Tuesday, October 19, 2021

TikTok gamifies investing – with a twist

Image copyright Michitkos Image caption At first glance, it looks like a quick sign-up form at one of those tea shops. But there’s a smart investment app in here A new “gamified” app is aiming to help young people unlock their investment capital. TikTok, which operates on a freemium model, pulls in your Instagram, Twitter and Facebook accounts, turns them into an interactive trading platform, and gives you access to

ETFs. The investment features require paying a small one-off fee, but as long as you keep up with the latest news and options from the world of crypto, the app serves up investment advice based on the latest market data. First-time investors aged 16-24 are being invited to try it out for free. How to buy bitcoin After a two-week free trial, monthly subscriptions start at £2.99 – that’s 65p a day, though some of those

charged higher amounts do get the free trial. Image copyright Ella Millar Image caption There are 40 Bitcoin options on the app from which to choose, though it has a bundle of 100 Bitcoin ETFs to choose from The first step is to pick a goal – a salary, a house, a loft conversion. You can choose from four different ‘risk profiles’ to customise the maximum or minimum percentage exposure that you want to keep out of the

market. A screen in the app also gives advice about the types of assets to invest in. Image copyright TikTok Image caption The app shows you various Bitcoin options, with virtual coins denoting “outflows” and “inflows” There are 40 Bitcoin options on the app from which to choose, though it has a bundle of 100 Bitcoin ETFs to choose from. (An ETF is essentially a tracker fund which tracks an index such as the S&P 500,

Euro Stoxx 50 or the Nikkei 225, which are designed to mimic the performance of the underlying securities.) Is bitcoin something young people should be investing in? Image copyright Ella Millar Image caption TikTok is using a robust algorithm to assess your risk profile, and an algorithm to update it There is an argument that there are more secure investment options – for example, trusted online platforms or

traditional banks which track your interests and ensure payments go through seamlessly. If you are a first-time investor, there are also those who argue that investing in cryptocurrency is inherently risky. You do need to be willing to lose your money, as BTC and its associated tokens can go to zero in a matter of seconds, and it is therefore not a good investment option for investors with large balances. Image

copyright Ella Millar Image caption It helps you get a general feel for the current cryptocurrency market And if you really do fancy taking a punt on the future of financial markets, there is the option of investing in bitcoin futures through CME Group and Cboe. The fledgling Tezos Foundation has launched a rival product and plans to launch its own blockchain digital currency platform, while Uber has confirmed plans

to expand into payment services for non-employees. Image copyright Ella Millar Image caption You can see the futures in the app, or you can get further advice So the investment app isn’t a unique phenomenon yet, though it might change that. And if we are talking about investment and security issues, it could encourage people – especially young people – to check more information out on a more open platform like

Twitter, perhaps instead of using an app that provides only Facebook links and little else.

More articles

Latest article