Trading in the forex market is not as simple as many of you might think. You need to have knowledge of the working of the market and the current economic conditions of the world in order to make profits from your investment. It is difficult to keep yourself updated with the on goings of the Forex market and so a good trading platform becomes an essential part of your success in the open book trading business.
For this reason, it is advised to research a little and to check out the ratings of various trading platforms before you choose one. Best trading platforms provide you with all the necessary information and help needed to make decisions about buying and selling of assets in the Forex market.
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eToro Copytrader Platform
As an openbook trader, you must have seen a status “copier” appearing on the sidebar of a number of individual traders who are in the good rankings of open book trader listings. This status is an indication that those traders are using eToro Copytrader for their investment in the market.
The openbook trading can easily be done with the typical ‘analyze, follow and then copy’ policy. You have to first analyze the status of a trader to see if he is regular on the trading floor. Sometimes it may happen that the gains of a trader are 1000 percent but he is not too regular on the floor; following such a trader might not be the best option. You need to have a couple of regular traders with good gain percentages and let them run the account for some time to see how the results turn out to be.
eToro is a good trading platform in the sense that it provides individual states with the traders and lets you arrange the active traders on the basis of “most gained” or “most active”. This means that you do not need to browse through the entire trader to judge which one to follow. Apart from this, the platform also allows a number of additional filters like the level of riskiness of an asset, performance and frequency of use in the past one, two, six or twelve months. These filters help you in making your research more precise and therefore making your choice as a Copytrader more convenient.
Cost & Charges
Although there is no other platform that offers Copytrader for free, yet with eToro you get that benefit. The platform does not charge you any money for downloading or using the software online. Most of the other trading platforms charge you based on the “white label” or the code that is used for following a trader.
For new traders who are still learning the ins and outs of the Forex market and its investment, eToro Copytrader is an ideal choice since you can click here and there without worrying about being charged for it. However, as you gain experience, you will have to move to paid services that offer greater features and more exposure to you.
Etoro exists in the form of an online system that does not require any kind of downloads or system requirements. All you need to do is to login to the web trader site and enter the trading platform directly. The user interface of eToro Copytrader has been made keeping in mind young traders who are not aware of the fancy terms used in Forex and commodity trading. The buy and sell rate of currencies is mentioned at the top while the currency you are trading in is highlighted on one side.
The platform also has a section of history where you can browse through your past records and transactions that you might have done. Apart from this, the updated news and happenings in the economy are also included in one section of the interface so that you do not have to research the entire internet to find out if a particular investment is risky or not.
At the very bottom of the platform, your current balance, invested amount, virtual balance and other such statistics are mentioned. You can use filters to make your search more precise and can even view market trends in the form of charts and graphs in order to analyze it effectively.
A slight problem with the platform is that if you want to drop a trader from your account list, the response time of the platform will increase and you might have to wait for several minutes before the trader is removed from the list.
There is a chat facility as well as an email option that you can use if you have any problems or questions that need to be answered. The help option on the menu of the trading platform can be accessed any time and you are likely to get a prompt reply from the support team. Apart from this, video tutorials are also available to help you in understanding the working of the platform and the usage of each option on the menu.
You can also have a look at the frequently asked question section, where you can get answers of simple questions but if your trading platform is not responding properly or there are issues with the balance amount, you can write to the eToro team and they will get back to you in due time.
Ease of use, no downloads required and no charges to be paid are some of the pros that the eToro Copytrader offers. However, the response time of the platform may be slow at times especially when a number of trading windows are opened which can be frustrating for some users. As a whole, eToro Copytrader is a great option to learn about the Forex market, commodity trading and other such features for people who are new to the trading industry. However in the long run, you will have to switch to a paid service if you want to be a part of the main stream trading.
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