With the advent of the internet and social media, access to information worldwide has increased. It is why audiences of this age are more informed than those in the past. Facebook, Twitter, Whatsapp, Instagram, Web, etc., contribute to the spread of information.
However, the pros and cons of information accessibility still exist. One of the most prominent cons of this easy accessibility is the spread of misinformation. Above that, we are less likely to hear anything that contradicts our opinion about a certain matter.
But did you ever know you can make money with your opinion?
Although people have different opinions about the same subject factually, only one of them is right. However, we can call the two opinions the two sides of the picture. Some Indian entrepreneurs got the idea of opinion trading from this scenario and came up with a business called TradeX.
Although in its early stages, TradeX has become the talk of the town for the idea and its working. Many people question the legitimacy of such a trading app that seems to be valid at this point.
In this article, we are going to present a complete review of the TradeX app for you. So let’s get into it.
What Is TradeX App?
TradeX app is more like a trading app but based on the concept of gambling. You can predict future events and their impact on stocks and make profits on your investments. Sounds cool?
The founders of the app have explained the idea as follows:
“You can predict future events outcomes and trade your opinions to make money. You will take positions on different future events, predict the outcome using, and earn money. It also allows you to learn about different topics and enlighten yourself with other people’s opinions.”
About TradeX
If we talk a little about the history of TradeX, it is not a very old concept or platform. Two Indian entrepreneurs, Divij Goyal and Ankit Shrivastava, established TradeX as a trading platform that capitalizes the future events to help people make money. The company was established in January 2021 and has received appreciation from different regions worldwide.
The trading platform has also been part of the Y Combinator’s Winter 2022 cohort. They have also raised seed capital of $1 million recently. The company has launched apps on Google Play Store, App Store for iOS, and APK for web downloading. There are over 505000 downloads collectively on Android and iOS.
So far, people like the idea of a real-money gaming app, but the concept is still new to the market. We still need to wait until the true potential of the trading strategy and investment model unleashes.
How Does It Work?
As already mentioned, the TradeX app works based on the concept of predicting future outcomes. Let’s elaborate on the working of TradeX with an example.
If we talk about the recent events from an international perspective, COVID has been an issue affecting the lives of every person. So as the research advanced, vaccination for the disease was introduced.
More and more people got vaccinated. If an investor thinks that the vaccination is effective in preventing the spread of disease, it implies that markets and restaurants will open soon. Therefore, he starts to buy stocks in hospitality companies. Your long position is evident that you made the decision based on predicting future events.
Similarly, an investor thinks that Tesla company will not accept cryptocurrency shortly. He also believes that this event will lead to a lower crypto price in the future. As a result, he will start to sell his crypto positions.
Fair enough! This is how TradeX works. You predict the event and trade for the event directly. So the three-step process of trading via TradeX is as follows:
- Register your account with TradeX by downloading the app or opting for web trading.
- Now you have to predict Yes or No based on what you believe regarding a specific event. Select Yes if you think the event will happen and No if you believe it won’t. You have to pay 1st trade fee of INR 10. The app also allows you to choose any event and bid on it.
- Wait for the event’s outcome, and you will earn your share for every right prediction. The total value on a bet for every event is INR 100. You can instantly withdraw the money to your bank account or reinvest the money to make more profit.
Trading Options
There are two trading options available on TradeX for the users:
1. Predict Events And Earn Profit
The first one is predicting future events, waiting for the results of the outcomes, and earning profit based on the final settlement. If you have predicted the event correctly, you will earn INR 100 and won’t make anything for a wrong prediction.
2. Book Profits Early
The second trading strategy is booking early profits by selling your contracts. You can minimize the losses if you think your prediction is incorrect or book early profits by selling your contracts at a higher price(if your outcome is likely to come true). It’s a good strategy if you want to lock your position.
How To Trade On TradeX?
So here is an example of trading via TradeX. It will be pretty much the same as we have explained in the app. Let’s understand it with the example of a past event where users predicted the outcome and made profits.
Book Early Profit
FIFA 2022 was a recent event where the users of TradeX were invited to predict whether Brazil would win the World Cup or not. The share value for “Yes” was INR 42, and the share for “No” was 62 INR. Once the users had made their prediction, they had to wait for the FIFA World Cup event to end.
Since the event has not ended yet, you can lock your profits or minimize the losses by selling your contract. As of now, the prediction value for “No” is increasing, and “Yes” has decreased even more. A user who had bet on “Yes” can minimize the loss by selling the contract. Similarly, a person who had bet on “No,” can sell the contract and lock in the profit before the actual event unleashes.
Predict And Earn
A user has shared his experience about a bet he made on a circket test match between England and New Zealand. Was the event ‘would the number of runs scored that entire day cross 270? According to the predictions, the value of ‘YES’ was 85. It implies that 85% of people believe that the total scores for the day would be beyond 270. The prediction for No was 14.43.
Once the day ended, the scores were beyond 270. A user who would have invested INR 10 would get 0.12 shares from a total value of 85, as INR 10 is 11.7% of 85. The amount such a user would have made on this event would be INR 12.
Accessibility
Let’s talk a bit about the accessibility of the platform via different platforms and devices.
Android App(APK)
Although at the initial stages, the app has registered half a million downloads on Android devices. Since the concept of real-money-making games is not listed on Google Play Store, you can not directly download the app from Play Store. You have to rely on the APK version of the app available on the official website of the TradeX app here.
iOS App
You can also download the TradeX app on iOS, which has registered 5000 downloads overall. The app’s reviews are 3.8 stars, combining both positive reviews.
Web Trading
Suppose you are a person who wants a fuller experience on the web. Register your account, deposit the money and start trading by making predictions on different events.
How To Add Or Withdraw Money With TradeX?
You can withdraw money directly from the TradeX wallet to your bank account or card. And when it comes to depositing money to the wallet for trading, there are several accepted methods like GPay, PayTM, all UPI platforms, etc.
Pros
- The newer concept in the trading platform and investments
- Anyone can do trading without preliminary knowledge of trading
- Instant payouts to your bank
- No commission is charged on trading
- Different trading options are available
Cons
- A trading platform is in its initial stages, and it will take time to be established as a credible platform.
- A lot of information has yet to be disclosed about the trading model and platform.
- Mixed reviews of the users
Final Review – Is TradeX A Legit Or Scam App For Trading?
If we have to comment on the legitimacy of the app, it is 100% a legit app. However, the trading model of TradeX can be attributed to being a newer one with no previous history. We can predict that the market of opinion trading will develop, and there will be more such platforms.