How to become a follower or copy trader
You want to participate in a strategy of a social trader? Then you can easily become a follower or copy trader. Once you have decided on a social trading platform, it is only a small step to being a follower. In this guide, we want to show you how you can follow an investment strategy with eToro and fully automatically participate in the success of a social trader. The competitor Wikifolio is also possible in the same way.
According to its own statements, eToro is “the largest social trading and investment network in the world”. Investors can invest there in stocks, currencies and indices and trade CFDs on the commodity markets. As an investor, you can network with other traders on eToro, discuss different trading strategies and copy other traders’ portfolios fully automatically.
In the so-called OpenBook from eToro, users can view the trading activities of all other community members. The most successful and popular traders are clearly listed there. Clicking on the name of a trader opens a detailed view in which, among other things, the trader’s performance, trading history, profits and losses achieved and the financial instruments traded are listed – this makes it relatively easy for beginners to find a successful and advanced trader who is registered with eToro as a be called gurus.
Thanks to a filter function in the OpenBook, you can now compare the strategies of the individual traders and decide whether they suit your own ideas. In the end, it can be worth investing a little time in the search and in the selection. Once you’ve found a trader with an interesting strategy, all you have to do is register with eToro and add the trader to your own portfolio so you can monitor their trading activities.
In order to then copy his strategy and participate financially in his success, you need a little equity. With eToro, you can start social trading with a minimum deposit of 200 US dollars. eToro6 offers a variety of payment methods upon registration, including Giropay, PayPal, and credit card. All trading accounts at eToro are held in US dollars, so the amount deposited is converted at the current exchange rate. For comparison: Wikifolio requires a deposit of at least 100 euros.
Still not sure how to invest your money? Here we have summarized helpful tips on the subject of investing.