If trading stocks is part of your New Year’s resolutions for 2015, here’s an app for you to get oriented with capital markets – minus the risks
MANILA, Philippines – The sight of stock market financial ticker tapes can be daunting to the untrained eye.
That’s why many companies offer seminars to individuals interested in investing and trading stocks. But is there a way to learn the world of stock exchange through other means – and for free?
Launched in October 2013 by Singapore-based My Manisku Pte Ltd, TradeHero is a mobile phone application which lets users simulate stock trading at no cost.
The software, which is available on Android and iOS platforms, uses almost real-time information from at least 22 stock exchanges in the world, including the Philippine Stock Exchange.
The app ranks top 12 in free Finance apps on Google Play, but still lags behind other far popular smartphone apps with only 100,000-500,000 installs (Android’s top free game app is Metro Train’s Dumb Ways to Die with 5-10 million installs).
It’s a social investment network, which allows app users log in using their social media handles, connect their online friends and get ranked based on their trading performance.
“Trade virtual stocks, compete with friends, get expert stock tips, and earn extra cash all at the same time,” said the app developer on its website.
How it works
- The app is available on Google’s Play store or Apple’s App store. Once you’ve installed it, it asks you to connect either through any of the social media networks: Facebook, Twitter, and LinkedIn. Users also have the option to register via e-mail.
- Once done, a dialogue box pops out, asking you which exhange you’d like to trade in. For those who want to be familiar with trading at the local bourse, tick PSE.
- The box also asks you to choose a sector. You can only click one, so it’s up to you. Remember, you don’t pay for your risks, so just experiment.
- Once you’re done, the app leads you to your profile page, where you can see your stock portfolio. TradeHero’s social features allow you to follow other users and learn from them. It also lets you add your friends. Beware, for they can be very competitive.
Intial money: $100,000
While there is no real money involved, you are given $100,000 upon signing up as a new player. The learning takes place at this phase now. Where to place your money? What makes a good investment? Will the share price of this company slip the next day?
They don’t charge you for your stock mistakes, but you can actually earn money for every user who follows you. Becoming a top trader, or someone who rakes huge profit for the shares they trade, earn half of TradeHero’s $1.99 collection. This is an amount the app charges to users who follow a premium trader, and will be forwarded through their connected Paypal account.
This feature makes the app enticing: the better trader you are, the more followers you get, which translates to actual earnings.
As the app lends near real-time information from stock markets around the globe, this means users can only trade in a particular bourse during the trading hours. Therefore, if you’re simulating a PSE trade, then don’t expect TradeHero to serve you on weekends.
They say that it’s never too late to learn how to trade stocks, and perhaps this is the time to add this to your list of New Year’s resolutions. – Rappler.com