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TradeSmarter's Social Layer Goes Live: Binary Options Connecting People

To the delight of some and perhaps to the disappointment of quite a few others, over the recent years social trading has established itself as an integral part of the foreign exchange industry. With networks like ZuluTrade, eToro and one of our latest subjects of interest, Ayondo, attracting millions of traders worldwide, doubts about the trend's potential to endure in the future are seriously beginning to lose ground. And here's yet another prove with social trading arriving at binary options as well as software developer TradeSmarter launches its brand new Social Binary Chart, already available through the platforms of all of its 19 partner brokers.

 
TradeSmarter announced the upcoming release of this latest feature at the end of May and although back then we knew little about the way it was going to look or feel, thanks to binary options broker 24bulls' demo account, we can now experience the tool and share our first impressions with you.
 
So how does one get started? Enabling an account's social layer can be done in one of two ways – either manually or via Facebook. Once you've filled out the sign-up form, entering the trading room is easy – simply click the Social button displayed right under your chart. There you'll find the entire stream of assets traded socially, the gains those have generated along with the nicknames of the users who've placed the deals. 
 
To the right of each entry, you'll see a View on chart button which when clicked, opens a new window with the enlarged chart and a more detailed social data feed that not only displays all positions of the same asset but also gives you the option to like each activity carried out by fellow members of the network.
 
 
Photo Credit: 24bulls
 
In addition to the social chart you can further monitor the price movement of any particular instrument by using a line chart or a candlestick chart. Today we're more interested in the social one though, which shows trades that are being opened from the moment you've logged in, those that are being closed as well as your own trading activity. All of this is done with the help of differently colored stamps, green for wrapped up positions, white for running ones and a few others for the deals that you yourself execute.
 
We noticed a slight problem with the stamps, however, as we were forced to run the mouse pointer multiple times through them until we finally got it right and the activity that the stamp stands for appeared on the screen. The truth is that no one has that kind of time to lose, especially in binary options where every fraction of the second is valuable.
 
But let's not be judgemental. The truth is that we're yet to see whether the TradeSmarter's social layer will prove useful. Quite frankly, we consider it more of a means to boast in front of other traders or in front of your friends on Facebook rather than a tool which can increase profitability.  If it functioned as a social sentiment, telling you in which direction the mass of users is going, then yes, it could perhaps help you improve your trading. But given that it only displays individual positions, it's hard to see how such bits of information will be of benefit.
TAGS: tradesmarter  binary options  social layer  social chart  social trading  forex  foreign exchange  broker  trade 

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