Last week a Foreign exchange trading app – OhMyGeorge has announced that it is joining a retail Forex broker AxiTrader to improve the profitability of traders who use the app.OhMyGeorge application is mainly targeted towards the millennials with the main aim to make understanding the complicated financial market easier for the young traders who are just starting their way to the Forex trading. The application was established in 2016 and is part of Lucolimat Limited. Since the launching of the Forex Trading App OhMyGeorge is has seen almost 200,000 downloads across the globe. The company also develops trading software and other products for financial institutions and fintech startups.
Trading App for millennials
The app was created by the French developer Lucien Tavano. He saw that there was a big interest in Forex trading among the millennials, however, the financial markets seemed too hard to understand and complicated for the beginners. Therefore there was a need for a more streamlined trading app that would suggest better experience to the young people.
As a big part of millennials are raised on video games and the gaming culture is very well understood and common for them the trading app with the gaming concept should have been well accepted among them. This is why OhMyGeorge application has evolved into a gamification trading platform. While using the app traders can “level up”, as users are going from one level to another they are introduced to complex terminology of Forex trading that is increased in complexity gradually. This allows beginners to study and understand Forex trading at a slow pace without being overwhelmed with so much information.
Reasons behind collaboration
The European Securities and Markets Authority (ESMA) has issued a regulation that is requiring brokers in Europe to display client profitability on their website as available information for everyone. According to the statement after this regulation was imposed on broker companies the apps like OhMyGeorge has seen growth in their popularity. Due to these statistics, many brokers in Europe are now searching for ways to reduce the number of clients that lose the money to have a better more attractive data for the new customers. As the founder of OhMyGoerge app, Lucien Tavano states AxiTrader is a perfect fit in order to improve the profitability of traders that are using the app.
The Australian based Forex company AxiTrader was founded in 2007 and since then have shown dedication trading education throughout its operations. Last month the firm also announced their entrance into the partnership agreement with Knightsbridge Trading Academy.
Lucien commented that partnership with Axitrader is very natural for OhMyGeorge since the broker is giving much attention to Forex education and offers many tools for the beginners that can be integrated into their trading app for the better results. To make their collaboration even more exciting for their customers OhMyGeorge alongside with AxiTrader is hosting a competition that is scheduled for January. The customer that will take a part in the competition will be able to win the deposit on live account at Axitrader.