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|Type:||App + Website||Payment:||Cash|
Spark Profit is an app for both Android and iOS that allows people from all over the world (yes, it's available to people in countries other than the U.S.) to get paid to practice day trading.
That's right, you can actually earn money while you practice day trading.
It works by allowing you to predict future price movements of the following 11 assets/currencies:
If you predict correctly, you gain points. If you have enough points, you can then get paid real money.
The amount of money varies depending on different factors such as how many players have reached the payment threshold as well as how many points you have relative to others.
The first step is to sign up for a free account, and then either install the app for your phone, or just use the website to begin to practice day trading.
After you're signed up and logged in, the first thing I recommend doing is clicking on "Help" (in the app) and going through some of the tutorials.
The "Game Tutorial" is probably the most important one as this is the one that actually shows you how to play. It's not a bad idea to go through all of them though, especially if you've never traded anything (stocks, bonds, etc.) in real life before.
Once you're ready to actually make a prediction, click on the "Play" icon and select the asset you want to trade. You'll be shown a blue screen with a graph on it.
Click on the far right side of the screen and you'll see something similar to the following appear:
This is where you make your prediction as to what will happen to the price. After that, you can either watch the trade play out or just close the app and wait until you get notified that the trade has completed.
Afterwards, can check how much you won or lost. That's pretty much it!
They have apparently changed their reward options as they used to allow you to cash out to PayPal. Now that they have a real money platform (called TIQL), they make you withdraw through that.
Personally, I haven't withdrawn any money yet from Spark Profit so I don't know exactly how to go about transferring money to TIQL but I would guess (hope?) it's quick and easy.
I'm sure they made this change in order to force everyone to at least see their new TIQL platform.
For those of you that are interested, from what I understand, it's basically a real money version of Spark Profit, so if you're good at Spark Profit, you might want to think about trying TIQL.
Yes, there is one other way to earn that doesn't involve actually trading. It involves referring people using your referral link.
The way this works is that for ever person you refer who signs up using your unique link, you'll receive 20% of whatever they earn (from Spark Profit, not your referrals' earnings), 10% of their supporter (referral) bonuses, and 2% of their TIQL trading returns.
At the time of this writing, I don't actually have any supporters so I can't say how quickly those add up but it seems like a pretty generous referral program.
Speaking of which, if you're thinking of joining, I'd appreciate it if you used my referral link:
Sure, a few. First of all, start with small bets until you get the hang of it. It's very easy to lose all your (fake) money quickly by using leverage so be careful.
If you don't know what leverage is, it's where you can make more/lose more then you bet (i.e., the "2X" or "3X" when you're setting up your trade). With leverage, you can make a lot more money but also lose a lot more and more than a few real life traders have gone bankrupt because they were overly leverage.
The second tip I'd give is to focus on one or two assets and spend time studying them. By this I mean read different news articles/information about them because much of the short term price movements have to do with trader sentiment which is very short term.
As you can see from my review, Spark Profit really does allow you to get paid to practice day trading. While it's definitely harder than some other apps that make money, it's a very interesting concept and one that I enjoy.
Honestly, I would probably use this app more if you were allowed to bet on individual stock price movements as well. Since one of my main interests is the stock market, I would love a stock market simulation app that pays you to correctly predict price fluctuations.
Overall, it's an interesting app though and if any of this sounds remotely interesting to you, you should definitely check it out as you might end up really loving it.
What did you think of my Spark Profit review? If you liked it, how about sharing it with your friends so they also can get paid to practice day trading?