Investing app Invstr is allowing users to speculate on the stock market without risking their cash.
Invstr recently launched Fantasy Finance, modelled on the world of fantasy sport games. Users can take on every other player on the app, and create leagues for friends, colleagues, and family.
Players can pick stocks from around the world and build their portfolio, with the best performers winning prizes including cash vouchers that can be used on Invstr’s real investment platform.
Kerim Derhalli, founder and CEO of Invstr, said: “Fantasy sports is a hugely popular blend of social interaction and competition and we’re tapping straight into that appeal. By playing Fantasy Finance, players learn the key principles of investing, including the importance of diversification and maintaining a balanced approach to portfolio management.
“Our aim is to open up finance to people who may never have considered investing as an option before, and give them the tools to test their skills in a risk-free environment. Ultimately we want our users to be prepared for the transition to a real investment portfolio.”
Users are able to manage a fantasy portfolio of $1m (£792,255), picking from stocks across the world, commodities and select cryptocurrencies. Prizes are won by top performers, but no money is lost by any user whose portfolio loses value.
Invstr claims the aim of the new app is to, “encourage players to sharpen their investment skills and beat their friends to the top of the Invstr league table. And while fantasy sport is played for fun, Fantasy Finance is more than a game. It nurtures and develops the player’s understanding of the financial markets via enjoyable, intuitive, and strategic gameplay.”
Before launching Invstr, Derhalli was best known for settling a £10m ($12.62m) claim against Lehman Brothers in 2003, over an allegation of constructive dismissal and break of contract by the bank.