Maithya Kitonyi Blog | Should You Use a Social Trading Platform to Trade Forex? | Talkmarkets
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Should You Use a Social Trading Platform to Trade Forex?

Date: Thursday, December 24, 2020 7:32 PM EDT

Social forex trading is becoming one of the most effective ways of making money online. This method of trading requires expert experience to profit from the forex market. It has been popularized by the pioneer social trading platform eToro, which has become the preferred forex trading platform for beginners.

EToro offers novice traders an opportunity to make money online by utilizing its copytrader feature, which allows them to copy the trades of expert traders. By using this feature, a trader automatically makes the same trade like the one made by an expert trader, whose trades they are following. 

This is the general concept of social trading, but eToro offers more than that with interactive community segments, breaking news alerts feeds, and a marketplace where beginner traders can learn to trade as they grow their portfolios.

Why social trading is ideal now

As discussed above, social trading helps inexperienced traders to make profits in a highly challenging marketplace. Currently, the global financial markets are experiencing a crash caused by coronavirus pandemic. This causes panic and anxiety in the money markets which can cause some traders to make hasty trading decisions. 

All the leading US indices have experienced choppy trading sessions in recent months. The S&P 500 has gained and lost 7%-10% within weeks. It has maintained an upward movement, which suites long-term investors. However, for traders, you can easily get caught up in the wrong cycle of the trend depending on your open positions. 

To navigate through such an unpredictable market, traders with limited expertise in the markets could do well by copying the trades of more experienced traders. This is where social trading platforms prove their importance.

The cryptocurrency market highlighted by the price of bitcoin has also experienced choppy sessions despite rallying to new historical highs. Most forex trading platforms like eToro offer traders an opportunity to trade Crypto CFDs like bitcoin, Ethereum, and Ripple. Again, eToro’s crypto copytrader can be a useful tool for those looking to get started in trading bitcoin.

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Frank J. Williams 7 months ago Member's comment

Were you paid by etoro to write this? If so, shouldn't you disclose that?