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eToro's New OpenBook Forex Portfolio: An Upgrade We Can Definitely Go Without

Jun 24 2013
By
Forexbrokerz.com

The global forex broker and social trading service eToro has been working hard on its tech offering – just last week the company released its new Android app, which I tried and didn't quite like; today, one more technical innovation was announced: eToro's new OpenBook portfolio and mobile site. 

 
OpenBook is eToro's signal trading platform which I have been using for a while now with the broker's $20 no-deposit bonus. Frankly, I haven't been paying too much attention to it for a few reasons: first off, an amount that is not enough for buying a pair of shoes is not exactly something I would spend hours and hours tracking, and secondly, I was assigned to follow a trader that wasn't particularly good and quickly blew most of my equity on unprofitable trades. 
 
Every time I logged to my eToro account, though, I found myself clicking frantically until I got to a page where my equity and copy history were displayed. It simply wasn't that easy or intuitive to get to that page, and clashed with my expectation of logging in and seeing my account statistics displayed right away. 
 
The good news is that the new OpenBook layout fixes that, and users will have to spend less time clicking here and there, and that will free them enough time to actually build a sensible portfolio and then track it. 
 
What's more, another tech perk is launched simultaneously with the new portfolio: eToro's mobile site, which you can find on m.etoro.com. The new mobile portfolio lets you see your check your account balance, and displays a set of statistics – what are the most profitable signal providers in your portfolio, what are the most profitable markets that you have invested in, etc. You can toggle the settings to see your profit over various periods of time, ranging between one week and two years; signal providers and markets can be filtered by profitable trades, earned profit, current profit, total profit, or equity.  
 
 
From the home page, you can choose whether to see your feed, discussions or social gurus when you log in. 
 
The one thing you can't do from the new mobile eToro OpenBook site is... update your portfolio. Of course, you can start following and subscribe to copy signal providers from your phone – but you would have to do so through the same mobile app that we reviewed last week. And that's just for following – if you wish to unfollow someone or to stop copying their trades, you still need to go to the desktop version of OpenBook. 
 
Now that we've mentioned the desktop OpenBook portfolio, let's see what else is new there. Very little has been tweaked there in terms of look and feel, the changes here concern functionality only. The first improvement is that here, like on the mobile site, you can choose whether to see your portfolio displayed based on markets, or on traders. 
 
 
Then, eToro promises a new portfolio breakdown, built on simpler and clearer metrics – earned profit, current profit, total profit, and equity. And that's pretty much it. 
 
At the end of the day, it seems to me that eToro has a lot of time and other resources to waste. There's the broker's Social Alerts app that lets you see everything that the other users are trading, and lets you copy the separate trades on your account. Then there's the regular eToro mobile app, where you can trade by placing market and pending orders, access OpenBook and subscribe to signal providers and Social Gurus. There's the OpenBook mobile portfolio site, where you can see your statistics but can't update the portfolio. And finally, there's the web-based service, where you can do everything described up to here.
 
As a customer, I would really appreciate it if eToro didn't clog my phone with a hundred different apps that all do different things – how about make one application that can do it all, works fast and doesn't freeze or disconnect? Food for thought, eToro, food for thought. 
TAGS: forex trading  forex  forex broker  eToro  mobile trading app  forex trading app  mobile forex site  mobile trading  signal trading  signal provider  social trading 

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