A couple of days ago FXstreet.com and Tradency Inc announced a joint venture where FXstreet will introduce Tradency’s auto trading platform to its visitors.
FXstreet.com is one of the world’s largest foreign exchange (Forex) portals and Tradency Inc. is a global market leader in automated Forex software. The deal includes Tradency’s “Mirror Trading” product, in which traders can view and adopt dozens of strategies from leading Forex experts.
The mirror trading product will be offered under Tradency’s FX-Auto brand name. Traders will be able to utilize and execute proven strategies in their own portfolios after following three easy steps.
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This might not sound like big news but it is. Tradency leads the auto trading market with almost every respectable Forex broker as a client or in the process of becoming one. FXstreet.com, to the best of my knowledge, is not a Forex broker but a Forex portal. And this my friends is the big news. I have long anticipated that the Forex portals will realize that advertisement money is never enough and that there is a lot of money to be made utilizing their large number of visitors.
The only business most Forex portals had so far is CPM – being paid by brokers for number of impressions their banners get. Some like trade2win offer Forex added value products like chart packages or books. Some small portals offer trading rooms and signal services.
For some reason large Forex portals like fxstreet, forexfactory and others have overlooked other complimentary products and I’m glad that someone met the challenge. It remains to be seen how successful will this joint venture be – Tradency certainly can provide the quality software and FXstreet can certainly provide the large traffic – success shouldn’t be too difficult. The only thing this partnership lacks is a broker’s brandname and its services umbrella.