eToro Releases New Versions of WebTrader and OpenBook Platforms

The most significant changes in the new software versions recently released by eToro, are to be found in the OpenBook trading platform itself.

Online PR News – 14-January-2012 – – LONDON and MILAN, 11 January 2012 - Having established themselves as clear leaders in the social trading revolution, eToro now releases a new modified version of its software to better accommodate social and copy traders.

If two years ago eToro was just another name among hundreds of forex trading platforms, that has certainly not been the case since its launch of the OpenBook social forex trading network in 2010, a position solidified in 2011 with the introduction of the CopyTrader function, enabling traders to copy each others’ trades automatically and even building people-based portfolios. And with the concept of social trading spreading like wildfire among its competitors, eToro is now taking its own pioneering platforms to the next level.

The most significant changes in the new software versions recently released by eToro, are to be found in the OpenBook trading platform itself. Even though the CopyTrader feature has made it possible for traders to capitalize on the experience of others, initially eToro saw fit to restrict this function as a precaution and a step towards encouraging responsible trading. Thus, in the previous available version of the software, traders could dedicate only 20% percent of their balance to any one trader. In addition that percentage only took into account the available balance, not including any other funds that were already dedicated to copying other traders. As a result, traders could never use the entirety of their account in their copy trading portfolio. The new version however does away with most of these limitations, enabling traders with a total account balance (including realized equity) of $20-$100 to dedicate any percentage of their account to any one trader.

“The limitations we first placed on the CopyTrader feature served an important function,” said eToro CEO, Jonathan Assia. “Since nothing like it had ever been tried before, we wanted to limit the risk that traders could take in copying other traders. But since the launch of CopyTrader our traders’ statistics have skyrocketed, and so we’ve decided to remove the restrictions and to allow traders with smaller accounts to make the most out of their copy trading portfolios.”

The new eToro's OpenBook also enables traders to copy already open trades, a feature supported by the new version of the eToro WebTrader. Thanks to this modification, traders no longer have to worry about missing out on their guru’s previous trade. All they have to do is click on the trader they are copying to see their open trades, after which they will be able to copy any open trade by clicking on the “copy” button next to it.

As the world of social trading is relatively new in the forex trading industry there is no telling where this latest revolution will take us, but with the release of its latest social trading software, eToro proves once again its intention to stay ahead of the field.