HotForex, regulated by the Financial Services Commission of Mauritius under the name HF Markets Ltd., announced today the launch of HF Social, a new social trading service offering that gives its clients access to the trading portfolios of more than 250,000 traders.
The broker explained to its clients that the new offering would allow them to share strategies and discuss breaking news, analyse the performance of other traders, follow the traders who are of greatest interest and other features of copy/social reading.
HF Social itself is powered by FxStat, which refers to itself as the fastest growing traders’ network in the world. Last week, it was reported that after being regulated for about four years by the U.K. Financial Conduct Authority (FCA), FxStat has obtained a new set of permissions for its license, including funds management and advisory services.
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A spokesperson for HotForex commented, “The launch of HF Social, which is powered by FxStat, one of the most popular social trading networks in the world, truly opens the door to the world of social and copy trading to HotForex clients.”
“Our clients already benefit from a wide range of industry leading services and accounts including the HotForex Zero Spread Account, complimentary FX trading webinars and the 100% Supercharged Bonus, and the introduction of HF Social signifies an opportunity for them to connect with other traders, diversify their investments and reduce their risk by stepping into an exciting social trading arena,” he added.
Despite this, copy trading should not be a new concept for clients of HotForex as the broker used to support ZuluTrade. The broker offered the solution up until January 4th, 2014, when it removed the ZuluTrade platform as a product, as a result of hacking accusations from MetaQuotes.
The cooperation between the broker and the the copy trading solution did not end completely in 2014. In January 2015, OptionTrade, HotForex’s binary options trading brand, was one of the first brokers to start supporting the ZuluTrade binary options social trading solution.