Soon enough, mobile will become the primary means of interaction between consumers and financial services firms, and millennials are a key reason for this change. As a generation’s members are rarely separated from their smartphones, firms must adapt accordingly and strive to deliver cutting edge resources to keep them engaged. A unique trading app—SwipeStox—is doing just that. SwipeStox is a mobile social trading app based in Hamburg, Germany that allows users to trade Forex, Indices and CFDs and functions much like the popular dating app Tinder. Using the app’s intuitive swipe right or left feature, users can peruse the transactions of seasoned traders and choose to copy them or keep searching for something else. This app is currently available in the U.K., Spain and Germany.
Here’s how it works: an advisor (leader) opens a trade and publishes it to SwipeStox, which creates a signal for other traders that shows up on their Trade Feed. The Trade Feed displays the symbol, instrument or stock, who created the trade, how profitable the trader is, and how much money they have earned from trading on SwipeStox. Swiping to the left discards the trade, while swiping right adds it to the user’s watch list. By clicking on the Copy button, users can view their cash on hand and set a deposit amount for a trade. Below, the gain and loss values automatically update as clients enter the deposit amount, displaying exactly how much money the user can lose and earn by copying the trade.
SwipeStox Trade Feed
Traders also earn a bonus every time their trade is copied. Bonuses display on the ‘Cashboard,’ which also summarizes a user’s statistics, including values such as the percent accuracy, number of copiers, volume traded, overall profit and loss, and overall profit and loss of their copiers. From there, users can withdraw the money they have made into their brokerage account. SwipeStox also encourages communication between traders by allowing them to comment on trades or open discussions. Conveniently, when users first register, they have access to a demo account with $100,000 in virtual cash, providing the opportunity to test their trading skills before investing real money.
Overall, SwipeStox is an excellent platform for clients to tap into the knowledge of professional traders and gain key insight into their successful trading techniques. Not only does the app make global markets easily accessible on the screens of smartphones, but its social-media aspect and model that relies on the intellect of the crowd is especially appealing to the millennial generation. SwipeStox certainly has the potential to attract traders around the world, and Corporate Insight will track its development should it expand to the United States or elsewhere.