Nov 27 2007
New Service for Foreign Exchange Trading
Finally there’s a new software service that simplifies the stupefying world of foreign exchange trading. TechCrunch has the story on eToro and a comprehensive review.
The takeaway? It looks and feels like online gambling, despite the company’s best efforts to eschew such comparisons. From Roi Carthy’s story:
The one thing I found odd about eToro is its rigid insistence on the lack of parallels when comparing it to online gaming operators. This is a rather naïve point-of-view for several reasons: First, one of the company’s co-founders and its CTO is David Ring who was a key R&D leader at Israeli-based 888.com (a major online casino and poker room operator). Second, eToro’s client application is strikingly similar to gambling apps, and this cannot be a pure coincidence. Third, eToro is a BVI company, (a.k.a., a British Virgin Islands company)—classic tax strategy by gambling operators. Fourth, the company’s affiliate marketing offering is extremely reminiscent of gaming operators, “Receive 25% of eToro’s Revenues or Get $2 per every free registered user.”
It’s hard to imagine serious traders jumping onto eToro to make their investments. It’s similarly hard to imagine the casually interested getting involved. Still, with the falling dollar driving interest in currency issues, the company may have a niche to fill.
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