Social trading app eToro Mobile Trader released on iPhone

Those wishing to make their millions and billions in trading can do so using the eToro Mobile Trader app for iPhone.

According to the developer, you can trade in currencies and commodities with as little as $50 right from your phone.

There are apps out there that already do this, but eToro Mobile Trader is a little different. It includes what's known as social trading - a way of watching what other users are doing.

It's an interesting concept as most traders wouldn't share their secrets or trading habits. It's just not profitable because more people can have a slice of their profitable pie.

However, there are upsides, one of which is its ability to ease people into trading. It's also clever as you could double-bluff on your trades, causing lots of rival traders who copy you to lose money - money they might not have.

Social trading also means you can chat, one-to-one, with fellow traders, which again makes the whole ordeal more interesting.

Whilst we don't know all of the ins and outs of how the system works, we do know there is the potential to make a lot of money. But equally, you could also lose money, so bear that in mind. Probably wise to glance your eyes over the eToro FAQs page.

If you do decide to take the plunge, eToro Mobile Trader gives you a bonus to play with, which can go up to as much as $10,000, the amount depending on how much you put in to start with.

Etoro Mobile Trader is available from the Android Market for free. An iPhone and HTML5 version are on the way.