SwipeStox signs up FXCM for its mobile social trading app


Social mobile trading app developer Swipestox has sealed a further partnership with the Forex Capital Markets LTD (FXCM), New York unit of FXCM Inc (NYSE:FXCM), which will see FXCM joining its growing network.

FXCM traders who engage in mobile social trading on the SwipeStox app may trade all major forex crosses, international indices and soft commodities.

Brandon Mulvihill, MD and global head of sales at FXCM Pro, said:

Built by industry veterans, Swipestox is assertively pushing the envelope by combining the simplicity and reach offered via mobile trading.  FXCM’s API capabilities and our global networking and connectivity, offers customers utilizing the Swipestox platform the efficiency and transparency in trade execution for which FXCM is known. The integration of these complimentary products not only provides tremendous excitement today, but certainly lends itself to future enhancements and subsequent announcements to come.” 

FXCM is the third and most internationally engaged broker joining the SwipeStox network, which went live in April.

Frankfurt-based SwipeStox was founded by former Varengold CEO Yasin Qureshi.

Benjamin Bilski, CEO of SwipeSton
Benjamin Bilski, CEO of SwipeStox

Benjamin Bilski, CEO of SwipeStox, added:

We are proud to have FXCM with us. With FXCM we are able to offer the services of a globally successful and leading brokerage. The inter-Broker copying takes up speed, too. With this, social trading may be lifted onto a new level with more trades shared, more bonuses earned. We pay high bonuses for the sharing of trades, all carrying a stoploss/takeprofit-point. And even small investment amounts are possible. We expect a substantial increase in speed of the copying and closing of trade positions.

 

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  • Bud Spencer

    The copy trading model is nothing but another illusion of the FX industry. So far, I haven´t heard of any copy trader millionaire. On top: one loser company (FXCM) signing up another losing company (SwipeStox). BEWARE: SwipeStox IS NOT REGULATED BY BAFIN IN GERMANY. Actually, the company works in a grey area: it “slips” under the umbrella of the execution broker as an appointed representative. A couple of weeks ago “the clown” Yasin Qureshi was maketing SwipeStox as “BAFIN regulated”. Now, this regulatory information has disappeared from their website! Ouch, ouch, ouch. The BAFIN has a different interpretation of copy traders = they are simply hidden asset manager – which need to be regulated. But well, MIFID 2 comes soon and then all “copy traders” can pack their bags and go HOME (where amateurs actually belong!).

    • Bob

      Good comment Bud. What would happen to such ‘brokerages’ as eToro if copy trading is effectively finished? Surely that is the end for them.

    • sgleahy

      Rather than “illusion”, a better term for copy-trading and social trading is (was?) “marketable add-on service”. Of course there were few legitimate, successful trade leaders. There was no need for regulation, and anyone with a long-term successful trading strategy does not have enough financial motivation in a copy/social trading environment.

      But what a great marketing strategy copy/social trading has been for the brokerage firms and the companies that create the copy/social software. Copy/social trading was an easy sell to the masses initially; you did not have to be a “trader” to get the results of a “trader”. By appealing to non-traders, it increased the size of the target market for the Margin Trading Products (“MTP”) industry as a whole.

      e-Toro seems to have created a community and become the standard for copy/social trading. They have the winning formula for growing a business; proprietary software, a growing community of users, and an increasing eco-system of companies that are surrounding e-Toro’s platform (which further cement’s e-Toro’s position at the center of copy/social trading). MetaQuotes has those three characteristics as well which is why they have been successful for so long despite competition with superior products.

      So like most industries and products, one or two copy/social companies will emerge from the pack and go on to dominate the space for copy/social trading. It seems at this time e-Toro has the lead there. This agreement with SwipeStox & FXCM is part of the natural growth efforts of mature company such as FXCM. It may move the needle a bit for FXCM. If so, it is a big win for SwipeStox. Despite the setbacks from SNB and subsequent financing events, FXCM is still a dominating player in the MTP space and they need to always be searching for growth avenues.

      The reason I bothered replying is that I agree that copy/social trading will soon fade (except at dedicated firms like e-Toro). So the questions is…..what is the next marketable product/service that the industry can grab onto? What will drive the next round of new users and traders to the industry?

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SwipeStox signs up FXCM for its mobile social trading app

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