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TopTradr - The Disruptive new e-commerce model in the UK
by Startacus Admin
With more and more people joining the revolution in invesement, social trading platforms are quickly becoming the norm. Startacus decided to ask TopTradr Co-Founder, Francois Nembrini, about the new developments, social trading platforms and why TopTradr is different, so much so that It could be changing the market in the UK.
Hi Francois! So we already know that TopTradr is a social trading app like no other - how is it differrent from others on the 'market'?
As TopTradr is all about finding actual talent, to build a community of risk responsible traders as well as reward and back the most talented ones, our model is very different from any other social trading platform where copy trading tend to be the main focus. We want to create a serious platform that can be used as a recruitment tool by the fund management community.
Tell us about the TopTradr team and your experience to get to this point?
The TopTradr team consists of a mixture of experienced FX traders, tech wizzes and marketers, all ‘thrown together’ to bring something new to the table, taking into account the different backgrounds. With the majority of social trading platforms focusing on copy trading, we believe one of our best decisions to date were to buck the trend and instead create a platform that is all about spotting actual talent and reward these people, rather than having users rely upon other people to hopefully make the right trading decision. This model also allows institutions to spot trading talent in a whole new way. Our diverse backgrounds coupled with past experiences have allowed us to think outside the box and create a product that is unique within this growing market space.
Is it fair to say that social trading and investment networks are the 'next big thing'?
Social trading combines new possibilities and technologies from the digital revolution with the demand of making money in financial markets and solves the problem of too many self-directed customers loosing money.
Using similar strategies like that of hedge fund investing, social trading allows everyone, from traders investing tiny amounts to those bringing in hundreds of thousands, to get the same ‘treatment’ for their trading skills. Even though it is a relatively new trend in the market, it is picking up speed rapidly as the “people’s financial market”. With all the signs of being the “next big thing”, social trading has bridged the gap between investors and hedge funds significantly.
Just a few years ago, no one talked about social trading; therefore, one of the most important aspect of social networking FX is how successful it has become so fast, and how much potential it holds.
Who is TopTradr aimed for and at?
The TopTradr App is aimed at pretty much anyone with a genuine interest in trading and that perhaps want to take that next step and become a professional trader. Providing an evolution of social trading; made distinctive by its superior ability to evaluate trades and provide a verified measure of a trader’s ability and, in turn, improve their trading skills. We reward the best traders on our platform with their own hedge fund to manage and help them get noticed as serious Prop Traders.
At the heart of the TopTradr offering is a proprietary algorithm which ranks traders based on their trading performance. Rather than just focusing on total return, TopTradr takes into account consistency and risk reward ratio. The algorithm returns a TopTradr score, allowing users to instantly compare the performance of fellow TopTradr traders. Our vision is that your TopTradr score will become a measure of your ability to trade; like a trading Klout score. It will become a professional influencer, a way to prove your credibility. Essentially, this will clean up the industry as we’ll gain the very best traders and get rid of those who only talk
TopTradr is aimed at pretty much anyone who has a genuine interest in trading and want to give FX trading a shot; however, if all you want is to copy somebody else’s trade without knowing why, then TopTradr isn’t for you.
How did you first come up with the concept and how easy was it to convert the Trading environment into an App?
With the majority of social trading Apps basing their model on copy trading and the use of a ‘Guru’, TopTradr wanted to move away from this and instead create an App that could be, in many ways, compared to a recruitment tool. At the heart of TopTradr is to find actual talent and to build a risk responsible trading community where users are evaluated on risk vs reward as well as consistency. Up until now, this did not exist.
The social media element is there to encourage open discussions on risk responsible trading rather than to promote a number of ‘Guru’ traders and as a result, blind copy trading. Also, as we are backing our algorithm and competition winners ourselves, we take a very serious approach to this.
With the right knowledge and technology, creating a new social trading platform isn’t rocket science. We knew what we wanted to achieve and by working closely together with the developers, we managed to take our idea of a social trading platform and turn that into reality.
How successful has the App been and what can we expect from TopTradr going forward?
It’s been a fun journey but as with most startups, it is always a challenge. We are very pleased with what we have achieved since our launch at the end of last year and are currently looking at almost 4000 demos and over 1000 live accounts. Amongst other things, next stage will see us launching the $1M trading contest; we will launch this once we reach 5000 users. As for where we will be in 12 months is very difficult to answer in the tech space. Growing still. We have a long term as well as a short term plan as well as lots of other exciting features that we plan to implement in the next release such as featured traders and subscribed groups, so watch this space!
Thanks so much for talking to us Francois! We're looking forward to seeing how TopTradr advances and wish you and your team All the Best!
Mi-IDEA Manchester Networking Event
27th Sep 2016
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