Stock investing platform
Hi guys! I'm a Fullstack developer that have recently built up a passion for stock investing.
I thought to myself it would be cool to have a platform where you can set up your investment portfolio in a app so that people can browse your portfolio rate / comment / make suggestions on it etc.
Some features i've thought of.
- Rankingboards of the best performing portfolios.
- Rank, like, comment single stocks for ppl to see what the majority think of it .
- Investor of the month / wekk / year etc (best ROI).
- Subthreads to discuss spesific stocks / company future potential
Is this something you would might use? Or is worth building out?
etoro comes to mind, they pioneered the idea of sharing your portfolio / trading activity
https://www.etoro.com
https://en.wikipedia.org/wiki/EToro
Not saying the idea isn't worth pursuing, but it's worth acknowledging there is a big player in this space already, and doing a bit of thought-exercise on how you would position yourself differently.
Thats true! Etoro is probably the biggest baller in the field. However i've used the trading app, but never felt the socal aspect of it was handled in a usefull way. I guess i would position myself as more content driven and focus on building a community inside the app
I experimented with something like this about 2 years ago, some learnings:
Profitly and eToro do this already - so you have a lot of big competition
I found it hard to get traction because it was almost impossible to run ads because I kept getting flagged as being a regulated financial product which requires a tonne of paperwork
I run https://portfoliospreadsheets.com and I am happy to answer your questions and share my mistakes.
Thanks for feedback!
I would say the benefit is that you can easly share it with others, get feedback, recieve suggestions or even sell access to it.
I dont think i would want to prevent it, as creating a fake portfolio could be an option, just perhaps mark it as "my current portfolio" or "Fictional portfolio". If its fake or not doesnt really matter. if its performing well its valid info to share with others, as it wouldnt be easier to create a fake portfolio than a real one. Might even split this section if i use third party integration to get real portfolios. But probably not for an MVP.
Theres plenty of free API's for this. So this is no issue :)
There is is a lot of well known best practices out there to prevent spamming. So that is no issue aswell.
As im getting the data from anoher API i wont have to think about this as they will solve this for me.
Thats awesome, I will remember that when a question comes to mind! 😊
On a side note, I think the most active segment of the market is traders. They don't care for fundamentals, portfolio construction, or long term investment. They just want to boast, pump and dump. When their trades go sour they don't post anything about it.
Value Investors are very cost conscious and don't spend much on tools that don't improve their returns.
Your title should be stock social network because that sounds like what you would build. The social aspect is about the only difference between your app and Robin hood. It would be worth getting an idea if traders and investors would care enough about the social aspect to use it.
A few moments ago I was thinking about an application that can analyze your portfolio and say if you have too much exposure in a certain field, if a stock you are following is going down etc
BUX has similar features, have a look.
very cool ideas. One of my friends wishes RH has similar features, so he could just follow my portfolio.
I guess if you are building it as an independent app, I would envision it as a markeplace for selling the subscription of high return portfolios and analyses.
For traders who knows what they are doing and have an excellent return for a certain period of time, they could sell their portfolios with a monthly subscription pricing. Every time when they make traders, their subscribers will get notified. They could also share know their strategies and analyses.
I think it's gonna be relatively hard to place yet another social trading company without clear differentiation and USPs. This is a very competitive market with a lot of very well established players. Not saying that it is impossible, but user acquisition will be hard and expensive. How would you reach critical mass so that users actually get some value of using your platform?
Also, checkout https://traderepublic.com/ - one of the main players in the German / European market.
Good luck :)
That is very true, and probably wont be easy, as starting anything ever is😅.
However, the plan is to be more of a forum then a trading platform (like indie hackers for stocks).
My plans on getting traffic would be content generation through users (stock discussion, news and private research) where i would start by posting content my self.
Cool idea. Maybe reach out to @HacksOfSumit who is building tresor.one. It is built for the German market but super successful.
Thanks for tip😊
Hello!
I would highly recommend this book, as a manual to validate product ideas for succes.
https://www.amazon.in/Mom-Test-customers-business-everyone-ebook/dp/B01H4G2J1U
Hope it helps.
I think it's worth it. Give it a shot.
Really like this idea! I’d definitely use it :)
Thanks! I think i will get going on an MVP :)
Many years ago - I mean like 1999 - there were a lot of fantasy portfolios with top rankings. Back then the thought of sharing your real portfolio was a no go, but times are different now where everything is shared. I don’t know if others out there, but might be something to this of sharing your actual portfolio, letting people comment, and ranking folks on how well they do. I would be interested is a bit of financial voyeurism.
One thing to think about is how do you make money? A bit tricky with finances.
Also you probably won’t get adoption if you need to enter and maintain your portfolio in two places. Consider using Plaid or something else to bring in the accounts automatically.
Intersting, had no idea it was a thing back in the day. And yes thats a good point i think generally talking about money was a lot more taboo before. But i dont think thats the case anymore :)
I haven't given it much thought on how to monetize it yet. As i know where there is a following there is money to be made. But one quick idea that comes to mind is having private and public portfolios, where poeple can purchase access to well performing traders portfolio, where I (the platform) take a cut.
Thats true, i think i would need to have a lot of third party API integrations against the biggest trading platforms to get their portfolios.
Another idea would be to allow people to sell access to their portfolio - almost like their portfolio newsletter (paid newsletters are big right now).
Hi!
How would you describe your difference to the competition, e.g. Robinhood?
Hi thanks for the reply :)
Robinhood is a trading platform and only works inside US.
The platform im thinking of will not be doing any trades or stock purchases, just a stock investing community per say. The portfolio in the app im thinking of is just a replica of your actual portfolio that would be on the robinhood platform for example.
So a user will have to duplicate all his purchases from his trading platform to the app and then to discuss it with his mates and other people?
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