SwipeStox the ‘Tinder for Trading’; Snapchat Developing Robo-Advisory Techby Fintechnews Switzerland January 21, 2016
SwipeStox, the self-proclaimed “Tinder for trading,” lets you “swipe and trade” following advices from successful professional traders, who themselves make cash when being copied.
Created by the Naga Group AG, a Hamburg-based fintech firm founded in October 2015, SwipeFox is a mobile social trading app that allows people to trade Forex, Indices and CFDs by copying other trades created by from experienced traders.
SwipeStox, headquartered in London, is built on a large community of both novice and professional traders and intends to “bring social trading to every single smartphone worldwide,” allowing everyone to gain access to the knowledge of the best traders.
The SwipeStox app basically consists in four features: the Trade Feed screen allows you to see who is trading what and lets you either copy or pass on a trade; the Trading Radar lets you find who is trading nearby by and build your investment network; the Trade screen lets you place an order on a chosen market; and the chat feature allows you to communicate in real-time with other traders.
“With a simple swipe, a user can browse through the most promising trading deals around the planet,” Yasin Qureshi, founder and CEO of the Naga Group AG, told LeapRate in a recent interview.
“People only share single trades and not a portfolio or strategy. If users share a trade and get copied by others, they receive volume-based bonuses which also gives the entire platform a win-win character.”
What makes SwipeStox different from other trading platforms and apps is its simplicity as well as the fact that it is mobile-first and mobile-only. “The user and connectivity amongst users are our main focus,” he said.
Additionally, SwipeStox is the first platform that provides the risks and chances to trade originators or trade copiers as every trade originator has to provide a Stop Loss and a Take Profit.
Prior to founding the Naga Group AG, Qureshi founded Varengold Bank, a German investment bank that went public in 2007 and obtained a full banking license in 2012.
Explaining what led him to launch the Naga Group AG, Qureshi said:
“From the start I wanted to simplify trading and foster respective innovations. It was a very exciting and important journey for me, but over the years it became more and more apparent that the current banking system is non-transparent, overregulated and way too complex.”
Check out SwipeStox’ promo video:
Snapchat is developing robo-advisory technology
Earlier this month, Snapchat made headlines when it was unveiled that the social media service was developing a new robo-advisory service that would enable users to click-and-invest directly into financial products through its app.
According to Reginald Browne, head of ETF trading at Cantor Fitzgerald, “the opportunity to deliver financial services for social media platforms is amazing and potentially disruptive, especially in its ability to engage a Millennial consumer set that’s still emerging.”
Other social media platforms including Instar and Twitter have been reportedly approached by market participants to develop similar products, according to Reuters.
Featured image via SwipeStox.com.