X Open Hub and ZuluTrade form partnership and on-board XTB as first client

The independence of social trading continues as X Open Hub includes ZuluTrade in its broker solution

The onset of opensource solutions with which FX brokers can select the modus operandi themselves prevailed last year, with many technology firms understanding that brokers need to differentiate their product ranges from those of their competitors. This applies also to social trading solutions, the demand for which has evolved considerably toward broker and platform neutrality over recent times, insofar as nowadays some social trading networks encompass traders across many brokerages and platforms.

Today, a further platform and broker agnostic technology provider has followed this line of thinking, this time X Open Hub, whose ethos has adapted since its re-branding from X Financial Solutions last year from a third party software provider to an open source trading environment, has partnered with ZuluTrade in order to provide social trading solutions directly to brokers.

In terms of functionality, ZuluTrade tracks traders globally, while simultaneously enabling users to share their knowledge and mimic successful trader positioning. As a result of the collaboration between ZuluTrade and X Open Hub, the social trading provider’s tracking and execution technology has now been fully integrated with X Open Hub’s trading environment and is available free of charge for the end user.

X Open Hub is a cloud-based, multi-asset trading environment with an open API infrastructure allowing anyone to develop on top of the existing front and back office technology, which the company considers a boon for developers of third party applications wishing to provide their systems to X Open Hub users, adding to the competition which MetaQuotes continues to face, despite MetaQuotes’ disdain for third party software systems, in particular social trading platforms, which attach to the MetaTrader 4 platform without any re-engineering or approval from MetaQuotes.

Innovation is often spurred by events such as MetaQuotes’ purge of third party software providers, and X Open Hub’s partnership with Tradency last year was one of the first steps made toward social trading platform providers looking toward a more adaptable future, whilst paving the way for X Open Hub’s corporate leaning toward social trading.

Similarly, social trading platform providers have begun to increase their footprint by partnering with platform companies, as well as institutional FX providers, as demonstrated by Tradency’s partnership with CFH Clearing last year.

This provides a very efficient distribution channel, as social trading platforms can be delivered to brokers at the time of establishing a relationship with the technology solution provider or liquidity provider itself, something which Leverate saw significant benefit in some time ago when Sirix Social Community was launched and incorporated in the company’s broker technology solution. 

Founder of ZuluTrade, Leon Yohai today made a statement regarding the partnership: ‘ZuluTrade’s core concept is to offer an open environment where traders on a global level can connect to any trading platform and sell their knowledge.’ He continued: ‘This is an exciting opportunity for all those brokers currently using X Open Hub. Now they can easily integrate ZuluTrade within their own platforms and enjoy all the benefits of ZuluTrade’s unique trading technology.’

The first brokerage client to take advantage of this collaboration is Top 10 EU retail broker, XTB. Their project went live at midnight March 28th, 2014 UK Time.

Of this new collaboration, Jakub Zablocki, Managing Director of X Open Hub said: ‘This is a breakthrough development for the industry. In partnership with ZuluTrade, we can now offer our flagship FX open trading environment with world-renowned technology provider ZuluTrade, whose solution is perfectly complementary to ours. We look forward to the advantages that this collaboration will bring to our broker clients and their end users.”

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

Read Also: