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Social Trading tips and insights

The realm of fintech ( financial technology ) is advancing at a faster pace, the term democratization of finance has now become the most important of all global development perspective in the recent years. If we are being honest, democratization process can be understood in many perspectives. For some it refers to the provision of basic financial services such as creating new bank accounts, to previously unattainable and unbanked populations and for some it means gaining access to more sophisticated financial services like trading and investing which was previously unattainable.  But such services are now available within the reach of people easily all around the world irrespective of the financial background they hold or even the experiences with the financial markets, all thanks to social trading. Social trading is nothing but trading which is combined with social media dimensions.

‘’For those looking to improve their trading, eToro offers so much more than just a copy trading platform’’ , states the company. It’s a leading collaborative company of traders and investors. The company allows its users to monitor their preferred traders and even a demo account free of cost to try out all that they have learnt in a safe and stimulated environment. Recently eToro beefed up their crypto currency trading capabilities, especially the customers in the United States have access to trade in some of the biggest crypto currencies in the market like bitcoin, ethereum and ripple. At the same time, not all countries have access to his feature and certain features are restricted to specific locations. ZuluTrade is a similarly popular platform, particularly for trading forex (foreign exchange) and binary-option contracts. Darwinex is another highly rated social trading network, but the focus here is completely on opportunities to invest in trade strategies. 

It can offer a lot to new investors, a handful of key benefits like allowing them to climb on experts’ trading strategies.  This provides the newbies with lots of insights like few of the easiest and quickest ways to maximize their returns. By just being able to communicate and discuss various aspects of financial markets and their strategies with the relevant community makes a way to use those substantial insights into understanding better and trading efficiently. This is cost effective and unlike traditional investment management , these social trading platforms does not need any minimum investment to start off with.

Trading comes with certain drawbacks, one such is that copy trading leaves the fate of an investor’s performance in the hands of the third person or the one they chose to copy. The fact that the copied trader has had a sufficiently impressive track record does not matter for the further trading and no guarantee that there will be the same success rate while going forward. . The community environment may bring the negative impact to some extent but social trading is unlikely to be a perfect substitute for learning and trading on one’s own. There is no substitute for the learning process, we know that. But it is applicable here too. There is no shortcuts to learn about investing and financial markets before one takes a decision of participating in the social trading or even copy trading for that matter. It is always recommended that the investors should conduct their own research on the specific markets they are opting to choose in order to gain the expertise and the required exposure, even if it ultimately achieved by mimicking the other traders or following their footsteps.

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AI role in customer experience in banking

The concept of banking first sprung up around 8000 BC. Then, there came various drastic changes to expand their services and innovate their business models. Artificial Intelligence (AI) and Machine Learning (ML) are applied to help banks and financial institutions nowadays. A survey by the Economist Intelligence Unit (EIU) showed that 77% of banking executives believe that the use of AI will ultimately differentiate between winning and losing banks.

This pandemic has triggered a sudden socioeconomic shift from physical to digital. There is a rapid switch to digital channels. Recent research by YouGov was conducted in June 2021. And that revealed that digital services have become the de facto way of conducting business and access services during the pandemic. EIU’s survey showed that enhancing the user experience through better personalisation ranked first in the most valuable uses of AI.

Customer propositions are no longer fit-for-all. It involves both banking and non-banking products and services. To identify the customers’ needs the banks must take an entirely new approach to innovation. They should adopt a customer-centric view. This starts with understanding the customer needs. AI makes it much easier to analyse customer preferences. The redesigning of customer loyalty program gives banks an accurate understanding of customer. Effective personalization offers customers not only better leads but also a more unique experience. The customer experience can be improved by applying AI. Banks must also build out their capabilities to strike new partnerships.

Businesses across all industries are working hard to retain their customers, including banks. AI can become a banking institutions’ superpower. This can take the customer experience to new heights, resulting in happier and more loyal customers. It will also reduce a bank’s operating costs and enable increased revenue per customer. To become AI First, banks must focus on streamlining their technology layer. They also require a strategy to engage customers through channels owned by them and their non-banking partners. Business and technology must work hand in hand, with cross-functional teams breaking up organisational silos.

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Amazon to offer insurance to UK businesses

The technology giant’s first foray into business insurance in the country, broker Superscript said that Amazon is going to start offering insurance to small and medium-sized UK business customers. Members of Amazon’s Business Prime program will be able to buy cover from superscript such as contents insurance, cyber insurance and professional indemnity insurance. Superscript spokesperson said that those would be underwritten by major UK insurers. A discount of 20% will be offered to current rates. This is to entice the businesses over to them.

50% of customers are prepared to buy insurance from non-traditional players. A recent survey of 12,000 people globally by consultants Capgemini showed this. Cameron Shearer, co-founder and CEO of Superscript, said in a statement that the insurance industry needs to bridge the divide between insurers and customers. Amazon’s move into UK business insurance comes after U.S. insurtech Next Insurance said that it was offering cover to U.S. small businesses. And that too via Amazon Business Prime. Molly Dobson, Country Manager for Amazon Business UK & Ireland, said in the statement that as the businesses come out of the pandemic, they want customers to have the best-in-class tools to run their business.

Financial institutions are worried that tech firms will steal their business. But industry sources said that the insurers and tech firms are more likely to forge partnerships. Because of the given difficulties and expense for outsiders in entering the highly regulated finance sector. Amazon also offers warranty insurance and “buy now, pay later” services in Britain.

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In NFT fantasy soccer game, SoftBank leads funding

Blockchain-based fantasy soccer game Sorare has raised $680 million. This is through a funding round, which is led by SoftBank. According to the company, it includes players such as ex-England international Rio Ferdinand and Spain’s Gerard Pique. Paris-based Sorare said that the investment valued the company at $4.3 billion. Sorare is an online game, since 2018. Here players buy officially licensed cards that represents soccer players. They can build teams and play against each other. This is based on the players’ performance in real-life games.

The cards are traded in the form of non-fungible tokens (NFTs). The market for NFTs has seen major growth in 2021. Michel Combes, president of SoftBank Group International, said that they think NFTs represent a new paradigm in the collectability, usability, and engagement with assets. This evolution from physical assets to digital assets is very powerful. This also creates a lot of exciting potential business models. NonFungible.com is a website that tracks NFT market data. According to them, Sorare is the largest sports-based NFT platform by sales volume. They are planning to open an office in the United States. So that they can expand into other games out of Sorare.

Nicolas Julia, CEO and co-founder of Sorare said that they saw the immense potential that blockchain and NFTs brought to unlock a new way for football clubs, footballers, and their fans to experience a deeper connection with each other. They believe that this is a huge opportunity to create the next sports entertainment giant. Since January 2021, there have been $150 million of sales on Sorare. The fundraising round was SoftBank’s first time investing in Sorare. SoftBank’s Latin America fund also contributed. Other investors in Sorare’s raise are such as venture capital firms Accel and Bessemer Ventures, Pique, Ferdinand, Antoine Griezmann and Spain’s Cesar Azpilicueta.

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