Social trading sites are becoming a very popular trend in binary options, providing a potentially quicker way of making money. The rapid buying and selling of shares is an incredibly tricky business as we all know, but sites that allow to you socialise and copy other traders may have provided a solution. With trading companies of this kind moving from strength to strength and attracting novices all over the world, it is essential to look at the industry’s pros and cons and decide if it’s a safe platform.
These social trading platforms allow you to communicate with other traders and copy their activity when it comes to trading. By sharing and exchanging your activity in real time, you can automatically follow a trader and the system you use will then automatically enter the same trades as they did. With millions of traders across hundreds of countries, you could copy some of the world’s most successful traders and earn yourself some extra cash.
Trading opens up a world of being your own boss and making money through only a computer and Internet connection, and you don’t necessarily have to be an expert. Copy trading offers a solution if you are particularly clueless about the market you are getting involved in. Sites such as CopyOp and eToro seem to bypass the struggles of becoming an industry professional in order to succeed. Through using such networks, you can harness the wisdom of the trading crowd and make yourself some money thanks to other people’s smart decisions.
With the promise of wealth and independence, this type of financial trading for profit has demonstrated that people can make a bit of extra money without disrupting their daily routine too much. But which are the best sites to use?
ZuluTrade
Founded in 2007, this site was produced due to a lack of platforms that could both audit traders around the world and allow traders to share their knowledge of the market with other people who are interested in their choice of strategy.
The concept of ZuluTrade was based on offering an open environment for traders both established and new to the industry. It created a platform that brought together valuable information of the money market with trade execution by allowing traders to give advice.
Possibly the largest global social trading network at the moment, its only downfall is the platform doesn’t provide alerts and doesn’t offer a trader full control over trade execution.
CopyOp
A rather innovative approach to social trading, CopyOp specialises in social trading allowing users to follow and copy top traders around the world. Offering the ability to watch how top traders operate and then copy their success has provided a new way to trade in binary options.
With its easy to use interface, it is great for helping new users to learn the market and guiding them through the process of becoming a better trading through interaction. It’s a very friendly and open environment with people that are genuinely willing to help you find your way.
eToro
This particular site’s aim is to make the financial market more accessible to more people, by offering an integrated solution. eToro both manages a social investment network as well as acting as a broker. Investors are able to manage everything through the same interface.
It is another open network allowing users to share, learn, copy and interact with each other. There is also a level of trust as eToro have added a ‘verified’ status icon for Popular Investors, meaning you know you are following real people as opposed to robots.
Although it sounds easy, it is tricky to make money on sites such as these and even the most experienced traders are taking a risk. If you are looking to get involved in social trading, your best bet is to start with one of these popular and reputable sites.