More and more social trading platforms are being launched all the time with the industry looking to cash in on the increasing interest in social trading. The TradeCrowd platform has a number of features which differentiate the product from some of the other social trading products currently available.
TradeCrowd works in a similar way to many of the other more established social trading networks, with users being able to automatically copy the trades of the platforms top performing traders. However, the platform also allows individuals to engage in something which is known as contra copy trading. If an individual decides to contra copy a trader on the network they will automatically place trades in the opposite direction. This essentially gives the users of the network a chance to make money by doing the opposite of what the worst traders on the platform are doing. This quite a unique feature and does help TradeCrowd differentiate itself from other social trading platforms which only allow for standard copy trading. In addition to being able to follow specific traders, users of the social trading network are able to follow what’s happening in certain markets, with each instrument available on the platform having its own page. The page features a news feed which updates with Tweets, News, and information on who on the platform is opening positions in the particular instrument. This will surely useful tool for those who wish to keep with all the latest developments in the FX markets.
The TradeCrowd social trading network is very crisp and clean, with a user friendly interface and those who have used social trading products before should be familiar with how the platform is set out. The platform will also available in the form of a mobile application allowing users to trade while on the move. In addition to being able to trade all the standard FX pairings, the TradeCrowd platform also allows users to trade a number of other markets with Commodity, Indices and Stock CFD’s all being available on the social trading network. This should appeal to those who wish to trade more than just FX pairings. Increasingly traders are demanding the ability to trade a wider array of instruments from a single social trading platform and it should be interesting to see whether this becomes a key selling point of the TradeCrowd platform.
As TradeCrowd is a partnered with TradeNext Ltd, which means that all trades placed on the platform are placed with the FCA regulated brokerage. While users are unable to choose from a selection of brokerages, they are not faced with any commission or additional charges to pay. Unlike with other social trading products there doesn’t appear to be any rebate or reward program to reward those build up a following on the platform. Though I have been informed that the firm is currently working on such a program, which they hope to launch soon. Until the scheme is launched it will be interesting to see whether top quality traders will be attracted to the platform.
TradeCrowd joins the growing list of social trading offerings available to retail traders. The TradeCrowd platform is crisply presented and easy to use and it is likely that many will also be interested in the ability to contra copy and trade range of markets from one social trading platform.