Saxo Capital Markets, the Cyprus-based subsidiary of Denmark’s prominent electronic trading company Saxo Bank has ceased to offer the ZuluTrade social and copy trading platform to its clients.
Whilst no specific reason for this was proffered, Saxo Capital Markets confirmed to LeapRate that it will no longer offer the ZuluTrade platform to its retail clients, whilst continuing to provide Leverate’s Sirix social trading community as well as its own, proprietary system tradingfloor.com
As many social trading platform providers have begun to evolve into enterprise brokerage technology providers and in some cases, brokerages in their own right, established brokerages are rationalizing the trading platforms that they offer, with Saxo Bank’s concentration on its own proprietary platform being a similar dynamic.
Saxo Bank’s Cyprus-based division was the only business unit that offered ZuluTrade, a social trading platform which embarked on a series of platform neutrality measures following a contretemps with MetaQuotes last year regarding allegations that ZuluTrade, along with three other major social and copy trading firms had interfered with MetaQuotes’ MT4 protocols.
It is becoming increasingly evident that FX brokerages as well as firms which began their corporate journey as social trading platform providers, are moving toward in-house, fully integrated solutions.