For nearly two decades, consumers have been able to invest money and trade stocks online. The rise of mobile devices and social media has boosted the trend, giving traders increased and easier access to their investment portfolios and news about markets no matter their physical location or time of day.
Now that more people access the internet on mobile devices than on desktop computers, the world of online trading has also shifted to apps, tablets and phones.
With Americans spending nearly five hours a day, or one third of the time they are awake, using their smartphones, these devices are now involved in almost every aspect of life, including investing.
Most online trading platforms, including those for copy trading, have apps to make the service easily available on phone and tablets. A copy trader app allows users not only to invest in stocks, currencies and other assets from their mobile devices, but allows them to follow and copy the moves of other traders.
Much like how users on Facebook follow friends, a copy trader app allows people to follow other investors, seeing every market move they make, and how much they have made or lost since they have been trading. Users can set a portion of their portfolios to automatically copy the investment moves of others.
As with any investing success, is not guaranteed. However, copy trader apps give those new to the market the benefit of not feeling alone. They can research and follow other traders whose results they like.
Most apps assign risk scores to traders that are available for copying, and have stop- loss options to help reduce financial losses. They also often allow some leveraging, and the use of binary options.
Like many new technological solutions, copy trader apps are seen as democratizing the financial world, allowing everyone access to stock and currency markets. Because the apps allow you to view the investment moves of others, and to copy these moves they can also be seen as a form of financial advice and management, services that until recently were only available from professionals for a fee.