A social media platform designed to take the black art out of stock market trading has been launched, while research has revealed an appetite among UK consumers for investing in the stock market.
Meetinvest launched the platform to simplify trading, by removing complicated financial jargon and the general lack of know-how that retail investors often face.
Research by YouGov, commissioned by meetinvest, revealed 45% of adults in the UK find the stock market and information available to them confusing. It also found 39% of adults in the UK would be more likely to invest in the stock market if they had access to free and easily understood information.
The platform will attempt to explain the investment strategies of major global investors and identify the stocks that match their strategy’s criteria. “By distilling the strategies into simplified language and through the identification of stocks, meetinvest’s members are able to invest like professionals, for free,” said the company.
The platform tracks 68,000 stocks daily, screening 128 countries and 238 exchanges worldwide.
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The social side of the platform enables people from around the world to connect and exchange ideas about investing.
“I first thought of the idea for meetinvest when I looked into investing my own money in stocks and shares, but was faced by a wall of financial jargon and complexity,” said Maria Labrador, CEO and co-founder at meetinvest.
In August 2014, Apple’s App Store made available a trading social network, which it hopes will attract more than 100,000 consumer traders as members by the end of 2014.
The Invstr social network was set up by a former global head of equity trading at Deutsche Bank, Kerim Derhalli. It uses gamification to allow amateur traders to test their abilities in a virtual trading environment, as well as providing real-time information and market sentiment to those who want to do real trading.
The app takes feeds from 40 global sources – including the Financial Times and Dow Jones – and crowdsources market sentiment from members. It also has a social element enabling members to chat.