TakeProfit, a community-driven stock trading platform, aims to make retail trading easier


One of the spaces hardest hit by COVID-19 has been the currency market. However, despite the lockdown, several innovations have helped the industry stay afloat and thrive amid the global downturn. From cloud computing to new trading aid software, the forex market has taken advantage of the internet to revolutionize trading. Another frontier in the currency market has come from the cryptocurrency revolution.

According to a NASDAQ Trends Outlook, over the past two years, retail has been significantly boosted by the pandemic, combined with the spread of the commission-free brokerage model. The latter had become an industry standard for app-based trading platforms since December 2019.

Merging the community and the principles of trading, To take advantage of, a community-driven trading platform, today announced that it has raised $3 million in a funding round. Alex Shulzhenko, Founder and CEO of TakeProfit, told VentureBeat that this funding will help TakeProfit in its mission to create an intuitive tool for self-directed traders and investors, combining a trading terminal with user-generated content.

A new breed of traders

To research by the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation at the University of Chicago showed that many new pandemic-era retail investors are different from the average traders of previous years. They are younger, more racially diverse and have lower incomes. Innovation has facilitated access to markets for a wider and more varied audience.

A estimate by Credit Suisse revealed that amateur traders account for a third of all trading activity in the US stock market. As individuals from different backgrounds flock to the market, Shulzhenko noted that the need for an intuitive, powerful and scalable trading platform arises because when searching for information, new investors face challenges. sell-side analytics, misleading online advertising and pressured sales. tactical.

There is another peculiarity of the generation of traders brought up during the pandemic: although lacking in education, they make up for it with passion. As Shulzhenko puts it, “TakeProfit is a collaborative platform that allows its users to share their opinions, trading experiences, and analytical results. TakeProfit plans to offer creators a few monetization opportunities, including private streams and donations. .

With this product, experienced investors and swing traders will get better features and customizations according to their needs, allowing beginners to get a head start in their trading experiences.

New technology for traders of all skill levels

Screenshot of the TakeProfit dashboard. Source: TakeProfit

While explaining the technology behind TakeProfit, Shulzhenko said, “We are building something absolutely new from the ground up, totally reinventing [the] business experience. He added that the user interface and “fast technologies, combined with the creator economy platform, free from institutions and sell-side research, will encourage crowd understanding, providing different forms of monetization for creators. . There will be no advertisements or other forms of promotion for brokers.

The mix of understandable data visualization and interactivity powered by an advanced stack of WebGL, C++ and Wasm will make TakeProfit easy to use, according to Shulzhenko. To make it even better, the platform team builds its own programming language to develop indicators and trading strategies.

“There will be a market for indicators and trading strategies. We focus on alternative data within traditional datasets,” he said.

“Our team is already connecting with the trading community, and we have a few thousand traders on the waiting list for private beta testing. We plan to send out invites by the end of the month. year,” he added.

TakeProfit financing plans

This funding round was led by Admitad founder Alexander Bachmann alongside Lime Financial and other angel investors. With a mission to reinvent the trading experience, TakeProfit founder Shulzhenko said the company will invest the additional capital in growing its team and building a platform that allows traders to earn consistent profits. .

TakeProfit’s current headcount is 25, but the company wants to increase that number following this funding. TakeProfit is geared towards audiences in the United States, Europe, and Asia, with the United States as its primary focus.

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