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Best Social Trading App: NVSTly vs. Xtrades Showdown |
Best Social Trading App: NVSTly vs. Xtrades Showdown |
A breakdown of NVSTly's superiority over Xtrades as the #1 social trading platform |
Tue Jun 11 2024 10:50:20 GMT+0000 (Coordinated Universal Time) |
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startups, startup, social-media, crypto, forex, cryptocurrency, finance, fintech, trading, economy, investing, stocks, futures, stockmarket, tradingplatfrom |
In the ever-evolving landscape of social investing platforms, NVSTly and Xtrades are two names that frequently come up. Both platforms offer features aimed at enhancing the trading experience, but a closer look reveals significant differences in their approach and offerings. This article compares NVSTly and Xtrades, highlighting why NVSTly stands out as the superior choice for traders.
NVSTly Vs Xtrades — Showdown
Both NVSTly and Xtrades share several core features that are essential for any social investing platform:
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Trade Tracking & Sharing: Both platforms allow users to track their trades in real-time, and share with followers with notifications.
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Submit Trades on App & Discord: Users can submit trades directly through their respective apps and via Discord integrations.
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Leaderboard: Each platform features a leaderboard that ranks top traders.
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Trades Feed: A real-time feed displays trades from all users, providing a comprehensive view of market activities.
While both platforms offer these core features, NVSTly provides several key advantages that make it a more appealing option for traders.
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Completely Free: NVSTly is entirely free to use, with no paywalls or hidden fees. In contrast, Xtrades charges a $38/month fee just to access the app, which can be a significant barrier for many users.
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Innovative Trade Submission: NVSTly was the first platform to offer the ability to submit trades outside of Discord. Xtrades later copied this feature, including the specific functionalities for updating open positions and quick closing.
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Automated Trade Sharing: NVSTly offers automated trade sharing to both Discord and social media platforms, a feature that Xtrades lacks. This automation enhances the user experience by ensuring timely and consistent trade updates across platforms.
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Real-Time Notifications: NVSTly was the pioneer in providing real-time notifications of trades on both its apps and Discord, ensuring users stay informed of market movements as they happen.
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Brokerage Integration: NVSTly integrates with brokerages to automate the tracking and sharing of trades, a feature not available on Xtrades. This integration streamlines the trading process and reduces manual input.
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Public Discord Bot: NVSTly’s Discord bot is available to any server for free, whereas Xtrades does not offer a public bot. This accessibility enhances community engagement and broadens the platform’s reach.
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Enhanced Bot Features: NVSTly’s bot includes additional functionalities such as generating daily, weekly, or monthly trade recaps, displaying performance stats, and listing open trades with the ability to set take profit (TP) and stop loss (SL) or quickly close positions.
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Comprehensive Market Support: NVSTly supports stocks, options, and cryptocurrency on the same platform, while Xtrades uses separate bots and platforms for stocks/options and crypto. NVSTly is also set to support futures and forex much sooner than Xtrades.
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Extensive Cryptocurrency Exchange Support: NVSTly supports over 25 cryptocurrency exchanges, whereas Xtrades does not support any and relies on generalized average crypto data.
NVSTly consistently introduces new features at a rapid pace, setting the standard for innovation in the social investing space. Xtrades, on the other hand, often lags behind, copying features introduced by NVSTly rather than creating original solutions.
NVSTly caters to a diverse audience, from newcomers to veterans, social influencers, and signal providers. The platform offers tools to validate contributors’ signals and provide members with daily or weekly trade recaps and visualized insights and performance stats. NVSTly’s Trade Insight UI offers a detailed visualization of every position, including a unique POV Chart marking key trading actions.
NVSTly operates as a small bootstrapped startup with no investors, relying on organic growth and maintaining a better overall rating and reviews compared to Xtrades. In contrast, Xtrades generates revenue by charging high fees and is currently undergoing crowdfunding. Concerns have been raised that Xtrades uses these funds to buy ratings and reviews, often requiring users to leave 5-star ratings and positive feedback to participate in giveaways.
Moreover, Xtrades’ Trustpilot page has been flagged for fake reviews, likely stemming from paid review services. This undermines the authenticity and reliability of the feedback on their platform. Additionally, Xtrades experienced a significant security breach where their Discord community was hacked through a social engineering attack on one of their executives. This incident led to a fake crypto pump-and-dump scam, convincing users to deposit funds onto an exchange from which they could not withdraw.
While this article does not delve deeply into all the ethical concerns and controversies surrounding Xtrades, those interested can refer to an in-depth review highlighting more issues on Product Hunt. This review offers a comprehensive look at the various ethical lapses and questionable practices observed in Xtrades’ operations.
NVSTly is the only free social investing platform fully integrated with Discord, offering a comprehensive set of features that enhance the trading experience. Its commitment to innovation, transparency, and user satisfaction sets it apart from Xtrades, making NVSTly the superior choice for traders looking for a free, user-friendly, and innovative platform.
For more information and to experience the unique features of a truly innovative social investing platform, visit NVSTly or join the community on Discord.
Get NVSTly in the App Store
Get NVSTly on Google Play
Get the NVSTly Discord bot