Social Trading is really taking of at the moment, and while it’s normally names like ZuluTrade and eToro that hog the social trading spotlight, there are a number of other platforms competing for social trading business. One of these platforms is the growing social trading network Tradeo, which boasts a beautiful platform and a wide range of supported brokerages. Today we are going to take a look at what Tradeo has to offer.
How Does Tradeo Work?
Like competitor ZuluTrade, Tradeo is broker independent which means that those using the platform can choice a range of different brokerages to operate with. Though Tradeo does promote its ‘Gold choice’ preferred brokerages, which include big names like Forex.com, AvaTrade and FXCM. The platform allows its users to copy traders in real time, which means that when the trader places a position in the open markets this trade will be mirrored in their account. If traders don’t want to automatically follow the positions of other traders, they can alternatively follow the trader getting alerts when the trader opens new positions. This is quite similar to how traders can either follow or copy traders on the eToro platform. Traders also have a range of tools to evaluate the performances of the other traders on the network in great detail, allowing them to make informed choices in regard to which traders to copy or follow. However, the Tradeo platform arguably has greater social trading functionality, as it overlays users trades onto the charts and graphs featured on the platform. This allows you to see when other traders on the network where opening buy and sell orders. The platform also features a range of different statistics which can help you determine overriding market sentiment. As with other social trading platforms those who gain a multitude of followers and copiers, are paid commission for each trade placed by their copiers and followers in real money accounts. This gives those My only concern with the Tradeo platform is that it doesn’t seem to have as much activity as some of the other big social trading platforms.
Does Tradeo Work?
Looking through the Tradeo’s top traders you will see that a number of these traders have posted very impressive returns and it would appear that if traders had followed these traders for the duration of their trading activity they too would have made some pretty impressive returns. As with many of the other social trading platforms out there you will find a number of high risk traders which should probably be avoided. The other thing to note is that Tradeo allows its traders to have multiple active accounts which can make breaking down overall performance quite difficult. For instance one of the listed top traders has an account that have experience huge amounts of growth and other accounts they appear to have busted, this is obviously slightly troubling. Their are certainly a selection of high quality traders to follow on the platform and those who spend their time researching should find some decent traders to follow/copy. There is however is not the same huge range of choice as you would find at other platforms such as ZuluTrade and eToro, where there seems to be a much bigger active user base.
Check out our friend’s E blog about his Tradeo experiences – http://mytradeoexperience.com/.
While the Tradeo platform is probably the most impressive social trading platform out there in terms of functionality and visual appeal, the main negative of the platform is the lack of a huge activity community as you will find on some of the other bigger social trading platforms. Apart from this the Tradeo is one of the most impressive social trading platforms around and it will be interesting to see whether they can grow the platform to really compete with the big boys of social trading.