Earlier this week, eToro posted on its blog that a new version of CopyTrader that will include a stop-loss alignment function, among other changes set to be rolled out this Sunday, February 16, 2014, as part of its CopyTrader 2.0 project initiative.
The software developer also released an infographic, which highlighted, among other trends experienced by its business, that it had reached its 100 millionth trade, nearly a year after reporting its 50 millionth trade, as the firm continues to grow.
Around time of publication today by Forex Magnates, eToro had listed on its homepage that the total open of open trades had already reached 116 million, as it provides a dynamic counter that updates in real-time, with the following total reviewed by Forex Magnates’ reporters as seen in the excerpt below.
The new functionality, expected in Sunday’s release, is designed to help ensure that when clients copy a trade, the stop-loss parameters of the copied trade are equally applied to the copied position, in order to reflect the same rate of the underlying copied investor, for any given position, irrespective of cash balance, according to the blog post.
Copy Trader to Be Revamped with Update This Sunday
Other features are set to be discontinued, according to the blog post, such as the ability to “Copy All Open Trades” on weekends, and the ability to edit the stop-loss and take-profit levels, and the “Carry Over The Weekend” options for a copy trade, although trades can still be closed manually. A number of other changes will be made, leading up to the release after a period of stability testing is underway.
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The company’s newly hired Trading Product Manager, Paz Diamant, writing in the blog post on eToro, said the firm is focused on its CopyTrader 2.0 initiative, which aims to redesign some of the core logic in the system, aimed to improve clients experience and the quality of the offering.
The company has a registered brokerage in Cyprus, under eToro Europe, a CySEC approved CIF, and in the U.S. operates a regulated introducing brokerage under eToro USA LLC, formerly known as Tradonomi, and headquartered in Tel Aviv.
In addition to the excerpt below, from the infographic the firm compiled, over 1/5 of eToro’s traders were listed as female, and trading via mobile was shown to be up 38% over the previously measured period, with a combined 4% of volumes coming from its Android and iOS apps, and with 84% concentrated on its staple Openbook platform, and the remaining 12% on its webtrader platform.
The firm has recently announced a bitcoin related offering, following a series of CFD related trading capabilities involving US stocks and partial share trading (fraction of a share), enabling smaller size investments to capture volatility in otherwise expensive stocks.