Online trading is evolving in front of our eyes, as thousands of new traders join the game. In the recent years, forex brokers surprised us with many new features and innovations. One of which is social trading – the revolution of forex.
Is Online Social Trading for Me?
What makes social trading so desirable is a simple fact that with it trading has become accessible, available and understandable to all of us via desktop, web or mobile phones.
As financial markets are growing stronger with new investors and investing opportunities, social trading plays a major part of it today. There is also a forecast review that by 2021, 1 out of 3 traders you meet will be using social trading.
Unlike in the past, today you don’t need thousands of dollars to start trading. You can easily jump in with couple of hundreds or even less, open a trading account, practice with demo and try out your skills on live accounts.
While it is true that you don’t need a lot of money to start trading, it is still a fact that you do need to earn the experience and knowledge. All of that, of course, takes while a lot of time. This is where social trading comes in handy, as it is purely outstanding solution for newbies that want to trade, want to profit and don’t want to get deep into technicality of forex trading.
One of such Social Trading Networks is eToro with over 6 million clients worldwide. eToro is regulated by FCA and CySec, keeps your funds in segregated accounts and allows you to start trading with as little as $50.
The beauty of eToro is in its intuitive platform where you can easily check out what other traders are doing, what risk are they taking and what success trade do they have. You can use filters to find a perfect match – a trader that really knows how to make money.
Once you have found a trader you wish to follow and copy through a Copy People Discovery Tool, you attach yourself automatically to the trader’s actions. All his trades are automatically copied to your account.
eToro is also fantastic for professional traders. The more traders follow and copy you, the more money you get. If you show consistent returns on eToro, you can easily apply for Popular Investor Program and earn up to 2% management fee.