Six months after the release of their app, mobile trading platform for casual investors BUX reached a milestone number of 100.000 users and is thinking about expanding its services internationally.
BUX is a mobile trading platform that allows you to gain experience in stock picking, trading and testing strategies with free virtual money, while providing an upgrade when you are ready to play with real money. The BUX app was released last October, when StartupJuncture interviewed founder Nick Bortot. This week BUX announced the app has reached a milestone number of 100.000 users and so we asked Bortot a few additional questions concerning the current growth and future plans of BUX.
How did you manage to get 100.000 users within six months?
Well, it may sound cliché, but it all starts with the product. We are the first real alternative to standard stock trading in the complicated environments that banks and trading websites provide. BUX is much more accessible and really is stock trading stripped down to its bare essentials, which attracted a whole new target audience, that of the first-time traders. 76 percent of BUX users has never or hardly ever traded before. We do some marketing on Facebook and Twitter, but most of the growth can be accounted for by word-of-mouth advertising. The app itself provides tools for this as well. For example, when a funBUX (virtual money) user engages in a chat with a serieusBUX (real money) user, he can ask him about his experiences with the app.
In October, you said that about five percent of the users switched from funBUX to seriousBUX. How did this figure hold up?
The percentage is still around five percent, maybe a little bit less, and it is growing steadily. When taking into account the growth of the number of total users, we are very happy with the percentage of users that is switching to seriousBUX.
BUX has grown rapidly to twenty employees. What are the plans for the future?
In the next six months we aim for substantial growth in our current markets, The Netherlands and the UK. After that we are probably ready for a new funding round so we can look to expand our services to the rest of Europe and worldwide.
Image credit: BUX