Social trading has become so instrumental to the generation of increased volume and client retention among retail FX brokerages that constant evolution of such services has taken place recently, as well as the need for such technology providers to ensure efficient distribution channels for their products.
One particular company which took a lead last year is Tradency, initially by responding to MetaQuotes’ metaphorical lashing out at four social and copy trading platform providers by terminating its relationship with the dominant retail FX platform company and expanding its horizons beyond the traditional means of selling its system into brokers via synergy with the ubiquitious MetaTrader 4 platform.
Last year, Tradency partnered with CFH Clearing, a shrewd move which represented somewhat of a landmark for social trading platform providers as this enabled Tradency to utilize CFH Clearing’s liquidity provision to brokerages worldwide as a means of increasing market share regardless of the brokers’ location, platform and business model, thus reducing costs and marking Tradency out as a company which concentrates on platform-neutral, business-to-business relationships, the latest milestone in this direction having been the firm’s launch of its own entire end-to-end brokerage solution at the end of last month, rendering Tradency completely independent of any platform or back-end infrastructure.
During this period of technological evolution and increasing independence from the traditional business model utilized by some of its peers, Tradency’s client base has grown worldwide, and today a new client joins the fold in the form of European brokerage house X-Trade Brokers which has announced today that it has launched Tradency’s Mirror Trader service.
XTB is a leading European brokerage house offering trading in financial derivatives through X Open Hub and other platforms. Founded in Poland in 2002, the company is now established in more than 15 countries in Europe, South America and Asia. Mr Jakub Maly, CEO of XTB said: “We have been looking to add Mirror Trading to our official social trading offering for quite some time now. We were delighted due to the fact that X OpenHub enabled us to swiftly implement Mirror Trading solution”.
Tradency is providing market leading customers with robust and scalable solution to support their growing client base. Oz Golan, Tradency’s VP Sales elaborates on the newly found collaboration: “We are happy to add XTB to our growing list of worldwide brokers. We are also pleased that we have the ability to offer Mirror trading services to every broker wishing it. Mirror Trader has the proven ability to increase activation and extend client lifespan even in tough market conditions as we have been experiencing over the last couple of months. These Mirror Trader integral benefits, without any doubt, will benefit all – XTB, Tradency and the traders.”
Tradency’s foray into XTB and its client base which is the second brokerage in recent times using X Open Hub’s technology, the first being Russian firm A Forex, further demonstrates Tradency’s understanding of markets and technological infrastructure which differ from those of its competitors, a facet which has served the company very well indeed, as it is one of the only Western firms to have made significant inroads into the notoriously domestic-market orientated Japanese FX market, having recently provided Japanese brokerage Simplex with Mirror Trader technology after the company’s social trading product gained regulatory approval by the Japanese FSA.