Earlier this morning I was scrolling through Twitter when I stumbled on a mildly interesting sponsored post.
10:07 Monday 18 March 2019
RBZ rate: $1 = 2.7590. Street rate: $1 = 3.6000
Follow for free USD/RTGS$ updates!
What's the Street rate in your area? Download Bondable to contribute!#MarketYourselfZW #TechZim #Harare #Bulawayo #Zimbabwe #twimbos #rtgshttps://t.co/vGEyrVLs6D pic.twitter.com/gSDuW1SRrc
— #Bondable (@paperplay_me) March 18, 2019
There are a lot of websites doing the same thing essentially but I haven’t come across a full-fledged application tracking rates so I figured, ‘heck, why not give this thing a spin and see if it’s decent.’ After having used it, Bondable is actually a nice app and once users start rolling in it might become a must-have when it comes to the forex market trends.
So how does it work?
Similar to alternatives such as Zimbollar, Marketwatch and Rates, Bondable tracks the prevailing forex exchange rates in three forms;
- Interbank Market Rates
- Street Market Rates
- Old Mutual Implied Rate
Apart from tracking the rate the application also allows users to upload the rate of the area they are in. This is then used to determine an average street rate which the rest of the users see when they log in. This feature makes a lot of sense because the street rate is forever shifting and depending on where you are or who you are buying from there is always some confusion regarding what the actual prevailing rate is and who sets that rate. App’s like Bondable, if adopted in numbers can allow the rate to become less vague. User suggested rates are updated every five minutes and new prices are generated if at least 3 users make contributions during the day. The only problem is for this app to become useful it has to be downloaded by thousands of people but for thousands of people to download it, it has to be useful, to begin with. Classic chicken and egg problem…
So you can track rates, and submit street rates for the areas you’re in but the other utility that will make you keep using Bondable is the fact that the application has a built-in rate converter. This converts rates using the prevailing interbank/street rates. This is a pretty cool feature and users won’t need to go to their calculator as everything is in the same application.
Whilst the application isn’t necessarily groundbreaking in nature what I loved most was the interface. It’s pretty refreshing and the app is a joy to go through.
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Old Mutual Limited is one of the largest insurances and financial services companies in Zimbabwe. It is a subsidiary of the South Africa headquartered Old Mutual Limited. Old Mutual Zimbabwe is listed on the Zimbabwe Stock Exchange.. The company started operating in 1895. It has... Read More About Old Mutual
Old Mutual Implied Rate OMIR is a comparison of Share prices for Old Mutual in Zimbabwe, South Africa and the United Kingdom where the share is simultaneously listed. The OMIR is used as a proxy to compute the implied exchange rates for the 3 countries. Read More About Old Mutual Implied Rate