eToro Social Trading, or briefly eToro, is a smartphone application of eToro, a popular Israeli trading platform and a social network for traders. The program, which can be downloaded in the App Store and Google Play, completely replaces the desktop version and provides all the necessary services for working with assets. Thanks to the authority of eToro, the application is in demand and has users from more than 140 countries of the world.
eToro is a social investment platform. At eToro, users can not only trade currencies (including fiat and digital), commodities, indexes, and stocks, but also discuss their transactions, follow the news, and copy the operations of the most successful traders. The main difference between eToro and other companies is that the investors’ money is not stored on a brokerage account (physical money is separated from the company’s funds), and the purchased securities are in the depositary. eToro offers users to trade CFDs (contracts for difference).
To run the eToro Social Trading application, users need to create an account on the network. For registration, users will need to create a username (6–16 Latin letters in combination with numbers) and create a password, as well as provide data such as an e-mail address and mobile phone number (location and the country code are detected automatically). Or users can log in using Facebook or Google mail. eToro is licensed by a Cyprus-based CySEC, so the user needs to accept the rules of the regulator.
When registering, users can choose one of twenty languages, including English. In addition to the username, in the settings, eToro recommends specifying the full name of the user, date of birth, add TIN. After the personal data is entered into the application, a full-fledged investor profile will be created in accordance with regulatory requirements, and restrictions (up to EUR 2,000) on the amounts contributed will be lifted. The account must be verified within five days. The minimum amount to replenish the deposit is $100, and the minimum amount of the transaction on shares is $50.
After filling in the data, the start page of the eToro Social Trading application opens. Here are the assets that are traded in various markets at the time of entry. Data is tracked in real time and reacts to every change in value. Thus, the price reduction signals are red, and the increase signals are green. Assets and markets can be customized for user interest.
The eToro platform combines an asset trading platform and a social network for traders around the world. Therefore, the actions of the user that one liked can be monitored, like subscriptions on Instagram or YouTube. The “Traders” section presents the most popular platform traders. Their rating is based on the activity on the network and the publication of materials related to trading, and profit as a percentage. In addition, successful transactions made by other users can be copied and executed again. But this service is available when there is $100 on the account.
The purchase and sale of cryptocurrencies do not differ from the process of opening and closing transactions of other assets. To start trading BTC or ETH, users must click on the coin and start working. The section of the asset will provide information on the profitability of the acquisition and transaction. Users can see the graph of price changes. But the main advantage of the eToro platform is the almost instantaneous execution of market orders.
eToro Social Trading: Review Summary
The eToro Social Trading application is suitable for various exchange players and their skills. eToro gives users the opportunity to trade not only cryptocurrencies but also other assets, which allows the trader not to dwell on the market of digital coins. The combination of a platform for trading on exchanges and a social network expands the possibilities of the user. Indeed, trade is conducted even with small amounts, and communication between representatives of the community is carried out within one application. Thanks to the copy strategy, novice traders learn from more experienced colleagues. The eToro application itself and the Social Trading work without interruption, load information quickly, and, if desired, the user can regularly receive alerts about changes in the market situation.