Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
eToro has made investment decisions a lot easier with its new feature, which automatically copies moves by other verified and trusted traders.
eToro, one of the world’s most popular trade and investment platforms, has unveiled a new feature that is now available to customers in the U.S. and is called CopyTrading. The new feature was created to make trade and investment decisions very easy or even completely remove the need to make them. CopyTrading allows eToro’s customers to mimic investments moves made by some of the most popular and most trusted traders with this mimicry done automatically without any active moves from the user.
With CopyTrading, users do not need any knowledge of investment strategies, trading methods or any market analysis. All that is important is for the users to select a top trader that they trust enough to make great decisions, especially one who has had a history of such decisions with impressive returns as well. Furthermore, interested users do not need to invest the same amount of money the top trader uses.
CopyTrading has a $200 lower limit for investment but once this condition is scaled, the feature can still go ahead to automatically copy the moves made by the trader, which will be done by a percentage. The feature is available for cryptocurrency investment and the stock market as well.
eToro has also gone the way of endorsements for its new feature to not only create more awareness and pull in more people. Popular American actor and comedian, Alec Baldwin, was recruited to be the face of CopyTrading and also will serve as a spokesman for its official unveiling in the U.S. The actor has emphasized the ease with which the platform can be used, even by laymen.
“Now maybe you’re thinking, “but I’m just a food blogger, I can’t do this trading stuff on my own”… Just find a top investor on eToro… and hit copy. From now on, whenever they make a trade, you make the same trade automatically.”
It is hoped that a face like Baldwin’s might get people a lot more interested in eToro and also trading in general, enough for them to ask questions and then understand the ease of the process. This could also have a good enough effect on crypto adoption as well.
Alec Baldwin has joined American mixed martial artist Ben “Funky” Askren, has eToro celebrity representatives. Just recently, Askren tweeted about eToro’s #JustHitCopy hashtag, in a bid to create more awareness for the feature. Askren is officially one of the investors that can be copied by interested U.S. users.
Even with the reduced possibility of losing investments with CopyTrading, the company has still warned that there’s a good enough chance that losses can be made because the feature is largely speculative. On a Risks Associated with Social Trading page, eToro says:
“In making such decisions, you have considered your entire financial situation including financial commitments and you understand that using Social Trading Features is highly speculative and that you could sustain significant losses exceeding the amount used to copy a trader or traders.”
Not so long ago eToro also announced another feature in partnership with crypto data provider, TIE. Called the LongOnly CopyPortfolio, the feature uses a powerful algorithm which is designed to analyze more than 850 million tweets every day, to get a sense of acceptance, disappointment, or just the general sentiment about the current crypto atmosphere. eToro claims that the algorithm that powers this social media feature, has successfully returned 281% over the last two years.