It has been a busy year for Australia’s leading retail forex broker, AxiTrader. After launching AxiPrime liquidity services, enhancing its MT4 offering and expanding its management team, LeapRate has learned that after a period of beta testing AxiTrader has launched Forextell, its entrant in the forex social trading sector.
This comes at a time when others, such as IBFX, have scaled back or discontinued social trading, and when the practice is coming under increased regulatory scrutiny. But it seems as though AxiTrader’s version is more about education and idea sharing, and less about copy-trading or auto-trading (in fact, that’s not a feature of Forextell).
LR: Is this an in-house developed solution, or are you licensing third party software? (Did you look at other providers?
AXI: The website has been in development for a long time in conjunction with Sean Lee and is very much in line with our client feedback that there are not enough trading ideas and education out there in the market, so we recognised our clients were being underserviced. Giving our clients the best chance of success by providing them with ideas rather than genericfundamental or technical commentary and we are quite pleased with the feedback so far, we’re seeing it as a possible avenue to generate new clients as well, not to just provide our existing ones with more information.
LR: Will you be introducing other languages (other than English) to Forextell?
AXI: Potentially Mandarin down the line, but at this stage we want to continue building the best possible site before we take on another language.
LR: Why are you launching social trading now?
AXI: Rather than specifically social trading, it is more of an educational/trade idea type site, with no automation of trading or option to simply ‘copy’ the trades, we still want an element of discretion in there for clients, as not all clients may want to subscribe to every trade, they might simply like the idea of the trade and use their own judgement whether to take a position, something a signal provider or copy trading cannot do.
LR: And generally, anything else you might have to say about the launch of Forextell which might be of interest?
AXI: We want Forextell to be the go-to area for our customers and for our IB’s and partners to also utilise the unique content, we’re always trying to be different and stand out from the crowd, and this is something we feel no one else is doing right now- and the feedback reflects this. In today’s competitive environment, we need to always be thinking about how we can give our customers more and more so we can stay ahead.