– TradeHero partners with OANDA to launch virtual currency and precious metal trading
– Trade 10 major currencies, gold and silver virtually
SINGAPORE, March 18, 2015 /PRNewswire/ — TradeHero, the world’s leading financial learning and stock market simulation app, has linked platforms with OANDA, a leading online forex broker and provider of innovative forex exchange services, to bring virtual currency and precious metals trading to TradeHero’s free-to-download mobile app.
TradeHero now 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.
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 US$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. From day one, OANDA was established to change that. The partnership with TradeHero opens us to millions of app users who are engaged and willing to learn the fundamentals of currency trading. Not only do end users pick up nuances of how to invest, but it also facilitates making the jump from virtual to actual trading once they have a better understanding of currencies."
TradeHero is the number one finance app in 91 countries, and in the top 10 in 127 countries, with over 2.5 million users. It was launched as a mobile stock market simulation app that pulled data from 28 major global stock exchanges. It has now expanded to include currency and metals as separate asset classes. Both its iOS and Android versions are available as a free download, and are available in English and in Chinese. The Chinese language app has been downloaded over a million times since November 2014. It is ranked first among newly released finance apps on App Store China, and in the top 15 free Chinese-language financial apps.
Notes to Editors
- Currencies available to trade include the US, Canadian, Australian and New Zealand dollars, as well as Euros, the Swiss Franc and the Japanese Yen
- Research firm Gartner has predicted that by 2014 over 70% of Forbes’ Global 2000 organizations will have at least one gamified application. Among these, the finance industry will be a key driver of innovation. Markets & Markets estimates the global gamification market will grow from US$421.3 million in 2013 to $5.502 billion in 2018, at a compound annual growth rate (CAGR) of 67.1%.
- In September 2013, MyHero raised a US$10 million Series A round, led by investors Kleiner Perkins Caufield Byers China fund (KPCB China) and IPV Capital. TradeHero’s user base has since grown eight fold year-on-year. Oanda is their latest financial sector partner. Other partners include The Singapore Exchange (SGX), financial institution PhillipCapital, financial services provider Macquarie Group and social trading company eToro.
TradeHero is the world’s first social investment network. It was founded in 2012 by Singapore-based app developer MyHero. TradeHero is a free-to-download stock market and currency trading simulation app, which draws real-world data from global exchanges and data partners. Its mission is to provide a platform for traders to monetize their investment expertise, by democratizing trading in a social and gamified mobile app.
Users can compete with friends from their social networks, or on the global leaderboards with people from across the world. The app brings novice and knowledgeable traders together, allowing novice traders to subscribe for stock tips via push notifications, and top traders to earn subscription fees from followers.
Followers can subscribe, for a small monthly fee, to follow and receive trade feeds from their chosen "Heroes" via push notifications on their mobile device. These push notifications detail each Buy and Sell action of the Hero, allowing followers to receive expert trading tips and personal insight into successful investment strategies. TradeHero will share subscription revenue from followers equally with Heroes, thus allowing Heroes to monetise their trading expertise.
OANDA Corporation transformed the business of foreign exchange through an innovative approach to forex trading. The company’s industry-leading 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.
OANDA was the first online provider of comprehensive currency exchange information, and today the company’s OANDA Exchange Rates® data provides benchmark rates for corporations, auditing firms, and global banks.
OANDA has seven offices worldwide, in Toronto, San Francisco, New York, London, Singapore, Tokyo, and Sydney. OANDA is fully regulated by the U.S. Commodity Futures Trading Commission (CFTC), the U.S. National Futures Association (NFA), the Monetary Authority of Singapore (MAS), the Investment Industry Regulatory Organization of Canada (IIROC), the UK Financial Conduct Authority (FCA), the Japanese Financial Services Agency (FSA), and the Australian Securities and Investments Commission (ASIC).
About OANDA Asia Pacific
This information is made available to you by OANDA Asia Pacific Pte Ltd. OANDA Asia Pacific Pte Ltd (Co. Reg. No 200704926K) holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore and is also licensed by the International Enterprise Singapore.
Trading in leveraged over-the-counter contracts for foreign currency, precious metals and CFDs carries a high level of risk and may not be suitable for all investors. You should never put at risk any amount that you cannot afford to lose. More details under: http://www.oanda.sg/legal/risk-warning
© 1996 – 2015 OANDA Corporation. All rights reserved. All Registered Trade Marks used in this set of material, whether marked as Trade Marks or not marked, are declared to belong to their respective owner(s). OANDA Corporation owns Trade Marks of all its "FX" products.
For more information, please contact:
PINPOINT Public Relations