FXCM to offer Tradency’s Mirror Trader to its entire client base.
FXCM, the world’s largest retail FX brokerage (and a member of LeapRate’s Approved List of global FX firms), announced that it has expanded its existing agreement with Tradency, the developer and originator of Mirror Trading technology, to provide access to Mirror Trader to FXCM’s entire client base.
The key difference from the current deal with Tradency is that FXCM clients will be able to log in to the Mirror Trader platform using their existing FXCM login name and password, trading via their live FXCM trading account. From a business model perspective, Tradency has aimed to make Mirror Trader more of a mass-market product. They stopped charging a percentage of volume traded (via a pips charge on each trade), and now charge a flat monthly fee for each client which is active on the platform.
From FXCM’s perspective, under this new deal they only pay for the clients which actually use Mirror Trader’s strategies, with the hope that these clients will be more profitable — thereby trading more and hanging around longer.
For the complete FXCM press release click here.
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