Launched earlier this year as a SaaS offering to individual traders, Magick, a cloud-based strategy builder and deployment technology firm, has finalized its first broker collaboration with UK-based Atom8. Following the partnership, Magick’s services are being made available to Atom8 MetaTrader 4 account holders with traders who meet a minimum volume threshold and are provided the automated trading product for free.
According to David Andrews, Partner at Atom8, who spoke to Forex Magnates about the news, currently around 40% of the broker’s customers are estimated to be using Expert Advisors (EAs), but their trading composes 80% of overall volumes. As such, the Magick offering is viewed by Atom8 as being complementary to meeting the needs of their client base.
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In regards to why they chose to work with Magick versus other systems, Andrews explained saying, “I have been an automated trader for years and Atom8 had initially looked into coding EAs for frequent trading clients. However, that is a time-consuming and expensive proposition. With Magick, traders can build a strategy in under 10 minutes and test it immediately. The speed to execution is unparalleled for automation.” Andrews added, “What is also great is that Magick listen to their customers’ needs/ requests and communicate and answer questions promptly.”
Also speaking to Forex Magnates about the deal, Mikael Breinholst, CEO and Co-founder at Magick, explained that the partnership occurred after “Atom8 performed extensive tests of Magick and our connection to their trade servers and the tests confirmed that we have a very low latency connection to their trade servers.” As a result, although Magick’s services can connect to MetaTrader 4 terminals at any broker, they expect optimal low-latency results for Atom8 customers who connect their account.
In relation to why they partnered with Atom8 as their inauguaral broker, Breinholst answered, “Out of the numerous brokers we are working with we chose Atom8 as the first broker to officially partner with. Similar to Magick, Atom8 is bringing high-quality, institutional grade technology to the retail market and they share our passion for customer engagement and world class customer support.”