ForexClub has launched the Mirror Trader platform by Tradency. ForexClub advertises that they have the lowest spread on the Mirror Trader platform beating their competitors by anywhere from 0.2 to 1.1 pips on the major pairs. This is a great move by ForexClub to compete aggressively on spreads for a couple of reasons. Tradency, the company that makes the Mirror Trader platform is going through a re-branding phase where all brokers who license it’s platform have to use the name Mirror Trader. This is an attempt by Tradency to brand their platform like Metatrader. In the past the same product was sold to retail clients under different names, for example, it’s called Forex System Selector at FXCM, Systematic at Alpari and Auto at FXDD. Now that the platform will be known as Mirror trader across the board, with all features being same, key differential will be spreads and execution. One of the drawbacks of automated trading is that traders are not necessarily watching their price feed and don’t know the actual spread they are getting. They are sold on the system performance. This move by ForexClub will cause other brokers to tighten their spreads and increase transparency, which benefits traders. Just like MT4 Expert Advisor users shop around across various MT4 brokers for the best spreads and execution, I can see traders following a particular strategy on the Mirror Trader shopping around for the best spreads and execution.
“MirrorTrader gives the retail trader an opportunity to easily allocate their money to well-established and proficient money managers. This gives participants an ability to excel in the markets in a way that they may not be able to on their own,” says the company’s Head of Currency Research, Andrei Tratseuski.
MirrorTrader version 2.0.34 was recently released by Tradency. In this new version, traders can utilize
1. Live chart opening- the chart can be opened by clicking the instrument’s symbol in the following areas: open signals, closed signals, open positions tab, rates tab and rates bar.
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2. Strategy card opening- the card can be opened by clicking on the strategy’s name in the open signals (in addition to current possible areas).
3. “Mirrored” number- a notification was added above the time line bar in the live signals, showing how many clients chose to mirror the displayed signal.
4. Non hedging accounts- a notification was added to non-hedging accounts when the user tries mirroring a signal while he has an open position of the same symbol with the opposite type. In that case, a message will appear in the window notifying the client that mirroring this signal will close the current open position.
5. Sound was added to the platform, notifying whenever a new signal pops in the live signals tab.