Q&A Recap #4
It’s time for us to recap and answer some of your questions from the past month. This is a good opportunity for all of us to learn from your queries. As always, we selected 3 questions on topics we wanted to focus on this time. Thank you for all your questions and input, we rely on them to move forward.
@Luca1777 asked on twitter: “By who is this platform regulated?”
Aiming to support growth in the Fintech sector, the Government of Gibraltar and the Gibraltar Financial Services Commission (GFSC) established a set of regulations for distributed ledger technology (DLT) that came into effect in January 2018. This framework requires that the GFSC authorize all businesses working with DLT while encouraging growth and innovation in the industry — growth made safer both for businesses and consumers.
Regulation is always good, however Gibraltar has based its framework on nine core principles designed to offer the flexibility required for such a fast-paced industry. Read more about it on the eToroX Regulations Page.
@JTKK69 asked in our Telegram Group: Does eToroX have BOT trading for Cryptocurrency?
Yes, eToroX is proud to introduce its own professional API trading program — AlgoX Prime. Below is a short description of algo trading and its benefits, taken from our Algo Academy.
Algorithmic trading — also known as black-box trading, automated trading, bot trading, and algo trading — is the use of computer programs to place trades, which aim to generate huge profits and are executed at a frequency impossible for human traders to achieve. Trading algorithms can analyze quotes and trades, and identify opportunities in the market which are potentially likely to become smart, savvy, and profitable trading decisions.
Algorithmic trading is centered on a set of mathematical rules that are consequently based on timing, quantity, price and other models. By negating the human effect on the trading process, algorithmic trading makes trading easier and more systematic, and helps make markets more liquid. Recently, algorithms have gained much popularity in the trading sector, particularly with the 24/7 crypto market. With algorithmic trading, investment has more control over the trading processes, and cuts costs, thereby increasing the profit margin.
Benefits of algorithmic trading:
- Trades are executed at the best prices in the market.
- High-frequency trading — a method incorporated in new algorithmic trading that capitalizes on placing a considerable number of orders at fast speeds across multiple decision parameters and various markets as well based on the programmed instructions.
- Significantly reduced errors — the risk of human error during trading is considerably lowered by algorithmic trading.
- Concurrent checks on numerous market conditions — a huge factor in determining the amount of post-trade profit. Different market conditions mean different trading scenarios and the algorithm determines what the conditions indicate, enabling smart trading with profit-making.
Charles Gibbons asked VIA Telegram: I’m not yet signed up with eToroX. How Do I open an account?
There are two ways to create an eToroX account:
A. Create an eToroX account by completing the eToroX verification process:
1. Begin the verification process on the ‘Sign Up’ Page.
2. Provide your email address and choose a password to be used on the account.
3. A verification email will be sent to your email address. Click on the link provided in the email to verify the email account.
4. Enter your personal details including name, date of birth, address, nationality and language.
5. You are then prompted to provide proof of identity, proof of address, and POIS (proof of identity + selfie).
6. The last step is to complete the questionnaire where you’ll be asked about your financial background and estimated activity on the platform. cation process. We’ll get in touch with you via email regarding any updates on your account status.
B. Create an eToroX account using your fully verified eToro Trading account:
1. Navigate to the sign-in page using the following link.
2. Click “Login with eToro” (see below)
3. Sign in with your eToro login details (see below)
The eToroX Exchange must be supported in your country in order for this feature to work. The list of our supported countries can be found here.
We’re always happy to hear from you, so don’t hesitate to send us your questions on whichever social channels you prefer: Twitter, Facebook, LinkedIn, and Telegram.
