Please note that this post reviews the New eToro platform which was released officially on November 5th 2015. It discusses the new features compared to the old version. Please refer to our in-depth eToro review (which is kept up to date with each new release) for our general opinion of the eToro social trading network and platform.
OpenBook and WebTrader become one
With this new release, eToro takes inspiration from a Spice Girls song and “2 become 1”. OpenBook, the social trading community, and WebTrader, the investment/trading platform have been merged.
Anyone who’s used eToro in the past must agree that this is a massive usability improvement. No longer do you need to login separately to WebTrader to view your detailed portfolio and manage your trades. All can now be done from the same interface view.
In fact you can now practically open trades from any view or screen.
At the moment you can still access the old WebTrader from the menu, though we fully expect eToro to retire the old version in the near future.
The new design is fully mobile responsive. We tested on Firefox web browser, Google Nexus 10 tablet and Samsung S5 Android phone (please note that, as recommended by eToro, you have to use Chrome browser on mobile devices – we tried and it does not really work well on the native S5 browser). The experience on all devices is very consistent and intuitive. Screens and views also render very fast (and much faster than the previous eToro version).
The screen real estate usage is also appropriate for each device. I feel some companies make the mistake of focusing too much on mobile devices when going through a mobile responsive site conversion, meaning that the web browser experience feels empty (i.e. the extra screen real estate is not used). This is not the case with this “New eToro” release as more information is displayed as the screen sizes get bigger (which is actually the key concept of building a mobile responsive site or platform).
Watchlist is a new feature and it allows you to create a personal trading dashboard with the trading instrument and/or people you like to follow on eToro. It gives you an instant view of the performance of the instruments or people you selected, and allows you to trade instantly from this dashboard view.
You can actually create multiple ones if you like. So you can have one for technology stocks, one for currencies, one for people, etc. All depends on your strategy and the reason why you use eToro (is it to trade yourself, copy other people, or combination of both).
Watchlists in itself is nothing new and pretty much any decent broker or trading website will let you create your own watchlists. What we particularly like with the New eToro watchlists is that you can quickly view the current sentiment (i.e. how many other eToro traders are currently buying or selling each instrument) directly under (box view) or next to (list view) the instruments. On a monitor and large tablet the “list view” is better in our opinion while on a phone the “box view” should be used.
And another difference to your usual watchlists is of course that eToro lets you watch (and copy) other people/traders, and not just financial instruments.
Your Portfolio View is now fully integrated in the New eToro, and it certainly looks clearer and simpler than the old WebTrader portfolio view. It shows performance of both your own trades and the people you copy.
To close a trade from the portfolio view you do however need to click on the open trade first and close it on the next screen (while you can actually open more trades direct from the portfolio screen). Adding an ‘X’ on the portfolio view may have been useful. We also didn’t find any option to close all open trades (but that wasn’t available in WebTrader either).
People Search and Profiles
When you look for other people to copy on eTore you use the “Discover People” tool to filter through the large amount of traders on their social trading network. The actual functionality hasn’t changed compared to the previous eToro version (i.e. no new or different parameters to search on). However the design is better integrated and the search results look clearer and are easier to re-order on various parameters. The search tool (especially changing filter parameters) is also much easier to use on mobile devices now (using Chrome browser).
The People Profiles haven’t changed much but again look a bit slicker. They still have the following sections:
– Activity Feed: showing real-time updates of their trades and comments. The information displayed on the right hand side next to the feed (on larger screen view) seems more relevant than it was before.
– Stats: performance and risk indicators. Couldn’t see any new or deleted indicators.
– Portfolio: showing the current investments of the trader. The biggest change here is that the last 100 closed trades are no longer displayed. Anyone who’s read our eToro reviews over the past few years will know that one of our comments has always been the lack of access to all the historical trades of a trader. So not the direction we’d have preferred eToro to go here, but to be honest there’s no massive difference between sharing only the last 100 or nothing. For this review post we won’t go into this further (since we only discuss the changes).
Your personalised news feed now includes actual news releases relating to the instruments you watch as well, in addition to just trading activity and comments from other eToro traders.
When you open a trade yourself with the new eToro it automatically displays some proposed take profit and stop loss levels (in actual $ value), which you can easily amend. We also noticed that the Overnight Fees (daily and weekend) are now clearly displayed in the ‘Open Trade’ window, and the values take into account your actual investment amount (very useful).
When you start copying other traders you also get prompted with ‘Stop copying if losses exceed $xxx’ (which is defaulted to 40%).
I.e. customers are actively encouraged to manage (and reduce) risk, though no doubt plenty of high risk takers will still ignore those encouragements in the hope to make exponential gains from small investments.
Pressing Help will guide you through the most common functionality of the New eToro in a few minutes.
Contextual help, specially to explain some of the indicators and search, would have been a useful addition.
The New eToro looks better and feels easier to use than any version before. The seamless merging of their old trading (WebTrader) and social network (OpenBook) platforms also plays to the strengths of where eToro seems to position themselves (in our opinion).
I.e. they’re not just a broker and not just a trade copying service. They look to create an environment where traders can easily interact, learn from each other, trade themselves and copy others.