Social investing platform Voleo has teamed up with Nasdaq to launch its Voleo Equity Trading Competition – with winning investors and investing teams getting $10,000 in real cash portfolios, reports David Penn at Finovate (Banking Technology‘s sister company).
“The goals of the competition are to improve financial literacy, to break down the knowledge barrier, and of course, to have fun,” says Voleo CEO Thomas Beattie. “The most important part of investing is starting early and contributing regularly – we believe that participating will teach you a little about the markets, and a lot about yourself.”
Geared toward college students and millennial investors, the equity trading competition enables investor/trader teams of three or more to form or join an investing club on Voleo. Using the company’s SimuTrader platform, the clubs will manage simulated portfolios of $1 million.
Participants can be on more than one club (up to a maximum of five) to allow them to try different investment strategies and methods.
With Voleo, members of each investment club vote via the iOS, Android, or web-based app as to which investment ideas the club will pursue. Each trader and investor has the opportunity to make their case on the platform, while the “definitive return on investment decisions” (Droid) score keeps track of decisions and hypothetical positions taken to make it easy to spot the top performing investors – as well as those traders whose good investing calls are being overlooked.
In putting the wisdom of the crowd above the inclinations of the individual, the platform does not provide for individual accounts, for example, and instead encourages collaborative investing that keeps trading costs down, provides for better diversification, a more educational experience for new investors, and a more collaborative investing environment for everyone.
The competition begins 9 October 2017 and you can apply here.
The competition ends 8 December 2017. In addition to their share of the $10,000 cash prize, the top teams and investors will be hosted by the Nasdaq for a tour of their MarketSite in Times Square, New York.