Tradency has just announced that it has expanded its presence in the Cyprus forex market, and has partnered with four new brokers. The brokers include Hot Forex, XEMarkets, FX Pulp, and United World Capital. With volumes lower and more competition among brokers for clients, firms are trying to differentiate themselves in what is becoming a commoditized business. Automated and social trading have been benefitting from the trend among brokers to offer more products to clients. As such, this sector has been one of the few areas exhibiting growth in 2012.
In a separate announcement, Japanese broker Invast Securities announced that it had reached 30,000 clients using Mirror Trader since its launch last year. In our interview with Invast President Takeshi Kawaji in October he explained the rationale for why Mirror Trader was succeeding with them “To put it simply, ST24’s attractive concept is “To be managers rather than players.”
So far using traditional trading strategies, we have traded at our own discretion. It was just like a baseball player in the batter’s box, trying to get a hit or slam a home run hitting the ball being thrown by the pitcher. However, with ST24, the trader will play just like a manager of baseball team. Instead of standing in the batter’s box himself, he selects the batter to play by checking out the historical track records, examining the data of the players and selecting the starting members. If the performance is good, you can let them keep playing. If you think the fourth batter doesn’t hit well, then you can replace him. In ST24, you can operate like you are the manager of the team.”
From Tradency’s Press Release today:
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Since the conceptual change to its business model earlier this year, Tradency had successfully turned the Mirror Trader platform into a mass market product. By doing so, Tradency demonstrated record breaking growth in both business and volume. Oz Golan, Director of Sales, Tradency: “Cyprus is a very important market for us. It’s home to many leading Forex brokers we would be happy to call our customers. We are very pleased for each new broker adding Mirror Trader to their professional offering. We believe in its added value for brokers, answering to market grassroots demand for advanced mirroring tool, and at the same time maximizing their trading volume and revenues.”
Dr. Andreas Loizides, Chief Information Officer, XEMarkets: “Mirror Trader is a very popular platform among our clients, and we as a broker, aim to accommodate our clients. It’s extremely efficient with the novice trader, thanks to its user friendly features and at the same time it benefits the experienced trader as it allows them to expand and improve their trading to alternative currency pairs or other financial instruments. So at the end of the day it’s a win-win situation – our costumer are satisfied and we see a steady increase in deposits/volumes”
From Invast Securities Press Release last week:
We are pleased to inform that Mirror Trader “ST24” provided by Invast Securities Co., Ltd had 1st anniversary on November 28, 2012 and achieved the significant milestone of reaching 30,000 registered accounts on November 21, 2012. Mirror Trader “ST24” launched on November 28, 2011 and has constantly increased its accounts for a year due to the simplicity of the system by just selecting a strategy and start trading in no-taking time.
By offering the Mirror Trader “ST24” to not only to system trading users but also to novice and experienced traders, we were able to reach 30,000 accounts. We are truly thankful to all customers for their loyalty towards using the Mirror Trader “ST24” and we are committed to provide more valuable and profitable service in the future.