Online broker and social trading technology developer eToro, which provides FX and CFD traders with the ability to find trading strategies from amongst its network of traders globally, has made changes to certain of its product features and trading conditions.
After introducing a trailing stop-loss feature into its virtual portfolio mode several months ago, eToro has just announced that it has pushed this feature into its real portfolio mode as well, according to a blog update on the company’s website.
In preparation for such a huge event we considered it vital that our clients’ exposure to risk was reduced and that led us to changing some of the leverage options that we offer at eToro.
Leverage back to normal
eToro had made certain changes to its trading conditions ahead of last week’s EU referendum vote in the UK, as did a number of brokers, as reported by Finance Magnates in extensive related posts.
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Although record moves were made across various currencies and indices in last Friday’s trading session, after the global markets digested the news of the UK’s vote to exit the EU, markets functioned orderly and major firms – including eToro – operated smoothly.
While the contagion of the Brexit could spread further, currency and global stock markets experienced subdued volatility today when compared to last Friday’s historic trading day – the GBP/USD reached its lowest level in three decades and fell by nearly half as much again today.
Accordingly, several brokers have since reverted to normal trading conditions or revised their conditions more favorably after Brexit, as reported by Finance Magnates in a compiled post.
Trading volumes surged last Friday across various trading venues, and eToro also observed a rise in the value of assets under management (AUM) that was being copied on its platform, as explained in a letter to clients today. The company also reverted trading conditons back to normal for two of its related currencies including EUR and GBP pairs.
Operations ran smoothly
Commenting in a statement to clients, eToro CEO and founder Yoni Assia explained: “In preparation for such a huge event we considered it vital that our clients exposure to risk was reduced and that led us to changing some of the leverage options that we offer at eToro.
After a Brexhausting past 72 hours we’re pleased to report that our global operations have run smoothly and we have now increased leverage on the GBP and EUR currencies back to normal levels.
It’s also been an extremely exciting time for our trading community with record levels of new daily customers in the past 72 hours, the majority of them taking an immediate investment in another trader, with copy AUM seeing great gains thus proving the power of social trading. Overall the network posted gains in what has been one of the most unpredictable weeks in our history!So well done, keep calm and trade on!”
The news follows after eToro made a number of key appointments to its management team in the UK last month, including the appointments of Robert Brown and then Joe Hall at the end of May.