionary online trading approach that eToro provides their clients with is no doubt one of the newest and most innovative ways to successfully incorporate online trading with a social community network. The sheer size of the company’s user base provides investors with multiple benefits and advantages as they are able to view, monitor and apply the trading strategies being used by some of the most successful online social traders.
For traders who appeal to the idea of social networking and learning from other like-minded individuals, you will benefit greatly from eToro’s OpenBook platform. On the other hand, for those traders who favour a more traditional approach to trading, eToro may be not be a company that will best suit your specific preferences. However, for those individuals who are new to the world of online trading and wish to learn from a growing pool of investors, or alternatively just enjoy the social aspect of trading, then eToro is a company that we would highly recommend for you.