Etoro Clone : Everything You Need To Know About The Development Of Social Trading Platform like Etoro

Social media platforms have been pivoting cryptocurrency discussion over the last few years, from price predictions to crypto-related politics. But truth be told, the actual social community platforms mean much more than that. For some, it refers to the provision of basic crypto information, while, for others, it means gaining access to sophisticated financial services, crypto investments, etc.

Thanks largely to the Etoro clone, such (the latter) services are within people’s reach, regardless of their backgrounds. Etoro approaches social trading with a social-media dimension that facilitates a collaborative environment.

So you want to establish your app-based business and don’t know where to start? You’ve landed in the right place.

Why Should I Fancy Developing A Social Trading Platform?

Welp, if you ask us – what is the best thing to evolve out of social media? Knowledge sharing – would be our answer. Long ago, stock, currency, and commodity traders kept their observations and ideas to themselves, but information-sharing on dedicated platforms now allows others to profit by replicating or watching their actions.

Etoro is a dedicated platform which showcases traders’ performance and lets the users copy them. Doing so helped Etoro to harness a lot of traction for the platform. We believe that seeking trading advice largely boils down to normal human psychology. Before thinking about others, imagine would you visit a restaurant or a cinema hall without seeking recommendations from your close circle?

Mirror trading, in which users can automatically execute the same buy, hold, and sell decisions as those they are following, is a rapidly developing element of eToro’s business. Previously, those interested in trading had to sift through newspapers and tip sheets to learn about firm performance, but today they can rapidly emulate specialists.

Is Etoro The Only Social Trading Platform?

Definitely not. There are some other active players in the mix too. Let us enlist them one-by-one:

• Coinmatics – It is a cryptocurrency trading platform that facilitates copy trading strategies. At Coinmatics, professional traders profit from investors who subscribe to their techniques and automatically imitate them.
• TradingView – It is an online social trading platform that offers impeccable functionalities for beginners to master their trading skills. Through a forum, the platform facilitates knowledge sharing with like-minded traders.
• Covesting – It is a blockchain-based platform that allows beginners to handpick the investors (of their choice). As beginners, they can follow/subscribe to as many as investors.

Now that you know the gist of major social trading platforms, you may have this question:

Why Should I Invest in the Etoro Clone?

Etoro clone is an open-source architecture of the Israeli social trading platform – Etoro. It helps entrepreneurs (like You) to establish their dedicated social trading platforms in the ever-evolving crypto space. 

Let’s enlist the major features of the Etoro clone

Transparency

Build a social trading platform like Etoro and let beginners make investment decisions upon stringent vetting procedures. Every trader they replicate in Etoro clone software has a public profile that you can research. Nextmarkets’ trader profiles and expert evaluations are chock-full of useful information that can aid in making informed decisions.

Multi-asset Trading

A platform like Etoro grants users access to invest, buy, and sell various asset classes like stocks and cryptos. Contracts for Difference are used by eToro to allow clients to employ advanced trading tools such as leverage and short (SELL) orders, as well as to offer financial assets that are generally not traded, such as indices and commodities (CFDs).

Like-minded Community

Etoro clone is inclusive of a collaborative environment where prominent investors and beginners converge to exchange knowledge on multiple trading scenarios. The beginners can communicate with skilled investors and replicate their strategies when it matters!

Because social trading platforms cater to both novices and professionals, they establish a trustworthy trading community that allows you to benefit while learning.

Earnings Reports

Earnings reports are vital since they are a key indicator of a cryptocurrency’s overall health and financial success. They can also disclose relevant information, such as revenue forecasts, price volatility, and other data which existing and potential investors/buyers may find helpful.

Investment Portfolio

With this feature, you can let your clients create their venture portfolios to showcase offerings. It gives graphical representations of every particular venture with research and data-backed information. It alludes to allowing people to participate with the help of a robotized calculation, as well as sell and buy stocks individually.

How To Start Building Etoro Clone?

Identify the Target Audience

To make your social trading app successful, you should research well about your target audience and the market opportunities. Understand their requirements, compare your version with that of competitors, and brainstorm on what you can innovate (to stand out).

UI Plan

A Fidelity report shows that 42% of the Gen Zers turn to expert investors or social trading platforms to educate themselves on investing. As most of your target audience is Gen Zers and millennials, they expect hassle-free websites/applications to engage with. 

This phase will help you definitely characterize how you need to fulfill the assumptions for your audience focus because you’ll be designing UI Decisions early on.

Development & Testing

Dedicated development and the testing process acts as building blocks of your app-based business. Upon developing your platform, make it undergo rigorous testing procedures to ensure it is bug-free.

Winding Up

As more investment enthusiasts hit the markets, the need for more platforms eventually increases. One needs to build a social trading platform that stands out from others. Remember that you’ll need a viable technology partner to work on your social trading platform development when you decide to partake.

Ready to start? Let’s create the Etoro clone together!

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FAQs:

1. What is the cost required to build the Etoro clone?

One can’t ascertain the exact cost as it varies according to the factors like the features (you want), platform complexities, and much more. If you need a rough estimation, get a quote from us!

2. What monetization model can I incorporate?

Welp, it’s up to you! However, the Etoro clone supports various monetization strategies like Ad spaces, withdrawal, currency conversion fees, etc.

3. Is the Etoro clone customizable?

It, of course, is. You can utilize its customizability and scalability (to its fullest) to launch a prominent social trading platform. Etoro Clone brings the collaborative social trading to the masses

Author

Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.