The recent cryptocurrency craze has caused a digital gold rush with many traders around the world investing in Bitcoin and Ethereum. Jay Smith from the UK has managed to not only turn a profit from trading these currencies but also earned a second income by letting other people copying his trades using the eToro social trading platform.
Both Bitcoin and Ethereum have had a stellar year so far, reaching new all-time highs on a near-daily basis. While Bitcoin reached a whopping $3,000 per coin, Ethereum did quite well for itself, quadrupling its price within one month. Jay, who has been a long-time investor in the tech industry, jumped on the train on time and has turned a profit of more than 130% in the first half of 2017. However, he has gained even more by becoming a Popular Investor on eToro, which means other people can copy him and he gets rewarded for sharing his success.
“I have been a Popular Investor on eToro for around 8 months now, giving me a stable second income,” he says. Moreover, Jay didn’t just utilise eToro’s social features to his benefit, he also encouraged his real-life social circle to follow his lead: “The copier functionality has helped many of my friends and family earn money by copying more experienced traders.”
Starting with what he knows
When not trading online, Jay’s day job is in the eSports industry. His passion for gaming comes across quite clearly through his eToro username, JayNemesis, which could just as well be the handle of your next Counter Strike opponent. Therefore, he feels familiar with the tech industry and, aside from cryptocurrencies, bases his portfolio on companies in the sector: “I’m always weighing up the war between the big disrupters, such as Tesla, Uber, Facebook, Netflix, Twitter and Bitcoin,” he explains.
This 29-year-old says he began trading some 10 years ago but has only started to “take it more seriously” in the past few years. His experience is apparent in his versatility, as he claims the period between the time he buys an asset and the time he sells it could range between four hours and four months. Jay truly embodies the new generation of traders, by utilising the full set of features available for online trading to earn a second income. “I’ve recommended eToro to almost everyone I know who has shown an interest in trading or putting some savings away for investment,” he explains.
The cryptocurrency boom
But Jay’s true breakout didn’t come until the May 2017 cryptocurrency bull run. His ability to show incredible profits (more than 33% in May alone) has raised a lot of attention in the eToro community, causing the number of his followers to increase by the thousands. Jay now has more than 5,000 copiers on the eToro platform and his Assets Under Management (AUM) total at more than $300,000 (of which he earns 2% as a Popular Investor).
Indeed, Jay is the perfect example of how an amateur trader could establish himself and be revered like a pro in today’s innovative Fintech sphere. “The easy interface and social aspect of eToro put it head and shoulders above the competition, especially for new traders looking to learn and improve their skills,” he concludes.
*All trading involves risk. Only risk capital you’re prepared to lose. This post is for educational and informational purposes only and should be interpreted as investment advice. All statistics are accurate as of June 13th, 2017. All quotes taken from Jay Smith’s eToro profile and eToro Facebook review.