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eToro Feeds on Its Best Gurus' Knowledge: New Social Index Launched

eToro is that kind of restless brokerage that never stops looking for ways to improve its service. As one of the industry's most sizable foreign exchange providers as well as an absolute colossus in the world of social trading, putting in the extra effort makes sense, especially when you're faced with a 1.5-million customer base to keep satisfied. Over the past week or so, eToro announced that it's introduced a new Social Index, utilizing the combined knowledge of the network's top Gurus, that its eToro iOS Trader's interface has undergone a makeover and earlier today, news broke of an upcoming gathering in Tel-Aviv, one that will be particularly attractive to virtual currency enthusiasts – the first Israeli Bitcoin Hackathon

But let us unravel these one by one, starting with the Social Index. Lately, eToro has been fiddling a lot with the idea of collective intelligence, or otherwise said 'wisdom of the crowd'. It's something that collaborating researchers, Professor Alex Petland and Dr. Yaniv Alshuler, discussed at length during a live hangout with a member of the broker's staff in late March, along with the prospective launch of Copy Recommendations for OpenBook. While those are still only a project in the future, eToro is clearly making steps in the direction of taming the best brains of its community.
The new Social Index integrates the trading capabilities of OpenBook's top 10 most copied Gurus into one system which mimics their activity. Traders copied by the system are updated once a week and changed if, of course, there have been any corresponding changes in the leading ten. The Social Index is really an account like any other which you can follow or copy but to do the later, you'll be needing at least a thousand dollars to stake on the system or a minimum equity of $5,000 as eToro only allows you to allocate a maximum of 20% of your funds on a single investment. Clearly, this is not an amount anyone can afford which is evident from the current number of only 13 copiers that the Social Index enjoys. But quite frankly, it evades me why you'd go ahead and invest that much in this new feature when you can simply copy the leading ten yourself with a potentially lower sum. But anyway.
If you also find it to be an investment slightly out of your league, here's something that might prove to be of more use – eToro's updated iOS Trader for iPhone and iPad users. The newest version of it, which hit the App Store just recently, boasts a much more intuitive interface, one that provides the broker's clients with an easier, a lot effortless trading experience. Among the latest modifications is a much more detailed trades screen, divided into three sections that show All Trades, Manual Trades and Copied entries. There's a new History screen as well. It let's you know which Guru closed which copied position and for an in-depth look into a trader's profile page, open positions or to edit your trade allocation settings, simply tap on the Guru's name.
Still, if using new software does not feel rewarding enough and you'd rather have a say in what your apps can or cannot do, eToro will be launching just the thing for you to indulge in – a 48-hour hackathon, starting on May 30, 6:30 p.m. local time at eToro's offices in Ramat HaHayal, north-east Tel-Aviv. Of course, this isn't just a hackathon. Period. There's a much more narrower purpose of it and it's for developers, entrepreneurs and designers to come up with and expand on their ideas on how to make Bitcoin, the world's most popular virtual currency, more popular and more widely used. Contestants can sign up for the competition either individually or in teams with up to five members. Bear in mind that slots are limited to 40 so if the hackathon is something you certainly want to take part in, fill out that registration form asap. eToro has also taken care of your accommodation and while it's certainly not the Ritz, at least you won't need to pay anything. Participants who don't mind hitting the floor can crash at eToro's offices during the hackathon but make sure to bring your own sleeping bag.
TAGS: etoro  openbook  real identities  real name  forex  trading  trader  follower  social index  ios trader  bitcoin hackathon 

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