eToro's
OpenBook, one of the majors in the social Forex trading area, today
emerged with new rules for paying the investors who provide signals to
other traders to copy. The changed payment terms are summed up under the
Popular Investor program, which replaces the old Social Guru model.
That's right, if you're a Social Guru you'll have to check whether you
qualify to provide your signals under the new program and how much money
(if any) you'll get for offering your trading signals. Don't panic –
you'll be contacted by eToro's support team soon and you'll get things
straight and clear! However, until that happens – we have prepared a
brief article on the new terms so that you are not caught by surprise by
your next paycheck.
Requirements
To qualify for the new program and get some money, you need to:
- have a verified and socially connected (e.g., via Facebook) account on eToro's Openbook;
- have an account on the platform that has been active for at least three months;
- have at least 10 copiers;
- each of the copiers should follow you with at least $100;
- provide some description to your account: including stuff like your real name, country, etc.
Money
You will no longer have to worry about
virtual money in the form of credits. You'll get real cash into your
account in the start of each month which you can withdraw via bank
transfer, PayPal and other options.
Pay Terms
The changes are significant: putting it bluntly, the payment rules are tighter, fellow traders. The last time we discussed how much Gurus earn on eToro's OpenBook, we've noted that the main criterion for getting paid is the number of copiers.
Old Terms and Conditions
Once a Guru had attracted more than
1,000 copiers, he/she had to be content with a fixed remuneration of
$10,000. The new terms keep the criterion of a number of copiers, but
make it harder to get the $10,000 pay ceiling.
New Terms and Conditions
You must have noticed that to get
$10,000 you need to have at least 10,000 copiers rather than 1,000 as
before. Now that's what I call raising the bar.
Another very important change is
depicted by the two columns: Basic amount and Top amount. These reflect
another factor that comes into play for rewarding gurus: successful
performance.
The broker is introducing four periods
that would be crucial in this respect - Last Month, Last 3 months, Last
6 months and Last 12 months. To get the Basic amount, a guru should be
profitable in one or two of these periods, while to get the Top amount a
guru should be profitable in three or four of these periods. To be
profitable means that the gain in the period should be positive.
For that matter, the trader with the
following performance should get only the basic amount of pay, as he is
successful only in two periods.
The change comes amid a wide-scale reshuffle of the network – earlier this month eToro's OpenBook waved goodbye to badges. We are wondering what's next – may be an improvement in the performance statistics.
