A new messaging service was launched in January hoping to create a standard in trading communications the same way Slack has done for managing programming teams. Echofin is a platform for creating teams or communities where users can discuss trading strategies, market conditions and the like.
With a host of third party integrations, plugins and widgets, Echofin aims to bring everyday traders more functionality than professionals get from Symphony, Bloomberg Messaging or Thomson Reuters’ Eikon Messenger. These already include a forex calendar from FXStreet, charts from TradingView, StockTwits, DataFlash by NewsImpact, Bloomberg TV and MT4 webtrader integration.
Beyond the free option open for everyone, Echofin also creates a new way for financial educators/gurus to monetize their work. The platform enables them to broadcast webinars in real-time with audio, video or even just live feeds of their desktop screens. The system offers built-in billing functionality, and the educators set the price point, trial, billing interval and can even create coupons. Echofin keeps a 10% fee from the educator’s revenue to pay for the service.
Finance Magnates has learned that the service is already being worked on with a forex broker that wants to build a ‘trading academy’ using the Echofin platform. The company has also drawn the attention of a few other brokers and is discussing potential ways for cooperation excluding the usual IB/affiliation partnership. Lastly, it reports that it has already reached 10,000 subscribed users.
George Lipordezis, CEO of Echofin LLC, commented: “Echofin aims to establish a vibrant financial ecosystem where traders, educators, brokers and other market participants come together to constitute thriving communities.”