Australian Social Trading Network FX Copy Off to Quick Start
After making a splash in Australia by acquiring Go Markets and Enfinium, Japanese financial firm AIP has been actively launching
After making a splash in Australia by acquiring Go Markets and Enfinium, Japanese financial firm AIP has been actively launching new products within their brokerages. One initiative was the launch of a social network called FX Copy, based on technology from FX Junction. The network was launched in September and connected AIP’s Go Markets, Enfinium, and Vantage FX brands. Following up on the new product, FX Copy has announced that the network has reached 2550 traders in two months and has also scored the participation of ‘name’ traders providing signals into the network. On the broker’s side, the FX Copy service has received positive feedback.
The quick success of FX Copy to build out a decent size network in two months continues to show interest for social trading remains strong. Last month, the copy/social trader sector was joined by Metaquotes as it launched a trading signal network for its MT4 & Mt5 platforms. While overall forex volumes have fallen in 2012, the social sector continues to be an area of growth. The question now is in what inning are we in this trend cycle, and will there be enough room to handle all of the new participants? Also, as opposed to eToro which runs the largest and most diverse social trading network, the newest arrivals have generally been cross-broker initiatives. As a social network is only as good as its members, the cross-broker platforms have been launched to tap into a larger base of traders for users to follow.
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The social networking trend is not new ,FXJunction , IBFX Connect, FXcopy are all basically copies/shells of each other . The concept for the smaller “broker branded” Social Networks is really to internalize the flow and not use larger Social/Copy platforms on the market right now . As a brokerage owner I can tell you that It would be great to increase my overall daily volume without adding any additional markups or cost on my end . This means I would need a good internal replacement for my Zulu and Mirror Trader platforms. New Participants will need to really come… Read more »
good point, btw fxjunction provides ibfxconnect
The FxJunction software needs some serious improvement. A user is unable to contact his followers directly (must email one-by-one and go through a manual process of clicking on the username to do this). There is no chat feature, and the messaging system does not allow multiple people to join the conversation, or comments on trades to be organized. No easy ability to submit screenshots or attachments. No live chat available between traders.
I was surprised at how amateurish the bridge was, considering mirroring software has been around for quite a while.
@Jon – emailing and contacting followers is a little bit of a sticky issue. There is always a worry that a ‘guru’ will leverage the network and try to get his followers to move with him/her to another broker or become a money manager. Therefore, I assume fxjunction wants to allow their users to have some ability for contact but don’t want it to become to easy