Finance-based and share trading social media app Stocks in Play continues to stake its claim as the industry’s premiere app for networking, Social Trading, stock ideas, tipping and sharing reliable information, having seen a surge in user numbers in recent months.
The platform provides live updates on market depth, with data tabulated so users can quickly see which stocks are gathering the most interest – both positive and negative. It has been developed by the trio which co-founded stock forum HotCopper, prominent stockbroker Tony Cunningham, former HotCopper managing director Greg D’Arcy and tech entrepreneur Arnaud Moret.
In under four years the group has built the app for website, as well as mobile, available on both Apple IOS and Android.
It has also created a forum based option for users with its recent purchase of www.topstocks.com.au, a leading Australian ASX chat forum. This will be integrated over the next few months.
Driven by free access to live data on the ASX and Chi-x, the app attracts (on average) more than 200 new users per day. The app now boasts a total user base of over 9,500 members.
Stocks in Play is amongst the top Australian finance apps on the Apple app store and anticipates hitting 15,000 users by the end of 2019.
It continues to see strong month-on-month market depth requests, which confirm users are actively using the platform. Its top month (August) had 150,000 market depth requests. In the last two months, when no advertising or promotion has occurred, market depth requests of 110,000 (September) and 145,000 (October) were achieved. Expectations are for 110,000 market depth requests for November.
Through the site’s built-in paper-based trading app, participants are able to place tips different securities for different periods, meaning it is quick to understand a particular user’s sentiment and trading timeline. Importantly, through the website’s history of tipping performance, you can also gauge the credibility of a particular user and also the net sentiment for particular stock.
From this all stocks can also be ranked creating an “in play” screen of the most popular stocks for each period Day, Week, Month, Quarter and Year.
According to Stocks in Play co-founder and former managing director of Perth broking house CPS Capital, Tony Cunningham, the system provides a much more transparent environment where participants are able to collaborate and discuss ideas.
“Stocks in Play is a unique platform designed to encourage social interaction, where the best tippers with an established record can lead the discussion, unlike other sites where the noisy user leads the discussion, creating a much more cohesive environment,” Mr Cunningham said.
“It goes without saying that you wouldn’t follow the picks of someone who has a poor track record and our platform allows users to openly see that history, meaning you can quickly assess whether commentary is likely to be reliable or ramping.
“With over 100,000 tips placed in our short history and 1 million market data views, it is very common for our chatboards to be looking forwards toward the next stocks to hit the “In Play” screen which is a good predictor of which are set to move the market next.
“While there has been a big emphasis on engineering of the platform for transparency, it’s easy to overlook that the system is also designed to be fun, with opportunities for any investor to jump in and have a go – all at no cost or risk of losing money.
“Even for those that are less inclined to tip, the app also provides instant access to ASX and Chi-x market depth for free, making it an important part of many investor’s toolkits,” he said.
“We have a live chat facility and ability to privately message other users. This is instant and lends itself much more to the fast pace of trading,” he said.
Version 2.0 of the app has just been released and it includes many of the improvements based on the feedback from members over the last six (6) months. This new 2.0 version of the app also includes the competition engine.