Tradeo launches FX social network
Tradeo has launched what it calls the FX market’s first social trading network, opening up collective knowledge of the FX trading community to the individual trader.
A defining feature of Tradeo’s offering is its patented Cloud Sync technology, which can connect to a given brokerage via an application programming interface (API) to transfer real-time trading activity to its community. Once connected, users can track the trades of their peers and offer feedback via public or private chat. The community also allows users to share news, ideas and take part in polls to help trading decisions. The positioning analytics are also used to form a real-time sentiment index for the main currency pairs.
Privacy settings can be customized, with traders able to choose how much information is shared and whether their historical profit and loss metrics are publicly visible.
“Tradeo is not just about copying trades, but serves as a portal for traders to interact and share information to help each other make better trading decisions,” says Jonathan Adest, chief executive officer of Tradeo. “It’s designed for traders frustrated by limited access to quality and real-time market data.”
Adest views the increasing adoption of social networking within the FX community as a big step towards narrowing the gap between the institutional and retail market, and one which could soon branch out into other markets.
Tradeo is also designed to enhance links between traders and the broker community interested in offering special deals, such as deposit bonuses, lower commissions and trading rebates.
Tradeo supports MetaTrader and Act Platforms, used by hundreds of brokers, and has signed up to several brokerage firms with plans to increase links in due course.
Tradeo homepage screenshot