Saxo Bank has opened a portal for social trading on its multi-asset class SaxoTrader platform. Called TradingFloor.com, the portal is open to investors around the world and enables them to share trades, comments and feedback.
The portal opened for beta testing late last year and was introduced to the market last week, ahead of full production and a commercial launch in April. It can be viewed by anybody and anybody can register on the website to receive notifications of events in the market, but a Saxo account must be opened to facilitate trading. To date, 237 traders, mostly exiting Saxo Bank customers, have opened accounts to trade through the portal and about 20,000 people have accessed data on the site.
Saxo Bank co-founders and co-CEOs Kim Fournais and Lars Seier Christensen, say: “We want to democratise access to trading and fund management by opening up the otherwise closed world of trading. At TradingFloor.com you can see what the best participating traders are doing with their own money in an asset class. We are deliberately only featuring real traders with real accounts trading their own money to ensure a social trading community of serious investors.”
As well as allowing traders to share their trades openly, interact with each other, post comments and strategies, and follow and copy each other, the portal includes more regular content such as market news, data, trade ideas from Saxo Bank’s research teams and a real-time trade stream providing market sentiment. Saxo Bank vets all account applications to make sure traders are real and to avoid any phoney accounts, and traders must share all their historic data. Traders are ranked by performance on the website.
Rune Bech, chief digital officer at Saxo Bank, counters the traditional belief that trading is a singular affair, saying: “We are making trading a social experience. Sharing has developed in other industries and is arriving in the financial sector. Social trading means traders can learn from each other and provide each other with feedback.”
As well as opening TradingFloor.com, Saxo Bank will offer a white-labelled version of the portal to the 120-plus financial institutions that run a white-labelled version of its SaxoTrader platform.