XTB Introduces Social Trading To Foster Investor Engagement
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Carrying on with the roadmap unveiled at the start of this year, XTB is launching a new service in its range of offerings, this time focused on social trading. Within the XTB Social product, users can receive personalized notifications about transactions, assess their portfolio composition and statistics, and follow the most successful investors.
XTB Plans To Exceed User Expectations For Easy Communication
XTB stated that it was searching for a solution that would exceed user expectations for easy communications and Simultaneously permit users to observe other people’s investment strategies.
The introduction of XTB indicates yet another achievement in the firm’s product growth this year. Recently, XTB’s customers were able to swap funds between their trading accounts. The company also wants to launch bond trading later this year.
The new solution will only be accessible in Poland, with intentions to extend its presence in other markets.
The leaderboard positioning is determined by an algorithm that takes into account portfolio performance relative to risk and other factors like risk levels, concentration, and diversification. The service also enables users to get notifications of transactions executed by investors they follow.
Social trading is the latest initiative added to XTB’s range of services after the firm began to aggressively push for passive investments like ETFs. In other to achieve this goal, a month ago, it formed a strategic alliance with BlackRock, the $10 trillion titan of the capital market.
XTB stated that when the team was testing Social, they discovered that users were more interested in following their stats along with the transactions and results of their friends. This shows that beta testers chose to concentrate on the results of personal acquaintances and friends instead of professional investors.
Social Trading Wants To Cater To The Rising Popularity Of Interactive Social Features
The Chief Executive Officer of XTB, Omar Arnaout stated that Social seeks to close the gap in the financial market. He underscored the increasing popularity of user Engagement-centric social features. Arnaout added that Social will help their customers create their unique investment strategies.
XTB has been reluctant to launch social trading, unlike its rivals. However, as it clarifies, it planned to form a solution that relied on its technology and original ideas.
In addition, the fintech stated that XTB Social will be different from the Social investing platforms presented by, for instance, eToro, the leading company in this field of retail trading.
In January, XTB announced initial financial results for 2023, which was confirmed by the company this week. The statement highlighted an upsurge of 51% in the number of engaged users to 311,971 and an income of PLN 791.3 million
