A new app launched this week that lets users follow successful investors as well as making trades of their own.
There seems to be an app for everything nowadays – games, fitness, what to cook for dinner… and there are plenty of apps for people who trade in stocks and shares. Apps like E-trade and iSwim let people actually invest on the go and are designed for people who know their P/E ratio from their dividend. And then there are games like Fantasy Stock and Insider Trading, designed for people to play at the markets safely (without real money).
But there hasn’t been a real-life trading app designed for people who aren't familiar with the complex ins and outs of financial markets. Until now that is.
This week has seen the launch an app that does just this. eToro social investment network has released a free iOS and Android trading app through which you can buy and sell stocks, shares, currencies, gold, Bitcoin, and more – without having to know anything about the market.
What makes eToro unique is that you can set your app to automatically copy the trades of the more successful users on the network, the ones who do know what they’re doing, and are making money! Interesting stuff for those that have always wanted to trade but have been a bit unsure of the subject.
You needn’t fork out much to have a go either…The minimum investment can be as little as $10 on a trade.
What’s more, research conducted by MIT has shown copy trading to be 30% more profitable than going solo (see the report here) and eToro’s have told us that statistics collected when they hit 50 million trades showed 85% of copied trades were profitable compared to 55% of manual ones.
The app is available now for iOS and android and is worth looking at if you’re looking to invest on the go or you'd like to become a potential Wolf of Wall Street without having to read the financial papers every day.
image: © Zach Copley