Based in Cyprus, the company itself is not a broker, but it provides a platform and the software to connect users with third-party brokerage services. Users can look for personal online services in Forex, commodities and stock indices.
The new Social Trading Index allows eToro users to make their own indices and share them the rest of the investment network on the site. Basically it’s a way of collecting the investors that you follow and creating a list to share with others.
Each created index will automatically update itself periodically based on the initial filter criteria chosen by its creator to select the best performing traders that populate the index.
The new feature grew from eToro’s CopyTrader service which allows users to copy the trading activity of others on the network to create a portfolio. It’s similar to StockTwits and Currensee where people can share their tips and show their performance and is a good start for people hoping to try their hand at trading but need a little help to learn the ropes.
Transparent social trading is getting a boost this week. Just yesterday Stockr announced that it has secured $1.5m in seed funding to build its own network. Both companies are currently attending FinovateFall along with many others, so it is expected that more financial tech news will emerge through the course of the event.
Image Credit: Herval