Investing within financial markets such as stocks, spread betting and cryptocurrency requires a lot of knowledge and experience, which can take a long time acquire. If you don’t have this covered, you can lose a lot of money in trading; and the need for it also puts many people off the idea of trading. Now, however, there is a new form of tools that can assist traders who don’t have time to develop the knowledge required to be successful – social trading networks and tools. Social trading apps have been developed to allow traders to interact with each other, share trading tips, brainstorm ideas and even follow the trades of experienced pros. These apps can give access to reliable trading info, enable a quick understanding of given markets and enable you to earn money whilst still learning. So, the question is, which social trading apps should be considered?
City Index Connect
City Index by Gain Capital is considered as one of the most established Forex and CFD brokers in the industry, having been in operation for more than 30 years. The brand is a leading provider of spread betting and CFD trading; which can now all be done via their app. The app is available on Android and iOS and lets you trade anywhere, anytime. It contains live streaming charts, enabling you to review them before planning your next trade, along with up to date market info from Reuters. There is also a customisable economic calendar which means you can understand the impact of economic events on the market and plan your trading strategies around these events.
Zulutrade is the largest Forex social trading community in the world. Their app allows users to follow top global traders, who are ranked via an evaluation algorithm. The ZuluTrade signal providers are active within almost every country and time zone and therefore no opportunities will be missed, without the need of the trader being at their PC 24/7. The app also has a useful portfolio simulator that allows users to view a traders´ past performance and then customise it to their own trading strategy. This app is great for traders starting out who don’t yet feel comfortable employing their own strategy and would like to follow one of an experienced and successful trader.
SwipeStox is sometimes referred to as the ‘tinder of social trading’. The innovative app operates with a social trading model that means traders can copy the best traders and their trades. It is also a good tool for good traders to share their trades and get paid to do so. Users swipe through different traders and choose the ones they would like to follow the strategy of and copy their trades. New users will be provided with 5000 Swipestox coins to practice with and live market rates and leaderboards can be checked via the app at any time.
Before you select a social trading app it is important to scan the market and find one that fits your purpose. You might just one want an app to make your trades with ease, one that allows you to follow the trades of others or an app that provides up to date market info, with which you can devise your own strategy and there are apps that cater for all these needs.