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Since the deregulation of the forex trading industry in 1997, there has been a massive proliferation of internet based spot forex brokers. While this scenario might be a good thing in terms of the availability of choice for traders, too much of a good thing can also be bad. This is because it can be difficult to sift out the “bad” from all the brokers out there, as basically everyone is offering the same kind of service. However, all this started to change when a broker called eToro introduced the concept of social trading to the world in 2010 with the launch of their OpenBook social investment platform. With this innovative social trading platform, traders can now easily copy the trading strategies of their more successful peers without having to have a solid foundation in trading the spot forex market.
Trading Platforms
Since the debut of their OpenBook social trading platform, eToro has gone on to improve the functionality of their platforms. Now, eToro have provided their traders with 3 ways in which they can trade the markets namely with eToro WebTrader, eToro OpenBook and eToro Mobile Trader.
eToro OpenBook
Regarded as the most popular forex social trading platform in the world, eToro OpenBook platform lets you follow the progress of other traders as well as lets you interact with them in real time and puts the power of networking into the palm of your hand. With the integrated “Copy Trader” feature, you can copy the trades of your more successful peers automatically in real time as well.
eToro WebTrader
A web based powered trading platform, eToro WebTrader provides you with all the tools that you need to analyze your trades as well as letting you synchronize with OpenBook to copy the trades of others.
eToro Mobile Trader
With the introduction of eToro Mobile Trader apps, traders can now also access the power of social trading with their smartphones and mobile devices.
Now in addition to forex, traders can also trade a selection of commodities and stocks with eToro’s trading platforms.
Account Types
At eToro, you have a choice of two different types of trading account, standard trading account and Islamic trading account.
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