Yahoo Japan’s YJFX Terminates its Social Trading System in July 2017

YJFX!, the retail Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker owned by Yahoo Japan Corporation (TYO:4689), has notified its traders that the firm is terminating its social trading offering, called 'Trade Collector'. The change comes into effect on July 21, 2017.

The London Summit 2017 is coming, get involved! [gptAdvertisement] Trade Collector, a mix of Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term and traditional card games, allows traders to do social trading based on selected strategies of live traders and adopts a card game style to lure novice traders to its platform. However, the unique concept wasn’t matured enough to attract customers desiring a more professional trading environment. All clients with an account at YJFX were able to use this service, making them 'card creators' (providing information about their trades exhibited via cards) or 'card players' (followers of the card creators).

In a post entitled “Information on termination of trade collector service” the company actually didn’t reveal the reasons behind its plans to abandon the offering, which was introduced in 2015 in the context of the mainstream adoption of social trading.

YJFX also didn’t say if the company is in search of a replacement to the social trading platform – but one thing is certain, many firms that have ventured into forex social trading in the past few years are putting their products under review.

Due to the change, all users of the service are advised to close all open positions by July 7, 2017. The transactions will be automatically closed by the broker at the specified date if not closed by clients.

YJFX designed Trade Collector to provide users with trade signals that the company creates and modifies after analyzing forex trading strategies and trading information provided by its live traders. YJFX believed that it could reduce trader anxiety about forex by offering trading know-how, but this after more than two years it did not prove to be effective.

YJFX is 100 percent owned by Yahoo Japan. The retail FX brokerage was started in 2003 and is part of the parent company’s financial and payment-related services. Yahoo Japan does not report results from the dealings of its FX brokerage subsidiary in detail.

The unit is part of the ‘Other Business’ segment of Yahoo Japan, which accounts for 8 percent of the revenue and 5 per cent of the net income of the parent firm. In 2015, the segment generated about $270 million in revenue (¥32.3 billion) with operating income amounting to $96.6 million (¥11.6 billion).