How Does This Public Trading App Work?
To start using eToro, users first need to create an account and verify their identity. Once the account is set up, users can fund it with a variety of payment methods, including credit card, bank transfer, and e-wallets app like paypal.
One of the key features of eToro is the ability to copy other traders' trades. Users can browse a list of popular traders on the platform and see their historical performance, risk level, and other metrics.
They can then choose to copy one or more of these traders, allocating a portion of their funds to automatically mirror the trades made by the copied traders.
To assist traders in making wise judgements, eToro also provides a variety of tools and information. These include real-time market data and news, technical analysis tools, and social sentiment indicators that show how other traders on the platform are feeling about a particular asset. In addition to copying other traders, eToro users can also trade on their own.
The platform supports a range of assets. Users can open long or short positions on these assets, meaning they can profit from both rising and falling prices. Another aspect of eToro is the option to apply leverage, which enables users to build greater positions than they could with their existing cash.
However, it's vital that leverage also increases the risk of losses, so it should be used with caution. Finally, eToro provides users with a variety of instructional tools to aid in their learning about trading and investing.
These include webinars, eCourses, and a social trading blog that covers a wide range of topics related to trading and investing.
Cost to build public trading app like eToro
There are various factors that affect the stock trading app development cost of eToro app. Additionally, some technological modernization also affects the overall cost. So, if you are interested in knowing the cost of eToro, then you must first have a glance at the below crucial factors that influence the cost of the app.
- Tech Stack
- Application complexity
- Location of the development team
- Platform type
- Features and functionalities
- UI/UX design
- Types of business model
- App maintenance and updates
Based on the above factors, the estimated cost for a simple online trading platform like eToro will be anywhere between $25000-$38000. However, if you want a more complex app with some advanced attributes in it, the cost will increase to $50000. It can even go beyond the given cost.