Before the days of the internet, traders could learn from newsletters that were released periodically. This had the limitation of providing information on trades that were executed in the past. Thus, traders were left uncertain when it came to the present.
Today, social trading is more timely and accurate than before. It enables clients to evaluate traders statistically according to their profitability and to copy successful trades. The new feature increases transparency by allowing customers to view and learn from the broker’s most experienced clients. Traders can examine different strategies without risking their funds.
The new social platform shortens the learning curve by providing traders with access to the company’s most experienced clientele. As many traders have already discovered, learning never stops when it comes to forex.
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In recent years, online social networks have advanced significantly. This trend applies to social trading, which is a subcategory of online social networks. Even though trading may appear to be fully functional and lack any form of social interaction, the social dimension is constantly moving forward. Blogs that aim at assisting traders by allowing them to interact with one another are the most basic form of this phenomenon. Social platforms, which provide with more timely information, take trading one step further.
The vast size of a forex broker’s client base means that the social platform is constantly updated. The company’s clientele gains a cutting edge view of the market and the most successful trades in it. Replicating successful orders has resulted in a significant increase to traders’ earnings. With social trading, customers are no longer in the dark when it comes to trading. This is a win-win situation for clients and for the forex industry.