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Screenshot of a breaking news alert e-mail from Q2 2017
Social and copy trading is quickly evolving from a nice-to-have into a need-to-have.
Forex social network and copy trading platform service Myfxbook announced that it is expanding AutoTrade functionality by adding a pair of new brokers to the service, IamFX and Armada Markets.
IamFX is a Panama-based forex broker with its service center in Edmonton, Canada. Armada Markets is an Estonia-based IB of UK broker LMAX.
IamFX is launching copy trading by offering a bonus of up to $2 per each lot traded via AutoTrade. Armada Markets’ CEO has said he believes its clients will be very pleased with the added functionality, especially those from Asian countries, where trade-copying and social trading has been very popular with customers.
With our fresh report that FxPro is introducing social and copy trading with SuperTrader and Oanda taking over Currensee, it seems that there is a trend developing in the industry towards introducing competitive social trading functionality. With even smaller brokers such as IamFX and Armada investing in social trading, it is becoming clear that offering in house or third party social and copy trading services to clients is quickly evolving from a nice-to-have into a need-to-have, similar to what mobile trading was a couple of years ago.
Several other platforms like Leverate’s Sirix, Tradeo, ZuluTrade, TraderConnect, and Tradency are participating in this space and it is very good news for all those traders that seem to have lost their ways by trading recklessly giving them a chance to re-enter the market with confident leaders.
Integration with 3rd parties is very important and Myfxbook seems to be the leader in this field for now by offering the widest selection of supported brokerages. It is only another way for companies to achieve higher trading volumes so we expect this tendency to continue and will eagerly report on further developments in this space.