In today’s New Product Spotlight, we take a look at mobile trading app, TopTradr. The app is a combination of emerging technologies in the forex industry, featuring part performance rankings and part social trading.
In today’s New Product Spotlight, we take a look at mobile trading app, TopTradr. The app is a combination of emerging technologies in the Forex industry, featuring part performance rankings and part social trading. Similar to other products such as Darwinex (formerly TradeSlide), TopTradr ranks traders based on their risk adjusted performance and provides weekly and yearly prizes to top traders. In addition, the app provides elements of social trading, allowing users to share their trades and follow other users. Currently, TopTradr has about 800 live traders using the app, with another 2,000 demo users. To learn more about the product, Forex Magnates spoke with TopTradr Founder, Francois Nembrini.
Discovering Talent
In its simplest level, TopTradr is an app which gamifies the trading process for users who receive weekly and overall rankings for their performance. Offering an incentive for success, weekly top ranked traders win a $ 37,500 equivalent account which they get to manage profit from any positive returns. In addition, TopTradr is holding an overall contest to manage a $1 million account. Rankings of traders are based on the company’s proprietary algorithm which takes overall profit performance and risk into account.
Explaining the rationale behind ranking traders, Francois Nembrini stated that the objective of the product is to discover talent that can eventually be introduced to managing other people's capital. However, unlike similar performance-based products that filter top traders to become trading leaders for retail account copy trading, TopTradr has a different goal, being introduced to manage institutional capital. To implement this, TopTradr is in discussions with proprietary trading firms and asset managers about creating programs where they will be able to ‘graduate’ their successful traders to manage institutional funds.
No Copy Trading
By taking the institutional route, TopTradr shuns the typical copy trading model of account holdings following other traders. According to Nembrini, this is by design, as he stated regarding social trading,“The model is faulty since retail following retail doesn’t have a strong success rate.” Adding, “There is a huge chance that retail will follow mediocre traders." Nembrini further explained that some platforms are trying to fix this problem by filtering who the trade leaders are, but at the end of the day it still comes down to retail account holders being the ones who need to do the due diligence to pick traders, something he believed was filled with risks.
Nembrini added that customer risks associated with social trading also made it problematic from the regulatory side, stating, “We don’t want copy trading because of risks of regulators." Nembrini alluded to current guidelines being put in place by the UK’s FCA, which are expected to make it more difficult to provide copy trading in the future. Overall, Nembrini believed that introducing ‘discovered’ traders to institutions, where they may go on to become professional money managers, provides the best value for top traders. In this regard, Nembrini explained, “Toptradr isn’t just a social trading network, but a finder of talent, the X-Factor of Forex”.
In today’s New Product Spotlight, we take a look at mobile trading app, TopTradr. The app is a combination of emerging technologies in the Forex industry, featuring part performance rankings and part social trading. Similar to other products such as Darwinex (formerly TradeSlide), TopTradr ranks traders based on their risk adjusted performance and provides weekly and yearly prizes to top traders. In addition, the app provides elements of social trading, allowing users to share their trades and follow other users. Currently, TopTradr has about 800 live traders using the app, with another 2,000 demo users. To learn more about the product, Forex Magnates spoke with TopTradr Founder, Francois Nembrini.
Discovering Talent
In its simplest level, TopTradr is an app which gamifies the trading process for users who receive weekly and overall rankings for their performance. Offering an incentive for success, weekly top ranked traders win a $ 37,500 equivalent account which they get to manage profit from any positive returns. In addition, TopTradr is holding an overall contest to manage a $1 million account. Rankings of traders are based on the company’s proprietary algorithm which takes overall profit performance and risk into account.
Explaining the rationale behind ranking traders, Francois Nembrini stated that the objective of the product is to discover talent that can eventually be introduced to managing other people's capital. However, unlike similar performance-based products that filter top traders to become trading leaders for retail account copy trading, TopTradr has a different goal, being introduced to manage institutional capital. To implement this, TopTradr is in discussions with proprietary trading firms and asset managers about creating programs where they will be able to ‘graduate’ their successful traders to manage institutional funds.
No Copy Trading
By taking the institutional route, TopTradr shuns the typical copy trading model of account holdings following other traders. According to Nembrini, this is by design, as he stated regarding social trading,“The model is faulty since retail following retail doesn’t have a strong success rate.” Adding, “There is a huge chance that retail will follow mediocre traders." Nembrini further explained that some platforms are trying to fix this problem by filtering who the trade leaders are, but at the end of the day it still comes down to retail account holders being the ones who need to do the due diligence to pick traders, something he believed was filled with risks.
Nembrini added that customer risks associated with social trading also made it problematic from the regulatory side, stating, “We don’t want copy trading because of risks of regulators." Nembrini alluded to current guidelines being put in place by the UK’s FCA, which are expected to make it more difficult to provide copy trading in the future. Overall, Nembrini believed that introducing ‘discovered’ traders to institutions, where they may go on to become professional money managers, provides the best value for top traders. In this regard, Nembrini explained, “Toptradr isn’t just a social trading network, but a finder of talent, the X-Factor of Forex”.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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