New social networking site will allow FX traders to connect to their peers – and to trade
And now financial traders are jumping on the social media bandwagon. A new social trading network has been launched that enables foreign exchange traders to connect to their peers, as well as groups of brokers. Called Tradeo, the service allows users to access data feeds and analytics, monitor sentiment across the community, and execute trades online.
"Tradeo has become the place where traders meet. We launched the platform in response to a clear appetite from the financial community to use new media communications channels to help make decisions. Tradeo is for traders frustrated by limited access to quality and real-time market data," says Jonathan Adest, chief executive of Tradeo in Tel Aviv.
Functionality includes market analytics, pricing and charting information, quotes, financial calendars, news, and the ability to monitor trends and set limits. Members can also share views and get feedback from their peers on the trades they execute. Like social media site Facebook, FX traders now have the ability to ‘befriend', ‘chat', ‘like', comment on issues, and vote in polls.
"We did a lot of research before launching Tradeo and saw a clear demand for better data and negotiating power with the brokers from the FX trading community. Traders are looking for a social networking experience in the financial markets. They are looking for ways in which they can access financial information and connect that to social trading," says Adest.
A key function is the ability to get feedback on trades and orders, Adest adds. "For example, if you're having difficulty making decisions on whether you should keep your EUR/USD positions, then you can ask your ‘friends'. This allows real-time and historical trading. From this, a history is created on each of the traders, and users can see – based on privacy settings – the gain, drawbacks and type of trader every user is."
Tradeo has been testing the service since June 2011. The network has a few hundred members, but Adest hopes to increase this number by the end of the year.
"We have further developments in the pipeline and plan to create even more functionality for the trading community," says Adest. "In the short term, however, we plan to educate the market to be able to trade socially. Everyone is social today, and this needs to be carried to the professional world. The more traders that we have on Tradeo, the better the analytics, the better the trending topics and the better the trending trades."
Want to learn more? Join us at ClickZ Live New York 2015
[ALERT] Super Saver Rates Expire January 30. With over 15 years of experience delivering industry leading events, ClickZ Live brings together over 50 expert speakers to deliver an action-packed, educationally-focused agenda covering all aspects of digital marketing. Quick! - Register today to secure your place at the best rate.
Melanie White is the Editor of ClickZ, where she has worked since July 2012. White has been with Incisive Media (ClickZ's parent company) since 2009 where she was Deputy Editor/ US Editor for one of the financial risk management titles, International Custody and Fund Administration (later Custody Risk).
In addition, White worked on FX Week where she was a Senior Reporter. She has also worked and contributed to a number of other titles, including The Accountant, International Accounting Bulletin, the New York Post, Independent Magazine (UK), as well as the broadcast title Sunday Live with Adam Boulton at Sky News.
Singapore, 5-6 March
Bangkok, 17-18 March
Hong Kong, April 2015
Google My Business Listings Demystified
To help brands control how they appear online, Google has developed a new offering: Google My Business Locations. This whitepaper helps marketers understand how to use this powerful new tool.
5 Ways to Personalize Beyond the Subject Line
82 percent of shoppers say they would buy more items from a brand if the emails they sent were more personalized. This white paper offer five tactics that will personalize your email beyond the subject line and drive real business growth.
January 29, 2015
1:00pm ET/10:00am PT