Social trading networks have become an instrumental component for retail FX companies across the world, and provide a very important method of increasing user engagement whilst increasing client retention.
This week at the FXIC conference in New York City, LeapRate spoke to Daniel Peña, CEO and Founder of echo trading network Perfectna, the company which provides the Echo-Trading Platform.
A few months ago, Mr. Peña, a technology enthusiast and aviation enthusiast who flies recreationally, spoke to LeapRate in a TV interview in order to detail the ethos behind Perfectna, however the firm has now formed its first partnership with a brokerage, in this case ATC Brokers, an NFA regulated introducing broker based in Glendale, California, and has also registered the term echo-trading as a registered trademark in the United States.
Perfectna, a North American company whose headquarters is located in Carlsbad, California, provides its innovative Echo-Trading Platform, representing an example of the social trading network model being very much part of the North American retail FX industry, and most certainly not just the preserve of overseas firms.
Mr. Peña explained to LeapRate’s Andrew Saks-McLeod at the FXIC conference “Perfectna Inc has integrated its Echo Trading Platform with ATC Brokers in Glendale, California, because we consider them to be forward thinking.”
“ATC Brokers is now looking for trade leaders following the integration of the Echo-Trading Platform” he said.
“Perfectna is offering a social trading platform called Echo Trading, which is SAAS (software as a service) based, and offers and easily executable broker solution” explained Mr. Peña.
“Our intention, in congruence with the ideology behind innovative systems which engage users and provide comprehensive assistance to their trading, is to ensure that brokers should gain a higher retention ratio with regard to their clients, which according to our research should be three times longer than without an echo trading system.”
Mr. Pena concluded by explaining that ATC Brokers is looking for more trade leaders to list on the echo trading platform.
Perfectna only charges the broker and not the traders or followers, therefore the broker will be the one to build the trader board within its own operations. Perfectna supplies the technology to house the social trading environment, and the back office analytic tools needed to support that part of the brokers business.
Photograph: Andrew Saks-McLeod speaks to Perfectna CEO and Founder Daniel Peña at the FXIC in New York City this week.