Exclusive: Plus500 launching social trading platform +Insights
FNG Exclusive… FNG has learned that London and Israel based CFDs broker Plus500 (LON:PLUS) is preparing to launch its own data-focused version of social trading, under the moniker +Insights.
The broker, which operates its own software development arm in Israel and Bulgaria, developed the +Insights platform in-house. Plus500 plans to formally launch +Insights in early November.
+Insights not be offering “traditional” copy or social trading but instead will use community driven data to allow users to analyze millions of Plus500 traders’ activity in real time. Users can learn about the most popular instruments on the platform (e.g. most traded, most viewed, most bought, most sold, most profit-making, most loss making…) and keep up-to-date using +Insights unique and innovative tools. The +Insights platform will be exclusive for Plus500 traders.
The move is part of a shift in strategy we’ve seen over the past few months at Plus500, which has traditionally fairly conservative in its approach. While Plus500 was fairly early in offering crypto CFD trading to its clients, it has generally focused on its client base in the UK and EU, and a very specific type of “self converting” client.
However recently, Plus500 has begun to take steps to break out both geographically and product/client-wise. We reported exclusively in July that the company appointed its Affiliates program head Nadav Shilo to head Asia marketing, in a clear bid to expand in that region. In June Plus500 began a new global advertising and branding campaign, utilizing popular actor Kiefer Sutherland as Brand Ambassador for Plus500.
And earlier this month Plus500 expanded its sports sponsorship portfolio by entering into a multi-year deal with the Chicago Bulls, which again has an appeal well outside of Plus500’s traditional client base in Europe.
But back to the current issue, Plus500 seems to be looking to more actively compete with one of its main competitors, eToro, which has had a long-term focus on building its client base (and trading volumes) via social trading.