“We are extremely excited to join the Spanish retail trading market,” ayondo co-founder and CEO Robert Lempka said. “We will introduce the new concept of Social Trading to Spanish investors.” The brokerage and social trading innovator is planning two new offices in Spain, one in Barcelona and another in Madrid. The expansion will make the country ayondo’s third major redistribution market, along with the U.K. and its native Germany.
Founder and former Activotrade CEO Raza Perez will lead ayondo’s new efforts in Spain as Head of Product. In a statement, Perez praised the “global appeal” of social trading, and pointed out how the combination of “transparency and reciprocity” in social trading provides opportunities for both new and veteran, successful traders. “It is a new form of investment which combines the principles of classical exchange trading with social media characteristics,” Perez said.
The news of ayondo’s expansion comes on the heels of the company’s announcement enabling Bitcoin trading on the platform. Within ayondo’s social trading environment, investors interested trading the digital currency for the first time – as with any other asset available on the platform – can follow along, tracking and emulating the moves of savvier, more experienced traders. Beginners can start on the ayondo platform for as little as £1,000, and the company offers a risk-free demo account, as well. Top traders earn income by allowing other traders on platform to “tail” their trades.
With more than 2 million users in more than 190 countries using its technology, ayondo demonstrated its platform at FinovateEurope 2013. Founded in 2008 and headquartered in Germany, ayondo acquired fellow Finovate alum, TradeHero, last fall. The deal provided ayondo with exposure to Asian markets and access to a popular mobile-based, social trading technology that was the top finance app in the Apple app store in more than 90 countries. The acquisition was also seen as a step toward the ayondo’s anticipated listing on the Singapore stock exchange.