avatarby Tab TimesJune 6, 20130 comments

Of course there have been many high profile duds along the way (e.g. Facebook), so it’s not like getting in early is a guarantee of success. But now a new fantasy trading community called Wall Street Magnate (WSM) let’s you try your hand at investing with no risk. 

The site uses real-world financial information to offer a realistic online experience of using current data from all of the major US Stock Exchanges. There’s also a social component so you can compare your performance to other players, boast about a big score and track what your friends are investing in.

“Tablets are a major priority for us,” Lewis Schlossberg, cofounder of WSM, told TabTimes. “Fantasy trading started on the desktop, but we want you to be able to access the community from anywhere.”

Schlossberg says WSM addresses “a gaping hole in the market” because other fantasy trading sites haven’t kept up with the times.

Players get $100,000 in virtual cash to start with and can trade stocks listed on the NYSE, NASDAQ and AMEX exchanges. Among its unique features is that the site accounts for both dividends and stock splits in real-time. There’s also social club play where players can collaborate or face-off with their friends and also compete against other clubs. You can also export a record of your trades which could be an asset if applying for a job with an investment firm.

The site is ad-free and free to use.

“You learn about stocks by losing money and it’s a hard lesson,” says Laurence Cohen, the other WSM co-founder and veteran stock trader. “I wish I had this when I was first starting out.”

Cohen says WSM could include ways to monetize the site like ads and premium features, but after a year-long beta test phase is focused on growing the community.

“We’re an East Coast (New York) firm with a West Coast mentality,” he quipped.

(The pros and cons of developing for tablets first as well as app discovery will be among the major topics discussed at the Tablet Ecosystem conference in San Francisco on September 12).