German trading software developer Swipestox launched on Thursday its self-branded mobile application for live social trading of financial instruments, including forex, indices, commodities, and contracts for difference (CFDs). The app is available for smartphones and tablets using Android or iOS operating systems.
The social trading app allows investors to trade, follow other fellow traders and copy their trades and trading signals in real time, or get followed themselves. Investors who publish a trade will receive a bonus for each time the trade gets copied.
“It is important to point out that SwipeStox is not merely a simple frontend displaying a closed trading system on a mobile device. The technological edge stems mainly from our proprietary API, which we developed in-house. It enables us, and only us, to connect any broker or bank to the platform within hours,” said Benjamin Bilski, founder and CEO of Swipestox. “We are actually specializing in normalizing real-time data in order to enable users to trade for themselves, or with others, barrier free, and to let them publish or copy trades from each other.”
The app has a simple and user-friendly interface and also features an interactive leader board, news, a chatroom and a “trader-radar”. The German company is working on including more features, including interactive newsfeed allowing users to trade directly “from the news” in real time.
Traders can link an existing trading account with their broker, if it supports the app, or open a new account directly via the app.
Prior to its official launch, the app underwent a six-month trial period, started October 2015. In the beginning of February, the software developer announced the first forex broker to adopt the live trading SwipeStox mobile app was UK-regulated One Financial Markets. More brokers and banks are expected to partner with Swipestox in the upcoming weeks and add the SwipeStox app to their offering. At the time, the company said the SwipeStox app allows corss-broker networking, which means users can follow and copy the trades of peers even if they work with different brokers under different trading conditions.
Frankfurt-based Swipestox is part of the Naga Group, which was set up in August 2015 with presence in London, Hamburg, Frankfurt and Nicosia, and a technology center in Sarajevo. The SwipeStox social trading app is currently the only product developed by the group.
Social trading networks is especially suitable for inexperienced traders who don’t feel comfortable selecting their own strategies.
The new social trading platform will competes with peers eToro, ZuluTrade, Tradeo, and Tradency, among others.
Source: Business Wire