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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