Looking for a Peeptrade review that’s professional, technical and above all honest?
Want to figure out whether Peeptrade is a good broker, and especially if is good for you?
Then you are in the right place.
In this Peeptrade review we’ll provide in the first place an explanation of how this Social Trading broker works.
But not only.
Here’s what you’ll discover in this review:
- Our opinions on Peeptrade
- Its strengths
- Its weaknesses
- Any dangers
- For who is best suited
All this, always with a technical and professional approach but explained in easy terms.
No false promises, no bait and switch.
Only technical opinions based on our professional experience.
Let’s start now.
Peeptrade is one of the latest companies appeared in the world of Social Trading.
In this Peeptrade review we will show you the capabilities of this platform and smartphone App, along with our judgments and opinions.
Peeptrade is a Social Trading platform more suitable for investors than for traders. In fact, Peeptrade users can “peep” how the investment portfolio of so-called Top Investors are made up, against a monthly payment decided by Top Investor himself.
Moreover, Peeptrade does not provide copy trading functions with which automatically replicating the trades of other investors. Think of Peeptrade more as a paid platform for consulting portfolios that have proven to be profitable.
Secondly, Peeptrade is also a trading platform, integrated today with more than 1,000 brokers.
The “peeping” service, ie viewing the Top Investor portfolios, is separate from the connection or not of your broker to the Peeptrade trading platform.
This means that, with Peeptrade, all types of investors, even the most “classical”, used to buy stocks by calling his broker, can still use the service.
What is Peeptrade
Founded in Austin, Texas on September 15, 2014 by Juan Mendoza (founder and CEO), Austin Sarles, Carlos Chávez and Ali Bakir (all respectively co-founder), Peeptrade now has its operations center in Chicago.
Peeptrade is an online multi-asset trading platform, a financial information platform, and a social network. All these things together, at the same time, on the same platform.
Each registered user has, at his disposal, a social network profile, with which he can:
- follow the financial information and news related to all types of assets (equities, commodities, currencies, metals)
- communicate and interact with other members of the platform with like, comments and tags functions
About the Social Network feature, the starting point is definitely good, but, to date, it definitely lacks some features that could improve it further.
One above all, the ability, absent today, to “follow” other users to create a boards with their feeds and updates, maybe even organizing them into different lists.
As on eToro however, the fulcrum of the information sharing and fruition is on the individual pages of single assets.
In each asset, being it commodities, metals etc, the user can find a whole series of technical data, news, sentiment and comments of other users, very useful to be able to make better decisions.
The asset pages are very well done, and allow the user to consider the asset from every point of view, the technical and fundamental point of view, the “Related news” one, and also the community one, thanks to the comments and opinions of others subscribers.
It lacks, however, an asset organization system, a section/page where the assets are displayed and organized according to various parameters (type, market, industry, etc), to suit the user so that he can search and find them more easily, perhaps (as before), creating lists of interest.
In fact, each asset can only be found by knowing its ticker, or by searching them through the search engine.
Being also a trading platform, Peeptrade allows you to connect your broker (today it supports more than 1000), in order to open positions directly from the Peeptrade platform, from the pages of the individual assets.
But now, let’s see the most interesting Peeptrade feature, its core business, namely the Social Trading function.
Peeptrade review: Social Trading
Peeptrade can be used both as a platform for information consulting, as a Social Network platform for sharing and interacting with other users, and as a trading platform for opening new positions after connecting the trading account.
All this at no charge.
The situation is different for the Social Trading service.
As mentioned before, with Peeptrade users can observe the performance of so-called Top Investors, and if interested, they can “peep” the full composition of their portfolios against a fixed monthly payment decided by Top Investor himself.
Let’s see how it works a bit more in detail.
Within the Peeptrade community members you can find the so-called Top Investors (previously called Guru).
The Peeptrade Top Investors are investors who have decided to connect their investment account to Peeptrade, allowing it to record in detail the operating performance and the actual composition of their portfolio.
Of each Top Investor, Peeptrade will freely show a series of performance data and the type of operating style. Entering then into the Top Investor profile, the user will also view a description, written by the trader himself, of his own strategy.
Everything else, that is all it takes to understand what the Top Investor is really doing, where he’s investing his money, so that you can possibly copy him, will be rather obscured. Specifically, you wont’ be able to see:
- The trading operation history
- The current composition of the portfolio
- An asset allocation chart
To unlock this information the user will have no choice but to pay the cost of the monthly fee decided directly by the investor himself.
The payment entitles the user to access all of the Top Investor information for a single month. To continue then to access the information, the user must continue to pay the monthly fee.
Fortunately for us, there are also Top Investors who do not charge anything to unlock all the information and view their portfolios.
This is an excellent opportunity to demo test the Peeptrade functioning.
Peeptrade Smartphone App
Peeptrade also provides an app for smartphones and tablets, both for Android and iOS.
We tried the Android version, and it looks really well done. In terms of content usage, research and information sharing and research and analysis on individual assets, you can do the exact same things as the desktop version.
The only part that has been somewhat sacrificed, is the Top Investors page with a list of all the investors available to the Social Trading function.
On the App you can see far less details, even though, by entering the Top Investor personal profile, you can see them all as the desktop version.
Therefore, it remains a very useful App to effectively use Peeptrade, wherever you are, even if, for the Top Investor research phase, the desktop version is still much more comfortable.
To recap, here’s what you can do with Peeptrade:
- Create a social networks account with which to interact with the community
- View various types of information on a variety of assets, remaining updated through the smartphones App
- Share and tap into the community opinions on the related assets
- Connect the Peeptrade platform to your broker in order to open new positions directly from Peeptrade
- Against a payment of a monthly fee decided by Top Investor, view the composition of his portfolio and his positions
- Manually replicate the same positions directly from Peeptrade (no automated copy trading service)
Considerations about Peeptrade Social Trading
In these companies’ platforms, fundamentally, the data are all free and there is no blockage. You can see everything the trader has done and is doing (with usually a few minutes delay), and you can automatically replicate his moves into your account.
The gain for the Social Trading companies is generated by the spreads you pay each time you replicate an operation, in fact, in these conditions, spreads (ie your costs) are slightly larger than normal.
Peeptrade instead acts differently. Essentially the user’s trading conditions remain the same, there is no extra charge. Here, the user pays to have a guide he can follow and mimic.
One of Peeptrade positive factors is precisely the fact that the Social Trading service is separate from the connection of your trading account, or the need to automatically follow someone.
Here you pay only for the information. You may be an investor who still call his broker by phone to decide where to invest, and Peeptrade might be just for you.
In essence, the Peeptrade concept is certainly interesting.
However, despite the good number of free visible data on the Top Investor, the fact of not being able to see his operating history before paying leaves you with a slight feeling of sight unseen buying.
We must talk of prices also.
The system of prices auto-determination by the Top Investors is certainly interesting, because over time will create real market dynamics of supply and demand.
To date, omitting some Top Investor with decidedly off-scale prices ($ 5000 monthly, $ 490 month …), many Top Investor ask for less than $ 50, and the vast majority less than $ 30/20.
Surely, the latter are more reasonably priced, but we must also think that each fee ensures the vision of a single Top Investor.
Wanting to create a sort of watch list of the best, there is no doubt that the total monthly cost could rapidly become important.
Peeptrade is a good platform as regards the fruition of financial information and opinions sharing (although it can be greatly improved on certain points). It is definitely more suitable for investors looking for a guide than for day-traders (not suitable for those who want just forex). The Social Trading function is interesting but it also poses certain limits, such as the “sight unseen” buying and the cost.
- Solid platform
- Assets analysis pages well made
- Excellent for most investors and asset managers rather than traders
- Social Trading Service can also be used without a trading account
- Self-determination of prices
- Many Top Investors at the beginning do not ask for money (hence the possibility of demo)
- More than 1000 supported brokers
- Underdeveloped Social Network
- No chance of Copy Trading or automated replication functions
- Low number of Top Investors (but because they are starting out)
- High monthly costs if you want to follow more than one Top Investor