KuCoin is testing social trading features on its mobile trading app to enable its users to learn trading tactics from each other, debate crypto issues with other traders, and connect to community leaders. The new features which are being piloted by select users before the official launch, are specifically targeted at helping newbie traders, but will benefit all classes of investors and help bring crypto to the masses, KuCoin Global CEO Johnny Lyu said.
“Communication can largely decrease the feeling of isolation in crypto investment. Imagine #KuCoinS like a pop-up store, these new features will help you interact with other investors like you do on most social channels, and will help in making better trading decisions.”
“It’s a future finance community of, for, and by the people.”
Perhaps the greatest potential in such a feature lies in its ability to capture the interests of Gen Z and the millennial, who are not only social-media oriented but have also become more interested in digital currency trading and investing.
With the new functionality, traders can copy trades of experienced users. This will minimize the learning curve for new users who do not now have to spend a lot of time learning crypto trading – they can jump in while still learning. Users can also check the portfolio of traders they follow and even receive cryptocurrency news directly in the app. This will help them make better investment and trading decisions.
Lyu said the exchange is discussing with partners and users how to better the trading experience on the platform through social features, and that it viewed “social” as the next advanced level of crypto trading. It is already being received warmly by users some of who hail it as intuitive, professional, and helpful, but say it lacks profit and loss analyses for copied trades.
The new features are accessible through a new functionality called ‘KuCoin S’ on the mobile app. KuCoin S will be accessible immediately to select users through an invitation code. The crypto exchange, which is one of the oldest and largest by market cap, is giving away these codes through its Telegram channel.
The exchange is also giving away crypto tokens to celebrate the launch.
By launching social trading features, the exchange hopes to compete with the likes of eToro, which has reported huge successes over the years with its copy trading feature.
In fact, the feature is what makes eToro a leader among crypto fintech, although eToro also differentiates itself by offering stocks, forex, CFDs, and over 30 other financial products. With the eToro feature, newbies can follow and copy trades of experienced users who use their experience to formulate better trading signals and increase trading profits. They can decide on an amount to invest after the copied trade move. Other platforms with social trading features allow users to make money by selling trading signals that can be bought by others especially newbies.