There are many copy trading brokers in the business. Some of the brokers are not genuine leading to losses among many investors. Due to the named reason, the clients should be careful while trading. Numerous stock and forex trading platforms provide the option of copy trading. The trading allows one to copy positions directly from another client and connect a section of the portfolio with that of other traders. The trader can copy all the current positions of other clients besides any further actions. The act is possible through linking one’s profile with those of other traders. One of the best copy trading broker is the etoro.
So, what is forex social trading platform? eToro is certainly one of the best copy trade brokers. There are many social trading forex brokers but none of them is as impressive as eToro. eToro has top-notch features that make copy and paste forex trading possible. This copy trading review will put eToro under a sharper lens and find out why it is such an impressive broker.
etoro is a broker registered as a Cyprus Investment Firm (CIF). The Financial Conduct Authority (FCA) regulates the company in the United Kingdom. The broker is popular due to the ease and simplicity of use in the social trading platform. The current platform is also completely mobile response providing similar seamless experience in all devices. etoro is available for mobile phones, desktops, and tablets. Besides, the company has an extensive portfolio and has introduced the crypto-currency market. In addition to Bitcoin, the investors can trade in Litecoin, Ethereum, Stellar, Ripple, among many other available cryptos.
The main of etoro is to ensure that the financial markets are accessible to many individuals hence the need to provide an appropriate solution. The company acts as both a broker and manager of the social investment. The case enables the traders to manage everything without necessarily signing up with other brokers.
Popular Investors in etoro
Popular investors are the clients that one can either copy or follow. There is big number of such people since by just joining the etoro social trading platform, one becomes a popular investor. The company adheres to its promises of creating an open network that is complete. In the network, traders can learn, share, copy, compete, and interact with other investors.
Verified Investors to Copy
The company developed a status icon for popular investors that is verified. The icon can be obtained by displaying the photo and real name in one’s profile. The act is essential as it increases confidence that a trader is following real investors and not robots. On the other hand, all investors tend to risk their money. The case is essential despite the fact that the actual balance is not shared.
Upon being copied the popular traders get awarded. The structure is very straightforward currently. The traders get fixed monthly commissions depending on the number of copies. The top traders are given 2% of the money under their operations. Besides, the elites are quarantined of a trading that is exempted from commission. Good interactions between the traders and computers is enhanced by the customer relationship management (CRM).
There are numerous tools that have evolved over time. The tools enable the investors to find the traders one wants to copy and follow. The Discover people tool was invented in 2014 by the company. The tool enables traders to filter through their preferred investors through wide range of parameters. The parameter are Profitable weeks, Gain percentage, assets traded, country among many others. The company keeps basic the information available regarding the past performance of the investors one may consider copying and/or follow. The company displays performance as either gains or losses in each calendar month and year. The existing formula is excellent and entails the use of monthly withdrawals and deposits.
The Traders Chart
The trader charts is an essential addition in the etoro platform. The feature allows one to see the past performance of the investors facilitating perform simulations. Besides, the comparison of the other traders and investment instruments is possible. With a minimum of $100, one can trade up to 40% of the realized equity. Stop loss is important as it reduces the risk of trading. The company also allows the investor to do trade copying with a free complete functioning demo account.
etoro Copy portfolio
A copyportfolio was introduced in 2016. The traders can therefore in two types of funds. For instance Market copyportfolio based on a given theme or strategy bundles together a wide range of financial instruments. Besides, some are same to normal exchange-traded money. The unique ones such as PanicMode combine both the buying commodities with selling indices. On the other hand, the Top Trader copyportfolio is best on etoro. The case entails picking a fund among the investors who performed well over the past quarter. These are some of the features that make eToro the best social trading platform.
Cost and Fees
Joining and using etoro is completely free. The costs incurred are the overnight rollover fees and the spreads of the brokers. However, one should be careful since the overnight rollover costs sometimes tends to be high. There is the availability of training materials for the investors. The company also provides weekly reviews, webcasts, and news to keep the traders informed.
Pros of etoro
- It has a simple interface
- Provides free demo account that is fully functioning.
- The trades are copied proportionally.
- There are features of money management and integrated risk.
- There exists an integrated trade execution interface, social trading network, and a broker.
- The social network is very active
- The traders can copy/trade currencies, commodities, and major indices.
- The existence of a copyportfolio.
- There is a Popular investors’ dashboard and a big customer base attracting real professional traders.
- It has low slippage.
Cons of etoro
- It is impossible to see the full history of the other previous trades by the popular traders.
- The company has higher spreads as compared to other brokers.
- The overnight rollovers fees are higher.
- One can only operate the account using the U.D. only.
- There is no sharing of the actual account balance of the popular investors.
Is etoro the best copy trading broker?
etoro has proved to be the best and reliable broker in the market. The social media forex trading platform is one of the most revolutionary trading features in the industry. The services and platforms have greatly improved over the years. The company is also regulated hence increasing safety. The websites and support team is very effective. The social trading features are also excellent hence worth trying the company. EToro is certainly the best forex copy trader.