It goes without saying that the internet has revolutionized social interactions, with social media outlets like Facebook, Twitter, Skype, Reddit, and other platforms changing the way human beings interact with each other. Thus, it stands to reason that “social trading” may be the next big thing for cryptocurrency and traditional market trading.
Social media’s impact has been well-documented and is hard to overstate. It not only allows individuals to know what is going on in other people’s lives, but it has far-reaching impacts on a number of industries — including the financial industry. Social interactions encourage decentralization of power, as seen in crowdfunding projects.
Now, social media is beginning to filter into trading — and it may be the next big thing.
Trading has already become more social, thanks, in part, to cryptocurrencies. Previously, forex and stock trading was largely inaccessible to the common man. Instead, a fairly select group of high volume investors and highly-skilled professionals made use of expensive and complex resources to trade. With Bitcoin and other cryptocurrencies, anyone is capable of getting their feet wet in the market — and there is no shortage of resources available to educate the new investor.
One such set of resources which is available to everyone is a new package of social trading tools, which allow people to copy trades from signal providers and — hopefully — profit in the process.
Trade with Friends
There are already platforms available which are dedicated to social trading — featuring expert signal providers, shared strategies, market forecasts, analytical tools, automatic copying of trades, trade modifications, etc. Such platforms do not merely benefit new traders, however, but also expert professionals looking to improve their skills by comparing their knowledge with other experts.
Social trading goes far beyond simply copying trades, however — it also provides places for traders to interact with like-minded peers, discuss current market conditions, talk about results with other people, and more, all in real-time.
Examples of platforms which already offer social trading include eToro, Xsocial, GetBux, NAGA TRADER and Zulu Trade — among others. Unsurprisingly, each of these platforms have their own set of strengths.
Zulu Trade has more than 50 brokers worldwide and features a really active and dedicated platform, with a live chat option. Its home page displays ranked signal providers, with more details on winning percentages, strategies and current trades only a click away.
GetBux, meanwhile, trades in stocks, commodities, indices, and currencies — and aims to make trading fun for everyone. With such a goal in place, users may start with a demo trading account before actually putting their funds at risk.
NAGA TRADER stands out from the crowd, with a platform that offers over 700 instruments — making it one of the largest social trading platforms available. It accepts cryptocurrencies like Bitcoin, Litecoin and several ERC20 compliant tokens — and features robust AI integration, a portfolio manager template and the NAGA Protector feature (which helps secure profits while limiting losses). NAGA TRADER also allows users to start with a demo account, and keeps users up to date with the most relevant news and topics from the industry.
What do you think about social trading? Which platform do you think is the best? Let us know in the comments below!
Images courtesy of