Tradeo launches an exciting forex social network

Marketsbook rebrands as Tradeo – launches a new exciting forex social network. I’ve had the chance to interview Jonathan Adest,

Marketsbook rebrands as Tradeo – launches a new exciting forex social network. I’ve had the chance to interview Jonathan Adest, Tradeo’s CEO:

How is your product different from all others?

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The most important point to remember about Tradeo is that we’re not a broker and never will be. We provide an ideal third party solution to traders around the world, wherever they’re located geographically and in whatever markets they’re currently trading.

Tradeo has been in development for over a year. We’ve performed extensive market research and have designed our entire system with traders’ needs in mind. We offer our users far more than just a social trading environment; Tradeo also makes available a wide range of essential financial data, including charts, quotes, news, and an economic calendar. This is all on top of the usual range of social features, such as messages, groups, chats, polls, etc.

Our service is completely free for the traders, themselves. Furthermore, as a result of Tradeo’s relationships with a variety of brokers, we’re able to find and offer our users better deals (lower commissions, rebates on trades, etc.) than they could secure elsewhere.

All of the data in our system are live and verified, and among other analytic features, we aggregate all of this information into community wide sentiments and trends.

How will you acquire traders? It’s not easy for social networks to acquire them…

Tradeo’s core philosophy is to build something great and be innovative. The users will come.

That said, we’re already launching a few partnerships with hand-picked brokers which share our beliefs and vision. These partnerships will allow us to more quickly grow our user base.

How much did you raise and what will the funds be used for?

Tradeo raised $1M at the end of 2011 and appointed Gigi-Levy (former CEO of 888 Holdings) as Chairman of the Board.

The funds will be used almost exclusively for product development. That’s our guiding focus – we’re all about building something amazing. We’re most definitely not interested in marketing something mediocre.

Is there any exciting development coming up?

Well, the answer to that question is always ‘Yes!’. Now, don’t hate me for this – but I’m not going to disclose the details just yet. Financial technology can be tricky and I prefer to wait until everything is tested and working before making a formal announcement.

What I can say is that Tradeo’s roadmap is very busy and we’re looking at more broker integration, including better analytics and market information, but, mainly, we’ll listen to our community and continue to build them the social trading environment of their dreams.

Will you allow trade following? If so, how exactly will it work?

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This feature is definitely on our roadmap. You can look forward to seeing it as part of the Tradeo universe in the near future.

With respect to functionality, we’re still finalizing the specifications. What I can say is that we’re looking for a different approach. We’re concerned about the possibility of implicitly incentivizing users who are following other traders based on their trading volume, as this makes it likely that their own trade volume will increase, which is obviously not always aligned with the best interest of the particular user. We’re striving to make sure that Tradeo’s recipe for trade following will protect the interests of both parties (the follower and the one being followed).

Tradeo launches innovative global social trading network to connect FX traders

Tradeo is the only site to offer community-sourced data, trading analytics and connectivity to a hand-picked set of brokers.

Tel Aviv / London / New York – 2 April 2012 – Tradeo today announced the launch of the first social trading network to offer real time tracking of peer trades and sentiment. Offering fast data feeds and sophisticated analytics, Tradeo opens up the collective knowledge of the FX trading community to the individual, and allows traders to make decisions based on insight from across the Tradeo community.

Tradeo’s innovative ‘Cloud Sync’ technology pulls user trading activity onto the desktop, providing current and verifiable trade data, and setting Tradeo apart from other web-trading forums.

Tradeo combines innovative knowledge sharing tools with access to a group of hand-picked brokers, offering high-speed execution at the lowest possible price. Tradeo supports the MetaTrader and Act Platforms, used by hundreds of brokers around the world.

Commenting on the launch, Chief Executive Officer Jonathan Adest said, “Tradeo is the place where traders meet. We have launched the platform in response to a clear appetite from the financial community to use ‘new media’ communications channels to help make decisions. Tradeo is for traders frustrated by limited access to quality and real time market data. Designed with the trader in mind, the ‘Cloud Sync’ functionality for example, differentiates Tradeo from other web forums.”

Tradeo’s suite of trading tools includes market analytics, pricing and charting information, quotes, financial calendars, news and the ability to monitor trends and set limits. Members use social media functionality to share views (trending, news feeds, befriending, chatting, liking, emailing/private messaging, commenting, sharing, polls etc) and users can get immediate feedback from their ‘friends’ on the trades and orders they execute.

The firm’s special relationship with the broker community is designed to connect traders with brokers interested in offering special deals including deposit bonuses, lower commissions and trading rebates.

Alex Behar, Chief Technology Officer adds, “Tradeo has been designed with the trader firmly in mind. Our FX social trading platform has been in BETA testing since June 2011 and we have developed the platform in line with what the traders have told us they need. We have a pipeline of further development and investment to create ever more powerful tools and functionality, and look forward to signing up more traders and brokerage partner firms in due course.”

Adest adds, “In launching Tradeo we saw a clear demand for better data and negotiating power with the brokers from the FX trading community. We believe that the social trading data feeds, analytics and trading tools will also benefit traders of other asset classes, because shared trading information helps make trading decisions. We very much look forward to expanding our offering as we roll out the platform.”

A private company, in 2011 Tradeo raised USD one million of funding from AMV, a leading VC and appointed Gigi Levy, a widely recognised technology entrepreneur and ex-CEO of 888 Holdings (LSE: 888.L), one of the world’s leading online gaming and entertainment companies.

About Tradeo:

Tradeo is an innovative global social trading network to connect FX traders. But it is more than simply a chat room. Launched in April 2012, Tradeo is the only site to offer community-sourced data, trading analytics and connectivity to brokers, enabling users to negotiate and trade on that knowledge quickly. Containing global data feeds and sophisticated analytics, Tradeo opens up the trading landscape to the individual, and allows each trader to make decisions based on insight and experience drawn from across Tradeo’s community. It is the only social network to offer rich and real time market sentiment and individual and aggregated information from its users.

Tradeo combines innovative knowledge sharing tools with access to a network of brokers, offering high-speed execution at the lowest possible price. Tradeo supports both MetaTrader and Act Platforms, used by hundreds of brokers around the world. Tradeo members are connected to a select range of brokers enabling them to negotiate and trade the best possible deal as quickly as possible, setting Tradeo apart from other ‘chat room’ FX social media sites.

Tradeo is designed with the trader in mind and the company continues to invest in sophisticated analytical and trading tools. Tradeo offers an innovative ‘Cloud Sync’ real-time service, which pulls in user trading activity, providing both current and verifiable data – a feature which differentiates Tradeo from other web forums.

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