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eToro Launches the OpenBook Social Trading Application
Date Added: November 22, 2010 12:23:44 PM
Author: Mandeep Singh
Category: Business

LONDON and MILAN, 22 November 2010 - The groundbreaking trading platform adds a social dimension to trading with its newest offering in cutting edge trading technology – the eToro OpenBook . From its foundation, eToro has made efforts to cultivate an active trading community around its user-friendly platform. Up until recently, the eToro community used chats, forums, trading challenges and the Top Traders’ Insight tool to communicate and share ideas. Now, eToro takes the concept of trader community to a new level with the launch of the eToroOpenBook, a revolutionary application that enables a new kind of trading – social trading. The application shows live feeds of eToro forex traders’ activities, including the opening and closing of trades and orders, and the top rankings in eToro’s weekly prize-bearing challenges. The main advantage of the application however, is the opportunity to follow specific traders and view their individual strategies, which gives eToro users the advantage of having insight into the way successful traders handle the markets. For example, when following a specific trader, one can see the instruments this trader operates with, the risk level he uses and his success statistics, all elements that others can learn from. Traders who accumulate numerous followers also receive the advantage of getting extra profit from their trading skills by offering to trade for their followers. “Ever since the advent of Web 2.0, we’ve been looking for a way to harness the power of social networks and communities in a way that would benefit our traders,” said eToro C.E.O Jonathan Assia. “With eToroOpenBook I believe that we’ve finally come up with a perfect way to do so. The beauty of trading forex, commodities and indices is that one can only benefit by sharing information, and through our new application I believe our users will be able to trade smarter together.” OpenBook not only enables traders to view each other’s trades, but it also provides them with the opportunity to “like” and comment on those trades, giving each other the benefit of immediate feedback. Best of all, when traders see a trade they like in particular, they have the option of copying that trade with a single click of the button, so as not to miss out on the opportunity. Since the launch, eToro traders have taken to the application like fish to water, pointing to the huge advantage that this new way to trade has brought into their lives. eToroOpenBook may be for now the only application of its kind, but once the world sees the result that trading together can bring, social trading is sure to spread like wildfire.
 
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