The company is taking a different approach to social trading by aiming to build a vibrantly communicating community with a messaging system in addition to the typical signal copying environment.
When it comes to social trading there have been a number of players offering their services to the market. With the emergence of the phenomenon of trade following or copy trading, a number of providers have chosen to go the way of a brokerage after realizing that their costs are unsustainable.
The social trading broker concept was born, with a number of providers such as Darwinex, eToro and Tradeo stepping into the market. MFX Broker is one of the latest company to start offering its services to the market.
The firm created a social forex trading environment which blends trading and communication with the help of software developer, Tools4Broker, under the regulatory framework in Belize.
MFX Broker aims to deliver some additional features to its traders, aiming to diversify the user experience and possibly lead to higher long-term client retention rates. Amongst the features which are widely used is a competitions and tournaments section, a system of achievements for being active on the network.
Pending in development is an internal blog sphere which is available for those who are willing to share their views on the market publicly, and a hashtag system, just as seen on major social networks such as Twitter and Facebook.
We have already seen an internal blogosphere kick off on a high note – articles on Saxo Bank’s Tradingfloor.com website have been widely popular amongst the clients of the Danish brokerage and also outside of it. The blogs are publicly available and anyone is free to join the discussion of strategies.
Traders on MFX Broker will be able to communicate between themselves and rate each other, which also could cause some controversies, as malicious ratings have been feeding the internet troll ever since the creation of the world wide web.
The company shared with Forex Magnates that moderators will be vigilantly looking to prevent abusive behavior across the social and ratings network.
Speaking about the offering, the company’s Marketing Director, Denis Kulagin, shared with Forex Magnates, “We are aiming to deliver a fully unified social experience for our traders, where they can share their opinions and get help from more experienced participants in the community.”
“In addition, those who know the markets and are demonstrating consistent performance can monetize their skills just as it happens in other social trading networks,” he concluded.