Trading app BullBear has become the latest FinTech company to take advantage of the coronavirus crisis by launching a new feature.
BullBear’s new feature is aimed at helping new investors sharpen their trading skills without risk by playing a teaching game that uses dummy chips instead of real money.
The news comes as many investors are experiencing their first market crash and with more experienced investors being less willing to invest in the market.
“I realised just how lacking the support for young investors was when my cofounder and I wanted to invest some money in stocks whilst at university,” said Anurag Saboo, co-founder of BullBear. “We had no idea where to start and so spent a couple of months trying to find a platform through which we could learn the basics before we risked any cash. But it simply didn’t exist. The resources that did were dull and theoretical. Paper trading can be very boring, and no-commission trading helps only if you make money out of your portfolio.
“Social methods of learning can help, for example, Etoro’s copy trades, but they still don’t let investors explore the markets themselves before putting money down. Combine this with the fact that only a small percentage of young investors make money through the market, and others end up staying away or are pushed away through losses, we decided to launch BullBear to offer a free, fun alternative.”
Other companies have been pitching in to cushion the impact of the crisis.
For instance, US-based digital bank NorthOne has launched a free service to help struggling businesses was NorthOne, a US-based digital bank.
“It was clear to us that small businesses, especially those that are in the food service and hospitality industry, would be hit the hardest by this pandemic,” Eytan Bensoussan, co-founder and CEO of NortOne, recently told FinTech Global. “We wanted to help in any way we could and knew that the last thing that business owners need to worry about right now are bank fees.”
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