What is Social Trading?
Investors have always wondered how other investors are investing. Social media allows users to read and follow what other people are doing at all times with up to the minute updates posted by the users. Social trading is the result of the combination of both phenomena, powered by web 2.0 technology. Social trading platforms are at the forefront of trading technology and allow investors to see what others are doing. Investors can then chose to mimic their counterparts or come up with a different strategy.
Every investor follows social trading in a different manner, just like every person follows social media differently. Since technology allows companies to set up different features and design unique tools within trading platforms, every broker and every platform offer different social trading tools. We have tried a few of these social trading platforms to understand how they work. We want investors to understand which of these features, tools and platforms are better suited to their needs. This compilation of social trading platform reviews, will help you gain a better understanding of the brokers, the platforms in the market, and which offer the best tools for your trading needs.
TradEqual’s Social Trading Platform: Peer 2 Peer
Trading Equal has revolutionized binary options trading. Its system, based on the simple market place principles of demand, supply and direct interaction between buyers and sellers, will make binary options trading more simple and fairer. Buyers and sellers can now design their own positions and open a contract that will be picked up by a trader on the other side. Trade Equal has effectively turned into a facilitator, guaranteeing an exchange that is free from broker influence at any level.
CTOption’s Social Trading Platform: Binary Replicator
CTOption is an industry leader in terms of social trading. Their platform is one of the first in the industry and has proven to be one of the most successful. It has unique features that are especially advantageous to the trader. These include automated trading and healthy distribution of risk through the system’s automated social trading picks. CTOption’s social trading platform also has very positive reviews among traders. Investor forums have made their platform stand out within the binary options investor community. CTOption is benefitting from additional social network feedstock from these forums, which will in turn strengthen its platform. Here is a full review of their Binary Replicator.
CopyOp’s Binary Social Trading Platform
With one of the most innovative approaches to trading, new binary options broker CopyOp should definitely be on your radar. CopyOp specializes in social trading allowing traders to keep track of and utilize the trading practices of top traders around the world for their own benefit. CopyOp offers its binary options traders the ability to watch how top traders operate and then to copy their successful trades. The site is very well built with an excellent and easy to use interface, allowing new traders to a handle on social binary options trading. Not only does CopyOp impress online, but its platform is available on your mobile devices. CopyOp’s social trading is fun and simple to use, and should help new traders learn binary options trading very quickly.
SpotOption Introduces SpotFollow for Binary Copy Trading
SpotOption is the most popular binary options trading platforms with over 200 white label brands using their software. They are generally an innovator when it comes to introducing the newest trading features.
In January of 2014 SpotOption announced they had completed development of the first Binary Options social trading platform called SpotFollow. The feature has been renamed iFollow and has recently been installed on the first binary options broker, Finpari.
The iFollow platform allows you to follow any number of the best binary options traders. You can choose to select a mix of trading assets or specific assets. The traders performance as well as number of followers is displayed. You can select the investment amount per trade as well as overall investment amount.
Once you select the traders you would like to follow their trades are automatically copied into your trading platform. Your trading results with mirror the results of the best traders.