Investing Is Meant To Be A Social Experience
Over the past several years, dozens of financial technology firms have risen from the soil, each one taking a stab at the old guard of online brokerages like E-Trade and TD Ameritrade. The most prominent of these companies has been Robinhood, but it’s far from the only player. Others include M1 Finance, Matador, Betterment, Wealthfront, eToro, and more. Each player in the industry tackles something different, something unique, with most nowadays sharing one thing in common: commission-free stock trades.
Trading free has now become an industry standard, and there’s nothing special about this anymore. But just like how most of the players all have this once-special thing in common, they are each missing out on something vital, something core to the way investing is supposed to be: a social touch. Here at Echo Investing, our mission is to allow you to invest like never before. Our thesis is that investing is not supposed to be a solitary, lonely endeavor. Instead, it should be a social journey, filled with shared learning, the opportunity for growth, and groups and individuals you can rely on for advice that can make you a more competent investor.
Today, Echo’s app offers users the ability to go on and engage in paper trades (trades with fake money) and to the best performer every week we are paying out a cash prize. However, we are hard at work rolling out added social features, including the ability to search for users based on investment philosophy and performance over time. Not only that, but in time we will have the ability to allow our users to communicate with one another and to join and form groups of their own. This is, of course, only the start of our journey toward a truly social platform, but we hope to be able to share these early days of ours with you.