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Meer, an automated mirror stock trading platform using the services of the US automated forex broker Interactive Brokers (NASDAQ GS: IBKR), is raising $380 000 on the business crowdfunding platform for small businesses Fundable.
Meer is based on the idea of copy trading popular with forex brokers such as eToro and CopyFX, where a user can copy the strategy of a successful trader and pays a certain commission on the eventual profits.
According to its pitch on Fundable, Meer is a mobile application that allows users to copy the trades of experts in stock trading with no delay. The minimum investment could be one dollar. Trading with Meer does not require any previous knowledge or experience in stock trading and all one needs is to mirror the investment of another trader. As for experienced traders, Meer promises them to earn more than just from margin trading.
Meer, much like another stock trading application – Freetrade, which successfully raised £172 850 on the UK business crowdfunding platform Crowdcube – is targeting the millennials, 54 million Americans aged 18-25 years old who would like to trade but do not have want to spend too much time and money doing this. With their application, Meer promises, the users would be able to get years of experience with just a few clicks.
According to its estimates, Meer expects to have 1.1 million users and earnings of $70 million by 2020. It is not clear what $380 000 would be used for, but most likely the sum will be spent on development, launch and expansion.
It seems that mobile trading applications are all the rage these days. Besides the aforementioned Freetrade, another UK trading platform – TimeToTrade – was also raising funding on Crowdcube, but only got 29% of its £500 000 target.