The forex industry needs new disruptions after previous revolutions in trading such as binary options, copy trading, mobile and social trading have run their course. One company, TradeSocio, is working to bring a completely new concept to the industry that can increase engagement and introduce trading to a whole new audience.
At the latest iFX Expo in Cyprus, Rohan Hall, the founder of TradeSocio, presented his ambitious plan to create a competitive “reality TV” show about trading with high level productions values. Brokers, of course, have been offering trading competitions for years, but nothing close to this has ever been attempted.
TradeSocio is a developer of commercial social and mobile technologies that have worked for some of the biggest companies in the world for the past 8 years. Its offers the forex industry an instantly made custom white label social network for MT4 brokers. The solution offered by the company is meant to keep traders engaged with the broker’s community and therefore designed very much in a similar fashion to Facebook, based on “sticky” features. Their platform even supports making a trade directly from Facebook newsfeeds.
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One of the main focuses of TradeSocio is its gamification features, letting users earn points and badges while having fun and learning to trade at the same time. As such, the televised competition can be seen as the ultimate expression of gamification, where traders can earn fame and recognition for their abilities.
At TradeSocio’s exhibition, Stev Stephens – a Hollywood professional from the ATS Team who has produced many popular reality shows such as Big Brother, The Bachelor, The Amazing Race and The Biggest Loser – introduced the concept for “Traders’ Lives.” The show will feature a group of traders competing against each other for a grand prize in four of the world’s leading FX trading hotspots.
The charismatic Mr. Hall seemed to have no problem convincing the crowd at the iFX workshop that this was an exciting adventure and many people there asked how they could get on the show themselves. For brokers the opportunity is to increase their brand exposure and allow new and dormant traders to experience an emotional rush of supporting a favorite competitor on the show and engaging more, so they might get to be part of it too.
In the end, the success of TradeSocio’s plan will depend on brokers’ willingness to invest the capital needed to get a big project like this off the ground. Hopefully, the big players will take the chance and support an effort that can benefit the whole industry.