We have reached the end of our ten week trial of following trader Miyoshi on Etoro’s Trade Copier and here are the final results:-
| Profit/loss: | $54 profit |
| Trade Success Rate: | 80% |
| Bank Growth: | 5% |
| Cost: | $5 in fees |
| Average number of trades: | 9 per day |
| VERDICT: | PASSED |
| Rating: | 3.0 out of 5.0 stars |
You can view full results here.
Etoro Trade Copier (Miyoshi) Full Review
Most of you are probably familiar with Etoro and may have tried it out for yourself. It is one of the most established and recognised names in all of financial trading, with millions of customers around the world.
Our goal in doing this review wasn’t to provide an in-depth assessment of the platform itself – which most people would agree is very good, user-friendly and has an impressive range of features for traders. What we were aiming to do is try and find some profitable traders to follow on the platform from their “copy people” section.
This is what the Copy Trading section of their website looks like:
You can select people to follow based on a range of criteria such as:
- Most copied
- Editor’s choice
- Long-term stock investors
- Long-short investors
Or of course you can assess people’s record and choose those you think are most promising based on your own criteria.
Our preference was to try and find some traders who could produce regular profits from reasonably frequent, short-term trading.
Quite a lot of the people you can copy on Etoro are more long-term investors with a buy-and-hold philosophy, which is fine in itself but doesn’t provide that regular return you can get from lots of regular closed trades. Plus our portfolio is already well covered elsewhere with a buy and hold approach.
So we focused on what we would call traders rather than long-term investors. That led us to look at two people on Etoro’s copy platform, MuchmuchoES and Miyoshi (Victor Pedersen).
We started following them both in demo mode to start off with to get a sense of their risk/return ratio and to monitor results. Unfortunately, not long after starting, MuchmuchoES was removed from the platform as Etoro said he “does not meet our requirements for being copied by others,” meaning we were left with just Miyoshi.
We started following his trades in demo mode with a balance of $5,000 and after 3 months had made $234 profit.
We were happy with that and found his risk profile acceptable for our purposes, so deposited $1,000 and followed him with that amount in real money mode.
After ten weeks of copying Miyoshi’s trades, we ended up with $54 of profit, which wasn’t bad by any means. Any profit is a profit so we can’t complain, but at the same time it was hardly something to get super-excited about.
So in the end we felt the service deserved a PASSED rating, as it did make a profit, but only three stars as it didn’t exactly set the world on fire.
Our expectations may have been set too high, but we were really hoping for a trader who could grow our balance a little more positively than what turned out to be around $20 per month. One for the more patient, low-risk follower perhaps.
Service Breakdown
Ease of use: The beauty of a copy-trading platform like this is that it’s essentially a passive investment. You just select the people you want to copy, the amount you want to follow them with, and then just sit back and let them trade. It couldn’t be simpler and Etoro’s user-friendly platform makes it a very intuitive process.
Transparency of results: Full results can be downloaded in excel or PDF format from Etoro’s portfolio section of your account so you can see all the trades in detail.
Did our results match those on their website? Etoro don’t provide a trader’s full, detailed results history before you start copying them so it’s a little difficult to compare exactly, but the overall returns we achieved matched those quoted on Miyoshi’s profile on the Etoro website.
Trade success rate: Miyoshi’s trade success rate for the trial was 80% which is a very good strike rate.
Subscription costs: Another advantage of Etoro’s copy trading option is that there are no subscription fees as such, just small fees to be paid on the trades which are very minimal. Etoro do charge withdrawal fees however which we found a little surprising and we had to pay $5 to withdraw our funds from the platform.
OVERALL VERDICT: PASSED 3.0 out of 5.0 stars
We went onto Etoro’s copy-trading platform in search of profitable traders to follow who we were hoping could provide a regular passive income. We found however that most of the people you can follow on Etoro are more long-term investors rather than short-term traders,
The trader we ended up following was a guy called Miyoshi and he made a respectable $54 profit during our ten-week trial. Whilst that didn’t exactly set the world on fire, it was still a profit which is not to be sneezed at. We are therefore happy to award Miyoshi a PASSED rating.
It seems Etoro take a much more cautious approach to which traders they allow on their copy-trading platform and how much copiers risk per trade (as a proportion of your invested funds), than say Naga’s copy trading platform, which allows far too high a risk in our opinion.
This means that returns are also lower however, so perhaps a balance between those two models would be best.
Either way though we think Etoro is an excellent trading platform and will continue to keep our eyes peeled for any other traders to follow who might return a little more each month than we achieved during this review.
Etoro Trade Copier – Results Update
23rd September 2020
We recently progressed from copying trader Miysoshi in our virtual portfolio on Etoro to copying him in our real money account. We deposited £1,000 (or $1,300 as dollars is the currency used on the platform).
So far after a few weeks we are $19.55 up on the closed trades made by Miyoshi.
You can view full results here.
In terms of his open trades, we are $15.87 down, so overall we are currently net $4 in profit.
Obviously these are very small amounts and as you will see in the results, with a balance of $1,300 the trades executed are very small.
That is OK as we have previously been critical of other copy trade services that risk far too much of your balance on individual trades and making the risk of ruin high. This seems to have gone to the other extreme however, but we would prefer it that way than being high risk.
Obviously the alternative is to increase your deposit, which we don’t want to do at the moment but may consider at a later stage. The main thing is to see how Miyoshi performs and so far he has done fine.
Etoro Trade Copier – Results Update
21st August 2020
Our trial of Etoro’s Trade Copying service continues to move along smoothly, with the trader we are copying, Miyoshi, making another $118 since our last update back in July.
That means he is now $247 up on his closed trades for our trial overall.
Miyoshi’s open trades are currently $14 down, which isn’t too bad by any means and still leaves him well up overall.
As mentioned previously he tends to trade stocks mainly rather than forex, commodities or crypto and his positions can remain open for a few days or even weeks. Most of the profits on the trades are small (less than a dollar) but lots of them obviously add up over time.
Anyway, good to see the continued positive progress here and let’s hope it continues.
Etoro Trade Copier – Results Update
2nd July 2020
Our trial of Etoro’s Trade Copying service is coming along nicely, with the trader we are following, Miysohi, making another $98 profit since our last update a month ago.
That means he is now $129 up on his closed trades for our trial overall.
In terms of his open trades, Miyoshi is currently $16 down, which isn’t too bad but hopefully those trades will turn around.
He mostly trades stocks like Apple, Microsoft, Google and Disney as well as the S&P 500 index and looks for very small moves.
So far it has been working well so we certainly can’t complain.
Etoro Trade Copier – Results Update
2nd June 2020
Our trial of Etoro’s Trade Cop