Gamification has come on the forefront of many online industries, as more engaging user experience is being sought by online businesses. One of the first stock trading simulation apps, where users trade with virtual currency, has tapped into foreign exchange to expand its scope.
TradeHero has just announced a partnership with one of the leading brokers in the foreign exchange industry OANDA. The companies will integrate their platforms for the brokerage to provide a data feed for 10 currencies and precious metals for users of TradeHero.
Trading on the iOS and Android app is conducted with virtual funds and also provides a copy trading style environment where users can follow, watch and learn from each other in a user-friendly environment.
Every trader gets $100,000 of virtual cash and can participate in various challenges for real money.
TradeHero receives real-time quotes on 10 currency pairs, including the US, Canadian, Australian and New Zealand dollars, as well as euros, the Swiss franc and the Japanese yen. The feed also includes live pricing on gold and silver.
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According to the founder and CEO of MyHero, Dinesh Bhatia, “TradeHero works closely with financial institutions, stock exchanges, banks and brokerage houses, leveraging our platform to educate the investor and financial community. By working with financial partners such as OANDA, we empower individuals to be a part of the multi-trillion dollar forex, metals and stock trading markets.”
The company is already in partnerships with the Singapore Exchange (SGX), financial institution PhillipCapital, financial services provider Macquarie Group and social trading company, eToro. It is now offering real-time data access to over 25 stock exchanges globally.
The company behind TradeHero, MyHero, raised a US$10 million in its first round of funding, from investors Kleiner Perkins Caufield Byers China fund (KPCB China) and IPV Capital. The user base of the app has grown steadily over the past year with TradeHero particularly popular in Southeast Asia.
OANDA’s Head of Greater China, Gavin Ward, said, “The partnership with TradeHero opens us to millions of app users who are engaged and willing to learn the fundamentals of currency trading. Not only do end users pick up nuances of how to invest, but it also facilitates making the jump from virtual to actual trading once they have a better understanding of currencies.”
Both versions of the platform are available for free, with iOS and Android in English and in Chinese. The Chinese language app (全民股神) has been downloaded over a million times since November 2014.