eToro right now is launching its new GuruFinder which is basically an enhanced searching and performance measuring capability for its OpenBook trade-copying Forex social network. eToro's OpenBook allows easy and quick trade-following where traders can monitor and eventually follow successful trading Gurus. Other firms in this market are Currensee, FxStat and FXJunction with eToro being the only broker with completely own proprietary trade-following social network. IBFXConnect is FXJunction's White Label offered by Interbank FX.
In theory single broker social networks should achieve better results than multi-broker based ones as Execution doesn't vary between clients/brokers.
New York/London, February 7 , 2012 – eToro, the world’s largest investment network, is demonstrating today at Finovate Europe, GuruFinder an enhancement to eToro OpenBook ™ that enables traders to more easily find the best performing traders to follow and copy. With the ability to search eToro’s extensive database for top traders suited to the user’s investment requirements based on risk levels, trading performance, type and range of activity, GuruFinder provides users with more extensive tools to find exactly who they are looking for quickly and easily. Fully integrated into OpenBook, GuruFinder enables traders to invest in the top traders' performance by automatically copying all their trades into their own eToro trading account.
With the explosive growth of social trading networks, there are thousands of talented traders actively using OpenBook. Pinpointing the best trader to follow requires research and special consideration to ensure that the guru chosen is the best match based on their personal trading style. Now, more precise search criteria including percentage of total investments in a single trade, average duration of each trade, and number of profitable weeks, helps find the most suitable top trader for sharing market knowledge and for copying trades. With GuruFinder users are now able to quickly build their people-based portfolio based on their personal investment preferences. For traders it opens the possibility to be discovered more easily as a potentially matching Guru trader.
"More than half of the transactions currently executed on OpenBook are copied trades, and results show that these trades have consistently higher returns," said eToro CEO, Johnathan Assia. "We are witnessing how the wisdom of the crowds is creating true value and profits for our users. The ability to use eToro’s GuruFinder to easily find the best traders in the network will surely help our users to create more profitable investment portfolios."
eToro's GuruFinder will be showcased at FinovateEurope, at Old Billingsgate Market Hall in the heart of London on February 7, 2012, where handpicked fintech companies will present the cutting edge of banking and financial technology, and compete for the coveted Best of Show Award.
Learn more about eToro and tap into the world’s largest investment network at: https://www.etoro.com and https://openbook.etoro.com
