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What is Social Trading, Top Social Trading Platforms and its Benefits

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Investing in financial markets such as stocks, Forex and cryptocurrencies. It requires extensive knowledge and experience. You need to be up-to-date with news events affecting the business world. And also have the capability of reading charts, analytics reports and understanding trends.

If you lack this capacity, chances are you may lose your money in the market. It’s unfortunate that many people continue to lose their hard earned money in the financial markets. Because they have little knowledge of how to and when to invest. Social trading comes in handy in cubing such challenges.

So, What is Social Trading?

Social trading works more or less like a social network. The only difference is that instead of sharing selfies or lunch photos, on a trading network people share trading ideas. Here traders interact, watch trading results of other professionals. Brainstorm on market situations in real time.

As an investor or less experienced trader, in social trading your financial trading decisions. It is based on other skilled investors’ generated financial content. And collected from various reliable platforms. In other words, once you identify a successful trader and you like their trading strategy. You can start following them and copy their trades.

What are the benefits of Social Trading?

Well, some of the benefits of Social Trading include:

· Quick access to reliable trading information

Social Trading platforms cut down on the process of searching for reliable trading information. We provide extensive information from professional traders across the world. You also get to interact with the skilled traders on the platforms like one-on-one Tutorage.

· Quick grasping of the trading market

Social Trading platforms reduce the duration and cost of becoming a professional investor. By allowing you to learn from seasoned investors.

· Earning while still learning

Social Trading platforms allow you to learn from experienced investors. where you get to know how to navigate the trading market and still earn some money by copying their trades. Therefore you don’t have to wait until you have all the required knowledge for you to start earning.

· Build a trading community of investors

Social trading platforms build a community of investors, where you get to interact with other investors. Share information, while also collaborating on different ventures. It being an online platform, you can access trading information from. In the world quickly and easily as long as you have the internet.

Popular Platforms for Social Trading

Now that you know what social trading is as well as some of its benefits, how about you learn a little about platforms you can use for Social Trading.

In this post, we must explore both traditional social trading platforms as well as modern/crypto social trading platforms:

1. Spiking

Spiking has to its credit the first technology trading app designed to help the average investor. The nitty gritty of the trading market. The verified real-time updates help the investor in ascertaining the reasons for the spike in the trading market. It helps the average trader follow the Big Investors like Warren Buffett. As they trade on the stock market, helping the investor in making informed decisions rather than relying on instinct. It has around 170,000 sophisticated investors with it right now.

The existing app can be downloaded on Google Play and App Store.

The key features of this app include:

• See what stocks are active in NASDAQ, Dow Jones, NYSE, AMEX, S&P and others

• All American stock market price updates, news feeds, and price alerts

• Get notified when friends buy or sell stock options

• Track sophisticated investors real-time

Spiking is a management system using Blockchain Spike Protocol to allow you, as a trader. To locate and follow market whales with the aim of learning or collaborating with them. whales refer to seasoned traders, large holders of cryptocurrency tokens. And mining pools or key executives of companies owning cryptocurrency tokens.

Spiking will collaborate with leading whales to offer you, as a trader. Certified Smart Trader (CST) program that will allow you to learn about trading and investing in cryptocurrencies. You will also be able to gather and verify information about the whales. And through its Spike Protocol, it will be able to verify all trading transactions. To ensure there is no falsification of information.

It will also use Spike Tokens as a reward incentive and for all transactions on the protocol. As a trader, you will be able to pay for the CST program with Spike Tokens. Also if you graduate from the program as a top student or you get voted. As the top instructor in the CST program, you will be rewarded in Tokens. The tokens will essentially allow users to access the Spiking Platform and its services.

2. Coinmatics

Coinmatics is a copy trading and analytical platform that was launched in 2018. The service makes the process of gaining profit from crypto markets as easy as pie. It connects traders and investors and facilitates. The automatic execution of copy trading strategies. Coinmatics provides 2 types of copy trading: automatic and manual.

Professional traders at Coinmatics get profit from the investors who subscribe to their strategies. Copy them automatically (automatic copy trading) or earn on payments from people subscribed to Telegram alerts (manual copy trading).

Copy traders/investors at Coinmatics subscribe to strategies submitted by professionals. Copy trades automatically or manually depending on their preferences.

Additionally, the service offers helpful instruments for experienced traders: portfolio, analytical tools, etc.

Currently, the service is a BETA version and it can be completely free both for traders and copy traders.

3. eToro

eToro is a platform allowing users to share and access each other’s information. Trading activities like on social networks.

The platform has features such as News Feed, Copy Trading and demo account for users. The News Feed feature allows users to monitor and manually copy. Their preferred traders, while the Copy Trading feature automatically does the coping for users. The demo account is completely free and unlimited for users, and they can try all the eToro trading and social features.

4. TradingView

TradingView is a cloud as well as a web-based social trading platform for Futures and Forex traders. We offer incredible charting tools and social components for beginners. And also advanced traders to view and share trading ideas.

Through a forum setting, the platform enables users to follow, copy. As well exchange ideas with other like-minded traders. Traders consult with their peers and with more advanced traders on the current market conditions. The conversations are in real time.

Traders publish their trading ideas, and they get feedback or comments from other traders trading the same instrument. The goal here is supporting each other to prosper as traders by sharing ideas and seeing what other investors are doing.

5. Covesting

Covesting is a Blockchain and smart contract based platform that allows beginner investors. To connect with skilled traders to earn profits in the crypto market. Here, as an investor, you are able to earn profits in the crypto market. By simply copying trading strategies from skilled traders automatically. You get to choose the trader to copy from according to his/her strategy and level of trading skill.

On the platform, as an investor, you get to see and pick skilled cryptocurrency traders according to their trading strategy. Which matches your profit objective. Before you pick a skilled trader, you get an overview of each skilled trader’s strategy. Read their trading strategies reviews, and access history of their real-time trading strategy. Therefore you are able to know, before choosing, the best-skilled trader to match your profit objective. And because the skilled traders are many, you can choose to subscribe to as many professional traders as you want.

But it’s not only beginner investors who benefit from the platform; professional traders benefit too through profit from profit sharing from an investor.

Final word

At Brugu – We offer the most powerful Social Trading platforms to the market, reaching almost 75+ clients in the niche with successful portfolios.

With years of expertise in the software services we deliver, our expert team of Trading Software Developers in Hyderabad build the most reliable Trading Software which is best suitable for all scale of business.

We set up client products from building blocks implementing only a logic specific for your business. Parts such as execution engines, investor frontends, trading algorithms, portfolios, connectivity to crypto and traditional exchanges are waiting to be integrated into your business solution. According to your business requirements, our experts analyze your requirements and purpose the best solution which is suitable for you and you can customize it as per your organizations’ needs. 

To wrap up, we have learnt that social trading enables free flow and access to information to help individuals make informed investment decisions through leveraging on the power of the community.

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