OpenBook Platform

eToro OpenBook Platform RevieweToro OpenBook Platform

Introduction to eToro’s OpenBook

eToro OpenBook is a social network for trading the world’s markets using trading signals from others (copy trades). The OpenBook is a platform only for eToro’s clients. According to the company, OpenBook has today millions of active members. The platform is designed in a simple way, so that can it be used by all kind of traders, including Forex beginners.

eToro OpenBook Platform Features

Any trader using the eToro OpenBook can connect in real-time with hundreds of signal providers. The platform offers the feature to track and to watch top traders, but also to follow and to copy them. In exchange, other traders using OpenBook can copy and follow your own trading activity. Of course, sharing your trading activity is optional and can be turned off.

eToro Signal Providers◘ A Demo OpenBook account is available (limited action)

◘ CopyTrader Feature, which is Free

◘ Copy up to 20 Traders at Anytime (Copy trades with just-a-click)

◘ Copy Traders with a minimum trading position worth $50

◘ Personal Trading ‘Watchlist’ and Top-100 Traders (by individual criteria)

◘ Communicate and ask for Advice by any Copied Trader

◘ Write your Social Comments on a Specific Trade and Share it with the Public

» Visit eToro OpenBook Website

 

The CopyTrader Feature

CopyTrader enables members to see what gurus are trading at any moment (real-time). Then it allows any member to Follow them instantly, with just a click. The trading activity is copied proportionally into any account. The Copy Trader Feature includes 3 basic steps:

1) Track the best traders according to your trading style

2) Copy them with just a click

3) Adjust the amount and trade

For New Traders using the eToro OpenBook

Every new trader that is signed up with eToro gains automatically full access to the platform’s copy features. The trading activity of every member is analyzed and then published by the system. The OpenBook provides information such as the Risk / Reward Ratio, the Traded Instruments and the Average Duration of Each Trade. Notice that you may stop copying a trader anytime by simply selecting it at the CopyTrader’s Row.

Our Point of View:

All new traders should be cautious when accepting signals from others. Any ranking can be disputed while the performance of other traders that you see is based on past data. Some of those traders that are highly-ranked may have traded extremely risky in the past.

How the Systems Evaluate the Performance of each Trader

The evaluation of each performance is based either on a daily or an accumulative winning percentage. That includes the total number of trades plus the winning ratio. Performance data is updated in real time. The OpenBook uses several Filters to rank traders, some of the most important features include:

a) Minimal total investment amount, given a certain period

b) Minimum number of transactions, during a certain period

c) Minimal winning ratio, for a certain period

d) Minimum number of weeks that a trader is active (activity means at least one closed position per period)

e) The Maximum Leverage Ratio used

f) The Maximum leveraged used in individual trades

Keep in mind that OpenBook’s algorithm for ranking is frequently changing.

Who is eToro Forex Broker?

eToro is a popular Market Maker Forex broker founded in 2006. eToro is regulated by ASIC (Australia) and CYSEC (Cyprus). As conerns eToroUSA, it is a different company of the same Group that is regulated by NFA and CFTC.

» eToro Review at Online Forex

The trading spreads of eToro are typical for a Market Maker, while trading commissions are not charged. The narrowest spread can be found on USDJPY at 2 pips while EURUSD is offered at 3 pips. Trading Leverage at eToro can be up to 400:1 while scalping and hedging are forbidden.

Here are some statistics for eToro OpenBook

Graph: eToro OpenBook Statistics

eToro OpenBook

eToro’s Trading-Forex Spreads

Symbol

Forex Pair

Spread Charged

USD/JPY

US Dollar/Japanese Yen

2 Pips

NZD/USD

New Zealand dollar/US Dollar

3 Pips

USD/CAD

US Dollar/Canadian Dollar

3 Pips

USD/CHF

US Dollar/Swiss Franc

3 Pips

AUD/USD

Australian Dollar/US Dollar

3 Pips

EUR/USD

Euro/US Dollar

3 Pips

GBP/USD

British Pound/US Dollar

4 Pips

EUR/GBP

Euro/British Pound

4 Pips

EUR/JPY

Euro/Japanese Yen

4 Pips

EUR/CHF

Euro/Swiss Franc

5 Pips

GBP/JPY

British Pound/Japanese Yen

6 Pips

AUD/JPY

Australian Dollar/Japanese Yen

7 Pips

EUR/AUD

Euro/Australian Dollar

8 Pips

CAD/JPY

Canadian Dollar/Japanese Yen

8 Pips

CHF/JPY

Swiss Franc/Japanese Yen

8 Pips

EUR/CAD

Euro/Canadian Dollar

9 Pips

 

» Visit OpenBook eToro

eToro OpenBook Platform Review

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