In a bid to encourage small traders and investors, Australian-owned forex and CFDs brokerage AxiTrader has tied up with the financial technology company Tradency to offer the trading platform Mirror Trader.
This will allow AxiTrader clients to sieve through thousands of predefined and proven trading strategies, based on complex algorithms designed by experienced traders, to pick and chose strategies that suit their accounts and trading styles, and have them copied over to their account.
Users can also view the past performance of a specific strategy and ensure that they follow only those that they want to. By providing such a wide choice, users will not be restricted to a specific strategy and will be able to allocate parts of their portfolio to different strategies.
The clients will also be able to understand how professional traders think, and work out strategies by studying those of the professionals and the thinking behind them. Small traders could thus become better traders themselves.
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Mirror Trader is the latest and most advanced copy trading platform from Tradency, whose other copy trading platform RoboX has been used by many brokers.
Making the Right Choice
AxiTrader believes that it has made the right choice of platform after having gone through several other similar ones. It needed a platform that would satisfy regulatory and risk management requirements and AxiTrader believes that Mirror Trader ticks all the boxes.
Louis Cooper, AxiTrader’s Global Head of Retail Services, said: “We’re regularly approached by developers seeking to promote trading software they have built, but we’re very discerning about who we choose to work with and are very thorough in our risk assessments and testing. We’ll only partner with a third party product if we’re confident the platform does what it claims, satisfies regulatory and risk management requirements and has the potential to give our clients an advantage in the markets.”
“Mirror Trader definitely has that real value, whether it’s for beginners using it to get an insight into how top traders think and work, or for pros using it as a source of extra reference and reinforcement. Traders can see for themselves how strategies have performed and can use that to manage their own levels of risk,” he added.
AxiTrader said that this program will be available as a complementary service for any client to try, although minimum monthly trading volumes may apply.
Through this move, AxiTrader hopes to increase trading volumes not only by providing a wider choice to its clients and encouraging them to trade more but also by looking to attract new investors and small traders alike.