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Russian retail FX giant Alpari is celebrating the sixth birthday of its PAMM account service, which was launched in 2008 as the brainchild of FX technology pioneer Dmitry Orlov, now CEO of Strategy Store.
During these six years, the investment service has developed and is now boasting huge popularity in Russia and the CIS countries. Data for 2013 show that the turnover on PAMM accounts at Alpari reached more than USD 155 billion. The service has attracted users from 40 countries, whilst the number of PAMM accounts with the broker has exceeded 650,000.
As far as innovations are concerned, the PAMM account can be considered to be one of the mainstays of technological advancement in the retail FX industry, allowing companies to attract portfolio managers which execute one trade across multiple accounts, thus increasing the trading volume and deposit amounts exponentially for many companies once the mainstream firms realized the value of the service and adopted MetaQuotes’ adaptation which was launched subsequent to Alpari’s PAMM, under the MetaQuotes designation of Multi Account Manager.
In order to detail the development which has taken place over the last six years, LeapRate spoke today to Dmitry Orlov, who explained “I am glad that the service which I gave a start six years ago at Alpari is alive and developing. This service launched a new era in the Forex industry, allowing investors and traders mutually beneficial collaboration without taking the non-trading risks.”
“Now, together with Alpari, we are preparing the launch of a new project – Alpari Forex Signals Club. This project is a development of the idea of traders’ and investors’ collaboration, designed for a wide audience of investors who are not familiar with the Forex market.”
“I congratulate Alpari on the six-year anniversary of the service and wish them to stay among the industry leaders” concluded Mr. Orlov.
The popularity of the service, which enables investors in PAMM accounts to copy trades of managers and then receive profits according to the size of their investment, is not random. It reflects the fact that even people with beginner-level knowledge of online trading can become investors and make use of PAMM accounts. Moreover, since the managers are also investors and put their own funds at stake, the risk of coming across a reckless PAMM-account manager is minimal.
Alpari keeps developing the investment service: earlier this year, the broker launched a new, sixth version of PAMM, which made trading more comfortable and fast.
Indeed the evolution continues to take place as Mr. Orlov assisted Alpari this year with the aformentioned project which was developed in conjunction with Strategy Store, which is due to arrive on the market under the designation of Alpari Forex Signals Club. The project combines social and copy trading, along with the PAMM methodology. However, the emphasis is on the credibility and low risk of trading and investment insofar as all risky strategies being easily identifiable.
The launch of the new project is imminent, but meanwhile traders with knowledge of English and Russian can test the demo version of the new product.