Launching in live beta today is Saxo Bank’s rebranded TradingFloor.com social trading platform. Saxo Bank’s entrance to social trading was initially covered in an interview with Co-Founder and Co-CEO, Kim Fournais, at last November’s Forex Magnates London Summit. At the time, Fournais stated that, “Social trading is here to stay,” and that the company believed it would be adding value to the space by making their diverse asset product base, which includes not just FX, but single shares, commodities and options available for the social trading network.
For TradingFloor, the site has slowly evolved from an independent entity providing both proprietary and third party trading analysis, to getting greater integrated within the Saxo trader, to now becoming a social and web-based trading platform itself. Until its final live launch, Saxo’s social platform will be accessible at beta.tradingfloor.com. According to Saxo Bank, sharing of trading ideas will be only available to live traders; thus excluding performance from demo accounts. For non-Saxo Bank customers, the new TradingFloor.com will also have non-social trading features that are similar to items currently available, and include news, analysis, and market sentiment.
As explained by Fournais to Forex Magnates in November, Saxo Bank is expecting that the new product will allow them to position themselves well in gaining popularity among the younger generation of traders who have grown up with social-based products and are more likely to use peer and crowdsourced reviews before making decisions. Regarding this, Kim Fournais, and fellow Co-CEO and Co-Founder, Lars Seier Christensen said in a joint public statement that, “We want to set free the peer-to-peer power of traders around the globe by enabling them to connect online with experienced and like-minded investors who are tired of input from salespeople from traditional banks.”
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They added that they believe the new product will become a ‘game changer’ and, “Having revolutionized online trading as a first mover in 1998, we now want to democratize access to trading and fund management by opening up the otherwise closed world of trading.” In addition they stated that, “At the new TradingFloor.com, you can see what the best participating traders are doing with their own money in any asset class of your choice. We are deliberately only featuring real traders with real accounts trading their own money to ensure a social trading community of serious investors.”
Social Trading Celebrities?
In displaying TradingFloor.com to the public for the first time, Saxo Bank is presenting a launch conference today, which Forex Magnates will be covering. While Saxo Bank’s entrance to social trading with its own proprietary product provides confirmation that the sector is attracting the big boys, one of the questions we have is whether social trading will spawn a new class of asset managers. In a similar way to how the internet has brought us YouTube celebrities who have gone on to become well-known actors or launch successful online businesses, will the same occur in social trading? Will the next Peter Lynch and Bill Millers of the world be ‘discovered’ on social trading networks? These are some of the questions that Forex Magnates will be looking to answer and gain Saxo’s opinion later today.