What are the top eToro alternatives? Who is the main eToro competitor? This comparison chart can be easily adopted to any other social trading platform, so keep reading to learn which features you should look for when choosing social trading network and finding reliable eToro alternative. The reason why it has become so popular is clear: Via eToro and alternative networks you can chat with other traders, see which open trades they have or set up automatic copying of your preferred trading strategy.
Copy trading in a transparent social networking environment has many advantages over hiring money manager. How to choose the right fit among all social trading networks? Functionality is very clear and straightforward and you can always take a short virtual tour if you get confused. It is also possible to watch a discussion on a currency pair, ETF or other asset.
MyDigiTrade focuses on copy trading and provides built-in risk assessment and money management tools that may come in handy for managing your portfolio. Although MyDigiTrade is a fairly new eToro alternative it offers a good selection of over trading strategies to copy.
All strategies must meet strict requirements before being approved. Such strategy filtering is a useful feature rarely offered by competitors in social trading segment. Statistics on strategies are displayed as infographics and are very easy to read and compare. When a strategy is selected you also get in depth statistics on average number of trades, margin, best and worst trades of a strategy provider, etc. For comparison, eToro lets you search for traders and strategies using location filter, trading market, desired profitability within selected time frame.
Return and risk score are displayed upfront, but you need to dig deeper and click on the trader name to get information about drawdowns. The platform has recently introduced a new service Invest in Copyfunds which offers to invest into a group of traders or market assets in one click. Younger eToro competitor offers copy trading only on currency pairs, silver and gold yet. However, it is still possible to trade full range of assets through partner brokers MyDigiTrade has contracts with.
Both social trading networks provide opportunities to open trades directly on their website. Popular platforms such as Metatrader 4 become available when you open or register an existing account at one of MyDigiTrade partner brokers. All you can set is the amount of money you want to allocate to the strategy and a stop copying amount both are exact numbers you have to define manually. MyDigiTrade is a flexible copy trading platform with opportunities to allocate percentage of your account balance to the strategy, set a fixed amount of money to invest in a strategy or let the software automatically adjust your settings.
Should you choose to have more control, there are advanced options such as limits on minimum and maximum lot sizes, pre-set stop loss and take profit, forced exit and stop and worst deviation levels. To take it to a next level you can limit quantity of simultaneous trades or opt for alternative inverse trading.
The latter means you will be trading in an opposite direction of a selected strategy: MyDigiTrade strategy providers also get paid from those commissions and their compensation amount depends on profitability: The credit line allows you not to transfer all your capital to a brokerage account and invest only the sum you are willing to risk.
We will add the remaining funds to your account as an interest-free credit. Click here to learn more. It also provides opportunities to copy other traders and offers a wide selection of strategies. If you are interested in social trading networks for practical reasons rather than chatting with fellow traders you may find MyDigiTrade more valuable.
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