Ahead of the launch of Trade360’s new crowd trading platform next week, the company has extended a landmark trading competition to traders in a bid to entice new users with the advent of cash prices.
The upcoming Trade360 platform was explained in detail last week, given the substantial investment of over 100,000 of software development hours invested in it. Finance Magnates was allowed an exclusive peek into the new platform offering trading on foreign exchange (FX), stocks, CFDs, commodities, futures contracts and indices.
Social trading itself is a hugely popular mechanism in FX, whereby a number of leaders broadcast or transmit trading strategies to other parties. Trade360, however, is offering what it calls “CrowdTrading”. The firm is aspiring to use “the wisdom of the crowds” as an indication tool for the trader, providing him or her with data for an improved decision making process.
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As for the new web platform itself, it works off a single browser screen capable of streaming a feed of trading ideas and selected instruments via small chart, rates, spread, margin, as well as the buy/sell sentiment in one box. Other aspects of the platform, such as a competition leaderboard, are available from tabs on the screen.
Trade360 put considerable efforts in the pre-launch marketing phase, aiming to draw new crowds to the trading platform. The competition’s prizes include a fully funded vacation at the Bahamas for the winner, and $4,000 and $2,000 for the 2nd and 3rd place runners-up, respectively.