From Gurdip Singh Singapore, Mar 18 (PTI) A social investment network here has linked platforms with a leading online forex broker to bring virtual currency and precious metals trading to its free-to-download mobile app.
TradeHero, a financial learning and stock market simulation app, draws real-time data from OANDA's online forex trading system, which features one of the world's largest historical, high frequency, filtered currency databases, so that users can trade 10 major global currencies, as well as gold and silver.
TradeHero is the world's first social investment network founded in 2012 by Singapore-based app developer MyHero.
Dinesh Bhatia, CEO and Co-Founder at MyHero said, "TradeHero works closely with financial institutions, stock exchanges, banks and brokerage houses, leveraging our platform to educate the investor and financial community.
"By working with financial partners such as OANDA, we empower individuals to be a part of the multi-trillion dollar forex, metals and stock trading markets."
According to the Bank for International Settlements, actual forex trading was a USD 5. 2 trillion a day market in 2013, and is forecast to grow steadily.
Gavin Ward, Head of Greater China at OANDA said, "Forex trading is traditionally driven by banks and large investment groups, and is mostly shut off to small, individual investors.
The partnership with TradeHero opens us to millions of app users who are engaged and willing to learn the fundamentals of currency trading."
TradeHero app is used by 2.5 million users in 127 countries. It was launched as a mobile stock market simulation app that pulled data from 28 major global stock exchanges.
The Chinese language app has been downloaded over a million times since November 2014.
OANDA's online trading platform, fxTrade, introduced a number of firsts to the marketplace, including immediate execution; instant settlement on trades; trades of any size between one unit and 10 million units; and interest calculated by the second.