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.”