New Apple iPhone App – 92%
I must get sent details on 10 new iPhone apps every day. Everything from animal feeding to wind speed calculations and I find I end up getting swamped in mediocrity with most failing to deliver. Every now and then I get one that I consider worth looking at but its rare that I get one that blows me away. The new Spread Betting app from CMC did just that..
What’s spread betting ? I hear you say… Well it’s a huge billion dollar growth industry were individuals and institutions can invest a small sum of money with the potential of making a huge profit by betting not on the result of a particular outcome but the accuracy of the result. Primarily set up for the financial market where you can deal in anything from the price of gold to the value of the Dollar against the Yen but its now evolved into the sports market with millions of investors betting on scores , home runs , golf shots and hundreds of other options.
So how does it work ? Well lets use an sports analogy and assume Team A are playing Team B in Basketball. Team A are riding high in the league where as Team B are struggling and have lost every game this season. The chance is that Team A will win , but the Spread Better will wager by how many points they will win by. The market also realised that Team A should win so they may offer the spread that Team A will win by somewhere between 20-30 points . Customers use this spread and can place bets that Team A will win by more than 30 points or less than the 20 points offered.. The more accurate their prediction is the more the wager will pay out.
And so to the App.. I had a copy of the press release sent to last week ( see Spread Betting App News for more details ) , I downloaded it directly from iTunes as normal and within 60 seconds I had the app in my phone and started wandering through the menus. At first I was struck by the way it all hung together , the menus were easy to read and simple to follow. I had very little knowledge of the Spread Betting market and was I must admit a little flummoxed by all the data at first but after playing with it for a while longer it all started to make some sense. I showed the app to a colleague of mine who worked for a number of years in the London Stock Exchange and he immediately took to it like a duck to water. He spent another 10 minutes looking and was mightily impressed with the huge amount of up to the minute relevent national and international news that was available remarking that he wished he would have had that much information when he was trading !
After a quick 10 minute tuition I decided to open an account with CMC and chose my user name , passwords and punched in my credit card details and I was up and running. At this stage its important to mention if you already have a CMC account you can use your current account number and password directly from this app. I must admit my knowledge of the world of finance is somewhat limited and I have not been brave enough to have my first punt yet but I will. If like me you are a little reticent in jumping in feet first into the heady world of spread betting they do have a really cool online demo facility where you can bet in credits rather than money if you want.
CMC themselves are a truly global success having been around for over 20 years and are the undisputed market leader in the Spread betting industry turning over about $300 million and doing in excess of 2 million trades every month.
In short if you like investing and you have some grasp of the financial markets I think this is a cracking app and recommend you have a look. Of course read the small print and only bet with money you can afford to lose.
