Web users ‘trading places’ with stockbrokers
- Added:
- Dec 03, 2008
The current global economic crisis has resulted in a spike in users at an online stock trading website.
The site, City Odds, reports that it has seen a 50% increase in users since the banking crisis hit in late September.
City Odds is an online binary betting service that gives users options to trade with real money on live markets including gold and oil, and trading leagues.
There are free-to-join training groups where new comers can test the market theory without the sting of financial loss.
Bets can be easily tailored to perfectly suit the user’s sense of opinion by setting the upper and lower limits on where markets will close.
The site was founded by Mike Chadney, who was inspired by the film ‘Trading Places’, in which a regular person swaps places with two city traders. He believes this type of easy transparency is the real future of banking.
“During my time as an investment manager, I saw banks waste vast amounts of revenue through bad management and poor decision-making. Directors of these businesses didn’t understand the risks they were taking and yet were still earning eye-watering amounts. I believe that they haven’t earned the exclusive right these systems so I built CityOdds, a way to take on the big boys and provide people a simpler, cheaper way to a better chance of trading success.”