Retail forex broker Fibo Group is again showing its commitment to cryptocurrency community by launching a new service to add PAMM accounts to its offering, a move that effectively allows digital currency traders to become money managers for other users.
The PAMM technology, or Percent Allocation Management Module, has been widely used by traders in the forex and mainstream markets, though it was relatively rare to find managed accounts services available to users of Bitcoin and its likes.
This new service facilitates the relationship between skilled traders and their followers and provides crypto portfolio managers the ability to showcase their performance in a relatively uncharted space.
The money managers can open a PAMM crypto account as a master and trade CFDs on Fibo Group’s suite of cryptocurrencies. The company’s offering gives clients trading exposure to nine of the biggest digital currencies; BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), ETC (Ethereum Classic), ZEC (Zcash), DASH (Dash) and XMR (Monero).
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PAMM products have been a significant trading volume generator for retail brokers in traditional markets, and the recent hype around cryptocurrency is more than enough to justify Fibo Group’s step to offer a product that is attractive for clients, and we even expect more brokers to follow suit.
The ability to attach multiple accounts to a master account which is managed by a portfolio manager has been a familiar fixture within FX companies for more than a decade. The value of this service derives from the possibility of merging the knowledge and experience of money managers with the capital of subscribers in order to attain mutually beneficial results.
Another advantage of the PAMM service is that it allows account holders to easily send one batch order to liquidity providers, and one price is allocated to all participants in real time.
FIBO Group, Ltd. is regulated by the Financial Services Commission (FSC) in the British Virgin Islands (BVI). The group includes FIBO Group Holdings Limited (Cyprus) and FIBO Australia Pty Ltd (Australia), operating under the brand, and offering mainly MT4/MT5.