It’s seems as though every other month a new social networking forex website is popping up. That’s no bad thing of course, competition is good for the market. This time we take a look at Betrade.com
So, what is Betrade all about, and why is it different?
Well, in their own words:
“BeTrade is a trading community within the powerful PT multistation trading terminal which is designed to meet the requirements of the modern trader to organize all their work in a single customizable workspace, to analyze the market, to trade, and to communicate and cooperate with professional traders, newbies, investors, and other international market players.”
Designed to meet the requirements of the modern trader? Ok, so there’s some exaggeration here, but are Betrade actually on to something here?
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Personally, I’m not a fan of twitter or facebook. Ok, I can stand twitter more than facebook, (which is in my opinion the most overrated and pointless site ever created on the monstrosity that is the world wide web). But, I have to admit, for those people who like to connect via these tools, then Betrade can help you organize your contacts.
Another good thing, is their support and integration with the PT Multistation. This allows traders to connect to different brokers at the same time. So now you can chat, instant message, share trading ideas and results via the Multistation. Oh, and you can even sell your system if you don’t wanna share the next 1000 pips a week money spinner. Apparently. Of course demo and real trades are supported. Nowadays social websites can’t rely on demo trades, they need the sharing of live results if they’re going to make any headway.
In addition, “Betrade Professional traders and hedge funds can earn money from within the BeTrade system. Any user of BeTrade can set up access to information on trading operations as well as set a price for others to subscribe to their own trading signals, thereby generating an extra income stream while simply operating on the market as usual.”
To be honest I think Betrade are being overly optimistic if they think hedge funds are going to get in on the act. But you can’t fault them for ambition.
Overall Betrade.com does look like a decent effort, and they deserve credit for this. But they’re a new website, with nothing which is really of innovation, and I feel unless they have some decent funds to promote their site, it’s not really going to take off with the trading electorate, so to speak. We’ll see how they progress over the next 12 months.