CopyTrader is a unique selling point (USP) on eToro that enables users to replicate the trades and strategies of professional investors.
This feature is particularly beneficial for beginners, intermediate, and even advanced traders who might not have the time or expertise to manage trades actively.
CopyTrader acts like a “digital assistant,” allowing users to benefit from the expertise of seasoned traders without incurring additional costs. In a way, CopyTrader functions similarly to hedge fund management, where client investments are handled through automated strategies executed by professionals, providing a hands-free approach to wealth growth.
In this project, we aimed to enhance the CopyTrader experience on eToro by addressing two key needs: providing users with more social proof when selecting Popular Investors (PIs) and giving PIs an avenue to build their credibility on the platform.
CopyTrader allows users to follow and replicate the trades of experienced investors, a feature designed to support beginner and intermediate traders who may not have the time or expertise to manage trades actively. However, we discovered that users often experienced a “paradox of choice” when trying to choose a PI to follow.
OCTOBER 2024
As the lead product designer and product owner for this project, my contributions included:
Senior Growth Product Designer
To address the challenges in the CopyTrader experience, we identified the following key issues in the problem space:
The results were promising:
After a series of feedback loops with our PIs, they expressed enthusiasm for the feature, noting its impact on their visibility and credibility. This improvement not only strengthened user trust but also empowered our PIs to communicate their value effectively, creating a more engaging, user-centered CopyTrader experience.
Through our continuous feedback loop—consisting of user interviews, surveys, and usability tests—we uncovered valuable insights. We asked users what factors influenced their decision-making process when choosing to copy a trader and what aspects of the platform could be improved to enhance their experience.
This qualitative research yielded over 100 responses, revealing a common theme: users desired more social proof to help guide their choices.
At the same time, our Popular Investors (PIs) expressed interest in showcasing their expertise, strategies, and overall approach more comprehensively.
They wanted to connect with users and share their journey, insights, and investment philosophies, thus fostering trust and authenticity. We identified an opportunity to bridge this gap by enhancing social proof, which would help reduce the "paradox of choice" that users often face when selecting a trader to follow.
Applying the Opportunity Solution Tree (OST) methodology, we mapped out the "paradox of choice" and began an in-depth exploration to understand how we could empower both users and PIs. Our goal was to develop a solution that would build trust, simplify decision-making for users, and give PIs the visibility they desired without requiring additional effort outside the platform.
We aimed to create a feature that would seamlessly connect users with Popular Investors, addressing both parties’ needs. By allowing PIs to add their social media links to their profiles, we provided them with an easy way to boost their credibility and showcase their personal brand. This addition addressed two key challenges:
- The PIs’ desire for a stronger social presence on the platform.
- The “paradox of choice” by offering users clear signals of credibility.
This solution provided mutual benefits: users could make more confident and informed choices, while PIs were able to build rapport with potential followers through social media.
