Social apps allow traders to share and connect their trading activity in real-time with other investors inside the application. You can make your trading decisions based on user generated data and copying the activity of top traders rather than trusting on the technical market analysis based on news feeds. After you set the preferences for copying, the trades will be done automatically without manual intervention. Copyop binary options app is one such social trading platform which allows traders to copy the trade positions from successful investors.
Social apps are really helpful for beginners and inexperienced traders since it provides them an easy way to copy/compare trades of successful people and formulate their trading strategies. This will help in improving their learning curve as they can interact with experienced traders through the app, watch and copy their traders and also understand the reasons behind their trading decisions. By watching the trades of other people, beginners can learn from their mistakes and choose their trading strategy accordingly. Some of the popular social apps include,
eToro Openbook: This social app is focused mainly for beginners and has more than 4.5 million users from more than 170 countries. With a simple and user-friendly interface, this app provides lot of information to novice traders along with various trading demos and sample tutorials for them to learn. Users can trade on commodities, CFD stocks, currency pairs and indices using this intuitive application.
ZuluTrade: It is considered to be the largest social trading platform for binary and forex options in terms of number of users. It supports the interaction among traders and allows them to copy/duplicate trades of top investors. Also it supports multiple brokers and provides the best social interaction features for novice traders. They also provide a fully-functional demo app which can be downloaded freely from Google play.
Tradeo: It is a social trading platform launched in 2012 which allows users to share feedback on other traders and also copy the trades of successful traders. This app is more specialized for Forex currency trading and allows users to mimic the trades from other users and also to place trades automatically.
Copyop: It is the first and foremost social trading app for binary options and was launched by anyoption in the year 2015. It allows beginners to identify the top performers and copy their trades instantly. Once the copy preferences are set, your trades will be automatically placed without having to manually place it every time. Copyop also provides social feeds which displays the achievements and trade activities of top investors in real-time. This is available in 3 tabs namely “Explore”, “Hot” and “Feed”. “Explore” tab helps users to find the most profitable trading actions from social network while “Hot” tab displays the list of best traders and copiers. “Feed” tab is allowed to provide important updates of people whom you copy, follow or connected through Facebook. Copyop is the most intuitive and powerful social trading app for binary options. It also shares the performance of users based on their own evaluation algorithm and provides notifications on recommended trades. It also has 24/7 live support and also support or multiple languages.
Ayondo Social Trading: It is a popular social trading platform of German broker and is widely used in Europe. It is the first app to provide auto-trade option for the traders in UK for “spreadbetting Forex accounts”. You are also provided with a free demo account to experiment and get a feel of this app.