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eToro Debuts Crypto Traders
eToro, one of the leading companies in the global financial services industry is making it easier for U.S. traders and investors to participate in the fast-growing cryptocurrency trading market. News broke on Tuesday that eToro has launched its CopyTrader feature in the U.S. to enable its users to copy the trading moves of top-performing crypto traders in real-time.
Cryptocurrency trading is functionally different from equities trading or the trading of other traditional assets. Cryptocurrencies are barely a decade old, there's not much historical data to go by, and the fundamentals require you to jettison many of your critical assumptions about traditional finance. The highly volatile nature of the crypto market also makes it difficult for inexperienced traders to understand trends and to time the market effectively for profitable trades.
eToro’s launch of CopyTrader will potentially make it easier for U.S. traders to set up their trading accounts to automatically and proportionally copy the trades of verified trading experts.
Democratizing Crypto Trading for All Investors
CopyTrader is an innovative trading tool designed to help retail investors get started with crypto trading without wasting much time. CopyTrader allows you to sync your account with the account of other traders such that your trade replicates their trades automatically. Trades are executed at the same price in real-time and in proportional amounts, enabling any eToro user to execute the same trading strategies of proven crypto investors. The best part is that users maintain full control of their trading accounts and they can choose to stop copying trades at any time.
New traders can leverage CopyTrader to avoid unnecessary trial and error that often causes most beginner crypto traders to make lose-invoking trading mistakes. Also, people who don’t have the time to trade actively can piggyback on the commitment of seasoned daytraders to participate in the market without having to worry about monitoring trading charts.
In the words of Guy Hirsch, US Managing Director of eToro, “CopyTrader can help anyone to build their wealth in a simple and transparent way. Users who want to leverage the crypto asset class can now simply look for an investor with a proven track record and just hit copy to execute the same trades automatically…”
A Win for Experienced Crypto Traders
Experienced traders can join the Popular Investor Program where they make their trades and trading strategies available for user eToro community members to copy. The top crypto traders are in turn rewarded with compensation, industry recognition, access to advanced charting tools, and social network scalability that can help them to build monetization streams around their trading activities.
Some of the top-performing crypto influencers onboard with CopyTrader include Nicholas Merten, the host of the DataDash YouTube channel and UFC fighter Ben Askren who have built of combined followership of more than 1 million enthusiasts.
Yoni Assia, Co-founder & CEO of eToro also submits that “CopyTrader empowers the eToro community to collaborate in improving the experience of investing for traders of all levels of experience… We built CopyTrader to bring the tremendous value of network effects inherent to social platforms into the world of investment advice.”
All crypto traders irrespective of their trading experience can leverage eToro’s CopyTrader to benefit from the decentralized and democratized world of cryptocurrencies. The social nature of copy trading incentivizes the community to be transparent, helpful, and collaborative in helping inexperienced and experienced traders to build collaborative relationships.
Crypto Goes With Hollywood
To drive the narrative, eToro has signed up Hollywood stars to power the marketing campaign for CopyTrader. The U.S. launch of CopyTrader features Alec Baldwin in a series of ad spots to drive the conversation about the growing importance of digital currencies in a digitalized economy. Interestingly, Hollywood is one of the earliest adopters of cryptocurrencies with several movies and TV series alluding to Bitcoin and other cryptocurrencies.
Promoting CopyTrader with familiar Hollywood faces could potentially lower the initial skepticism of retail traders and investors to cryptocurrencies. Going forward, it would be interesting to see how eToro’s CopyTrader accelerates the mass-market adoption of cryptocurrencies.