Tradeo launched its social network for forex traders and it opens up the collective knowledge of a community of currency traders. The community can then make decisions based on that collective wisdom in real time.
The company already has agreements with forex brokers, allowing special deals and offers. Gigi Levy, which was the CEO of 888 Holdings is one of the people behind the funding of the company.
Tradeo enters a busy space. Currensee has a robust forex social network with its Trade Leaders program. In addition, several brokers such as eToro and Oanda have joined this space offering their traders various following options.
Here are more details about Tradeo’s launch, from the official pres release:
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 assetclasses, 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.