What is a social trading platform?
If you’re a novice trader, social trading apps can become your best friend and a one-way ticket to successful investing.
Social trading platforms are essentially digital social networks that allow users to interact and learn from other traders and investors. You can invest online with confidence, try new strategies, and copy trades from top influencers through these multipurpose platforms.
Everyone can benefit from these social networks – from newbies to seasoned investors that are interested in producing better trading-based decisions.
Tips for choosing a great social trading platform
There are a few key factors to consider before joining a social trading platform.
For starters, does the app provide any helpful tools or educational resources? Investing can be challenging, it’s important to select a social trading platform that matches your needs and can guide you towards making significant returns.
Next, focus on selecting an app in your price range. Typically, costs will be based on the type of access you want. Make sure you feel comfortable with the subscription fees and investment requirements before subscribing to a plan.
Another element to consider is customer and technical support. Go with a network that provides users with a reliable support team and contact options. Nothing is worse than having no one to turn to when you need help.
What should I look for when choosing a social trading app?
- Reliability and responsiveness
- User-friendly interface
- Includes a free trial or demo account
- No long-term contracts
- Fair subscription costs and fees
- Additional analysis tools and features
- Direct access to support teams
- Large user base
- Range of financial instruments to trade
- Dependable data security
What are the best social trading platforms?
In this article we’ve covered the basics in regard to social trading apps.
Now it’s time to explore further – and yes, we’ve done the research for you! Keep on reading to learn about the best social trading platforms of 2022.
Robinhood is a well-known social investing platform that allows users to own shares in the companies they love for as little as $1. The app keeps your data safe and secure, protects your account from unauthorized activity, and has live phone support 24 hours a day, 7 days a week. Easily level up your investing strategies with Robinhood.
EToro is one of the world’s largest social trading platforms with an impressive user base of over 25 million people. The platform’s mission is to open the global markets so that everyone can trade and invest in an efficient way. And eToro makes this possible by continuously removing barriers, providing quality investment tools, and through their established crypto community.
TD Ameritrade is a popular US-based social trading company. New and existing users can expect commission-free trading on online stock, ETF, and option trades, along with 24/7 expert phone support, and every tool and calculator you’ll need to be successful in the investment industry.
Invstr is a leading social trading platform that was founded in 2013. The investment app provides users with commission-free trading on stocks and crypto, an automated portfolio builder, and an interactive 85-lesson course on investing. Invstr’s mission is to “empower everyone to learn to invest smarter and build a sustainable future for our children and grandchildren.”
ZuluTrade is a Greece-based social trading network that allows investors to copy top traders from brokers around the world. The fintech company is on a mission to simplify the trading experience by making it accessible to all. ZuluTrade specializes in customer-focused investment solutions for thousands of clients.
TickerStats is an interactive, user-friendly social trading platform that provides investors with accurate statistics of US public companies, historical charts, custom watchlists, and free tools and features.
Front Financial is a social trading application that delivers strategic investing guidance and assists investors with building a responsible investment strategy for the future. Users can expect no minimum deposit or account fees, community trading features, and access to asset allocation tools.
AvaTrade is a multi-national social trading company that’s been around since 2006. The company provides clients with cutting-edge technology and a reliable trading environment. AvaTrade has over 300,000 satisfied traders who place more than 3 million trades each month.
Tickmill is a respected UK-based social trading business. Users can expect excellent trading conditions and products, quick execution times, access to over 180+ instruments, and multilingual customer and technical support.
Where can I find data to power my social trading app?
If you’re in the process of building a social trading app instead of using one, keep in mind data integrations and choosing the right data partner is critical.
Intrinio is a trusted financial data provider that specializes in custom solutions for social trading platforms around the globe. Our modern APIs and datasets are perfect for powering all types of social trading platforms. And we’ve proudly serviced hundreds of social trading platforms with the exact market data and information they need for external and internal purposes.
For access to consistent market data to power your fintech platform, reach out to one of our data experts today. And visit our case studies to learn more about the ways Intrinio successfully supports social trading platforms.
Image and article originally from intrinio.com. Read the original article here.