eToro has undergone a meteoric rise in the last few years, as the concept of social trading networks has become increasingly popular. Since its inception, eToro has remained at the forefront of innovation in the social trading network sector and has served as the template for a number of businesses since, although none have quite been able to replicate their talent for setting new trends and for pushing the whole field in bold new directions.
What is eToro?
eToro is what is known as a social trading platform. At the time of its launch, it was one of the few in existence. A social trading platform combines the services of a traditional forex broker with many of the features of a social network. So, whenever a trader makes a trade they can share the details with their followers and other users. This allows users to see what trades others are making, which in turn allows them to, either manually or automatically, copy the trades of their favored professionals.
The platform offers a number of investment options, including currency (forex), stocks, commodities, and indices. It is up to you to decide where your talents lie and where the most fruitful opportunities can be found. You can set it up so that you manually invest in the areas with which you feel most confident while following the lead of more experienced professionals in other areas.
It is the ability to automatically copy the trades of other professionals which have been the main selling point of eToro. There are now a number of other companies who are offering or attempting to offer, the same features as eToro, but none have been able to execute the idea with the same amount of finesse. If you are already an experienced trader then you can jump straight into trading forex manually, or you can choose to follow the trades of another professional for forex while manually investing in commodities.
eToro is easy to pick up but hard to master, as is usually the case with investing. Fortunately, learning how to use eToro is rewarding and fun. Simply opening an account and following random traders isn’t likely to be a successful strategy, so here’s a brief step-by-step guide:
- Open your account. eToro will get you started with some free cash; if you sign up through a referral link then you’ll get even more! In order to copy trades, you will have to make a deposit into your new account; I would recommend around $400.
- Start following traders. There are several guides online which will recommend traders for you to follow, or you can try to sniff out your own.
- Sit back and wait. Once you’ve invested enough in your account and identified some traders to follow, the platform will start to work for you. You can add in some of your own manual trades, and one day, others might even be looking to copy you!
eToro is an innovative investment platform, these kinds of social trading networks are undoubtedly the future of investing for the average person.
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