A group of Galician entrepreneurs saw that there was an opportunity if they could combine the world of the stock market with social networks. So Senseitrade was launched. Its founders developed an application for mobile devices, which analyzes messages posted on the world wide web and relates them to possible fluctuations in the value of shares. David Conde, CEO of the company, recalls: “We saw that a tweet or an opinion from an investor posted on the networks made the markets react to it.” With this idea, this economist decided to leave behind a wide background in the private banking and to start off this new project.
“There are many studies that show the relationship between what is published on social networks and the values of shares,” says Conde. He points out, in particular, a study by the University of Munchen that, after analyzing 250,000 tweets, it is possible to predict the evolution of securities with an 87% success. Similarly, it explains that there is also an 80% relationship between the volume of messages and the volume of movements over a given share.
Thus, through the compilation of messages and a semantic analysis of these messages, developed their application, already available for iOS and Android which has three separate sections.
“In ‘Top Values‘ we have the most talked-about-companies, either for better or for worse,” explains David Conde. In the ‘Alerts‘ section, the application warns the user when it might be a good time to buy or sell certain shares. Finally, there is the ‘Trader‘ section, where you can test the indicators provided by the application and enter competitions organized by Senseitrade.
Since the launch of the latest version, in November 2016, the ‘app’ of Senseitrade already adds about 10,000 downloads and is constantly improving. The proposal was already selected in the ViaGalicia accelerator, of the Vigo Free Zone, and participated in several initiatives.