Tradeo has decided to join the social forex trading bandwagon with full force. The company has announced launch of its new SocialTrader product which is a combination of the traditional forex trading platform named “CloudTrader” and social network on the same interface. The main reason behind this new product is to enable users having access to the social sentiment information of the network right from the order entry interface of the platform. The company has also announced of the connectivity to the ACT platform now. Incidentally, Tradeo was already available in the traditional MetaTrader 4 via plugin.
The new SocialTrader application is based on some of the most advanced technologies such as WebSockets, HTML5, liquid layouts etc. The real time prices will be streamed in the personalized user trading account of the customers. Not only that, but customers will be able to close multiple positions by a single click only.
Now, more on the social trading features. With a single click, traders can collaborate with other traders. The positions and orders of other users are always displayed in the platform and if a user hovers on one position, he can view other relevant information such as trends. Users can also execute a trade right from the chart itself. Apart from the poll results, broadcasts and signals of the other traders are also presented right in the platform.
SocialTrader is also going to have a similar feature to that of eToro. It is known as CopyTrader system where you can copy all the upcoming trades of a reputed trader. The Chief Operating Officer of Tradeo, Jonathon Adest commented that SocialTrader is one of its kinds and is pretty unique in the social forex trading market. Jonathon added that the platform was mainly developed on the feedbacks presented by users who wanted something more than the traditional standalone social trading network. Jonathon also stated that new features, as demanded by users, will periodically be added to the platform.
According to analysts, Tradeo’s platform is similar to that of eToro and hence, the two are in direct competition now. It is to be seen now that which one emerges as the winner. As far as current scenario is concerned, eToro’s social trading capabilities have a lot more takers than that of Tradeo and it is to be seen whether the situation reverses in future or not.