The following is an excerpt from a recent conversation between Nathan Richardson, Founder & CEO of TradeIt and Ilam Mougy, CEO of Stocks Live.
Ilam Mougy wanted to do more than just trade stocks on his phone. He wanted to get advice on how to pick winners and more importantly, be able to chart and track all of his investments in one place. But when he reached out to brokerages to inquire about incorporating them into his app, he found that it would need to be done manually and therefore was impossible from a development perspective.
He knew he’d need another way. The Stocks Live CEO and I sat down to to talk about the integration of TradeIt and TradingView into his app and how our API enabled him to easily integrate users’ portfolios in one click.
Nathan: Tell everyone a little about Stocks Live.
Ilam: Stocks Live is a complete mobile financial solution that helps investors pick and track winning stocks, mutual funds, ETFs, cryptos and more. We offer all the tools investors need to sync their accounts, chart their progress and even see the portfolios of top investors. We are more focused on tracking investments than trading them.
Nathan: So how does the app work?
Ilam: Users sync their brokerage accounts to the app and can track and trade within the app. Our app helps users choose investments, create charts of their progress and our scanner functionality lets them follow the exact investments of what we call ‘gurus’ — successful hedge fund managers like Warren Buffet and Ray Dalio.
Nathan: What made you reach out to TradeIt?
Ilam: I didn’t (laugh), you approached me. When I first built the app, I needed a way to seamlessly integrate users’ portfolios. But, as you know, because APIs aren’t universal from brokerage to brokerage, integrating them wasn’t possible from the development side. When we first launched, there was no way to sync the app with the user’s broker. They could go to a brokerage and open an account but the only way to track that account within Stocks Live was by manually inputting their stocks, purchase price and quantities. A daunting ask.
Someone from TradeIt found me on the App Store and approached me at a trade show, suggesting you’d be a great fit. And honestly, it didn’t take two minutes for me to be convinced, and I did the entire integration in less than a week. Now users sync their accounts once and never again, giving them one app for all their assets in one view.
Nathan: What else has the API integration allowed you to do?
Ilam: With TradeIt’s Account Opening product users can go into our Broker Center within the app, compare and contrast fees and offerings and choose who to open an account with based on what’s best for their needs. In less than five minutes and with one button, they can open that account directly in the app. This is exponentially faster than doing it on the broker website, filling out forms and waiting days for approval. It offers a value-add to the user and moreover, acts as a revenue driver for us since the brokers pay per opening.
Nathan: Talk to me about some of your results.
Ilam: Well, we’ve seen a 20% increase in app downloads and use since the sync feature integration. And there’s been an increased demand from the community around supporting other brokers. So brokerages, you all need to get on board! (laugh)
Nathan: Have there been any hiccups or struggles with the integration?
Ilam: Like any tech integration, there’s ongoing maintenance around feature upgrades, but every addition is maybe a week of work, which is nothing in the software paradigm. Your team is extremely responsive. If I get a user question, within 24 hours there’s a reply and resolution.
Nathan: As you know, we were recently acquired by TradingView, which I see as a perfect marriage of our two technologies. How has that acquisition affected your integration?
Ilam: I’m really pleased about this! StocksLive has a charting engine but not as powerful as TradingView. They have a full library of tools. Our users now have access to all the charts they need to visually view and map their investments. With the integration of TradingView, we now offer three distinct charting features: native charts, TradingView and Tradergram, our new animated charts. I’m very excited about these and no one else is doing them.
Tradergrams visually detail the journey from purchase to sale of a user’s stocks. As we know, people respond better to visual stories and without charting, investors are essentially blind. All they know is the price, but they can’t see the progress. With the addition of these animated charts, users now get both, a built-in feature and an added bonus.
Nathan: I’m also excited to see how you’re capitalizing on these features and capabilities. Any final thoughts?
Ilam: I see the addition of TradeIt to our app as a full solution. And, there’s a synergy with TradingView and TradeIt that makes these two components vital for any investor. I’m excited to see where else we can go with Stocks Live and how we can further help our users track and trade.