eToro, an investment network, has recently announced the impact of the CopyTrader™ function on eToro’s social trading network, OpenBook. eToro’s OpenBook is a niche social network, where users can share and discuss trades. The network is open for traders of every shape and size, and enable users to see the trading activity of other traders in real time, spot new market opportunities and trends, follow successful strategies and monitor their success rates, as well as copy the trades they like.
Unlike Facebook and Twitter, which are both general sites, eToro OpenBook is dedicated to a single purpose trading. The network may be used by experienced traders to recruit followers, and see how other professionals manage their trades, as well as by novice investors to learn new ways to benefit from their trading by following the trades of more experienced guru traders, and even copying their positions one for one.
Recently, eToro has enhanced OpenBook with CopyTrader™ to provide detailed performance track records per trader including charts displaying trends over different time periods, with the ability to click and drill down to see results on specific trades. With CopyTrader™ investors can easily spot the top performing trading gurus in the network, as well as fully diversify their investment portfolio by dividing their invested capital across several selected traders, and creating a people-based investment portfolio driven by performance-based social trading, lowering their overall investment risk.
eToro is not the only online social network for traders. Their main competitor, Currensee, with similar products and functionality, is a media darling as well. Other competitors include Zecco Trading and TradeKing. There are a few other smaller communities as well, however none as successful, and reliable, as eToro and its main competitors.
More importantly, eToro’s Open book grew at an amazing rate since first launching last July. In one year, the network managed to attract over 1.5 million users in over 130 countries. With these numbers, eToro can be considered a leader in the social trading industry.
The company is represented by Hill & Knowlton Public Relations.