Loading Profile...
Why is intrade so small when it actually IS great??
idea: figure out an easier way for people to get money into their intrade accounts.... my guess is that this is what is limiting the amount of volume traded on intrade -- those interested in starting out are put off by not being able to use credit cards in the US, and those who can use a credit card from another country then later on run into the arbitrary credit card limits, which are fairly low. My bank contacted me initially on credit card approvals and I feel that is sufficient security. In any case, do you realize the negative impact this is having on your business -- intrade for the US presidential election has a much higher profile in the media than it does actual volume... for what other reason than difficulty in depositing, and perceived risk of giving money to a website in Ireland. You should do something as well to let people know that they have their own segregated accounts, and give this a higher profile. Using a bank in the US may help as well. You have a great site but need to do something to grow this faster.
1
person likes this idea
I like this idea!
Tell me when this idea gets some attention.
The more people who like this idea, the more it gets noticed.
The more people who like this idea, the more it gets noticed.
Create a customer community for your own organization
Plans starting at $19/month
-
Inappropriate?Thanks for your comments.
We realise that the funding of accounts is one of our biggest problems. There is no "silver bullet" solution however, particularly given the attitude of the US government and the restrictions they place on US banks in regards to credit cards. We are more than happy to accept credit card deposits from the US, but if the banks refuse to authorise the transactions, which is usually the case, then all we can do is recommend another form of depositing funds.
Unfortunately there is no way we would be able to open an use an account with a US bank. Under the UIGEA act passed in 2006 no bank would be preared to do this.
Members do not actually have their own segregated accounts. All member funds are held in a collective account with National Irish Bank. This account is legally separate from the companies operating accounts however to keep the funds safe. -
Inappropriate?What about a Canadian bank? Do you have a lot of Canadians trading on the US election? I was able to use my Canadian bank credit card, after they phoned me for approval.
As you probably know, Canada has only around 6 banks and they are all fairly large by global standards. Some operate in the US, like TD or possibly Scotiabank.
In addition, what I'm suggesting is that you make the option of each user having their own bank account more obvious and readily available, like being a standard option on opening an ID, and having a link from your website to the statement. Sorry, I don't mean to tell you your business, but just the perspective of a happy customer who could be happier. As long as you have a set-up where 99.9% of north americans will view your website as a place where they won't consider sending more than $100, how can you get sufficient liquidity in your market? At the moment the only contract that has any real liquidity is president.obama. There are probably a lot of people who would be willing to "invest" $10,000 to $20,000 in these markets (ie. a significant amount, but not at the level of their investment portfolio) but you don't have a set-up where it's wise to do so.
Cheers! -
Inappropriate?how many accounts are there with over $5,000? (order of magnitude) My guess- 100 accounts.
EMPLOYEE
