AvaTrade, a foreign exchange (forex) and contracts for difference (CFD) broker, and CPattern, announced this Wednesday in a joint statement that they will be expanding their collaboration.
At present, AvaTrade has been utilizing CPattern’s ‘Guardian Angel’ tool, which is installed as an EA on the broker’s MetaTrader 4 and MetaTrader 5 consoles. The tool gives personalized feedback to traders in real-time.
This feedback has been designed to increase traders’ awareness of their decision-making platforms. However, the ‘Guardian Angel’ tool does not give trading advice.
After testing the tool with a control group, AvaTrade is now considering expanding the accessibility of the feature, to be available across its entire operation. This would include web and mobile applications and the adaptation of the tool to all necessary languages.
How Will Zero-Fee Investment Platforms Impact Traditional Stock Brokers?Go to article >>
AvaTrade: Guardian Angel Tool Increased Trading Activity
According to the statement given to Finance Magnates, the Dublin-based broker found there was a “direct positive connection” between the personalized tool and trading activity and trading volume.
Commenting on the expansion, Dáire Ferguson, the Chief Executive Officer (CEO) of AvaTrade said: “As an innovative company that puts a great emphasis on our clients, it’s our duty as well as our privilege to come up with new and improved trading solutions for them. We trust Guardian Angel will continue to be a great tool for our clients.”
Through its testing, AvaTrade also found that the Guardian Angel tool had a high adoption rate with traders. And that they “seem to gain a sense of control over their trading and it increased their trust with AvaTrade’s brand,” the statement said.
“We appreciate AvaTrade’s efforts to make rigorous and professional analysis. We gave them all the necessary data to run their test because we are confident in our tool. The partnership with AvaTrade is long lasting and we are proud and grateful to be of value to their retention automation strategy,” added Oded Shefer, the CEO of CPattern.