PSG Online is the latest stockbroker to allow would-be on-line investors to try their hand at share trading in a simulated environment before putting their money on the market.
PSG Online has two versions of the simulator on its website - a "lite" version open to anyone registered as a site user, and an advanced version available only to PSG Online clients who have purchased a stock market training course or an analysis software package from the broker.
The brokerage has also linked a competition to the simulator. Winners are those who achieve the highest percentage growth on a quarterly basis.
Several other brokers offer similar packages on their website in a bid to attract investors.
Global Trader 247, a spread trading company that has been running a simulator for several months, is running a competition in conjunction with business daily Business Report, while Investorgames is running a similar simulation with its partner Business Day.
Industry commentators say the various simulations and competitions reflect the highly competitive nature of the online trading industry, where brokers are compelled to offer various extras in a marketing war to attract clients.
Some online brokers are now contacting simulation participants to encourage them to make the switch to live trading.
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