Broker XTB has launched a new service related to social trading. As part of its 2024 development plan, the company aims to provide its traders with the best possible active and passive trading experience.
The social trading product XTB Social gives the opportunity to follow the most successful investors and evaluate their own trading results, strategy performance, and portfolio structure. Clients will also be able to receive personalized transaction alerts.
Social trading gives traders access to new trading ideas, risk control, and market sentiment. Traders' information sharing evolves into online discussions where they can collaborate on specific trading ideas. By communicating with like-minded traders, it is convenient to share ideas and develop new, effective strategies.
XTB believes that this form of communication will meet the expectations of social features and allow users to keep track of other people's investments.
XTB's social trading feature allows you to subscribe to a trader if you are interested in their trading or think their predictions may be successful. In this way, novice traders can learn from more experienced community members, ask questions, and analyze their strategies. Beginners benefit from following skilled traders who are willing to answer questions and explain their actions.
With XTB Social, traders can gain valuable information and new strategies for free. This allows them to potentially achieve the same results as more experienced traders, as it is possible to copy the trades of experienced traders.
The XTB investment app has also been enhanced with social features, allowing clients to follow top investors and replicate their investment strategy.
However, social trading is not for everyone. Some believe that it reduces the knowledge level of traders, although it is necessary to master the financial markets. Also, experienced traders may make mistakes, and some may intentionally share false information.
XTB Social opens the door for users to follow leading investors and traders by providing information on the composition of their portfolios, transaction histories, and statistics, but the final decision is up to the trader.
Omar Arnaout, CEO of XTB, said: "Social trading is designed to fill a gap we see in the financial market. XTB Social is a service that will help our clients develop their own investment strategies."
Currently, the new service is only available in Poland, but there are plans to expand it to other markets in the future.
