FX portal and forum myfxbook announced yesterday that AxiTrader, an Australian FX firm, is now the latest brokerage to offer myfxbook’s AutoTrade to its clients.
myfxbook’s AutoTrade program has recently been adopted by a number of FX brokers worldwide, such as Estonian company Armada Markets and fellow Australian IC Markets, as previously reported by Forex Magnates. The AutoTrade program allows traders to copy trades of signal providers independently of the broker they use, and can rely on myfxbook’s user base of over 90,000 to expand. With already supported brokers like FXCM, Pepperstone, ThinkForex and IamFX, myfxbook is positioning its AutoTrade program to be a major player in the FX social and copy trading segment globally, and particularly in Australia.
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Speaking with Forex Magnates, Sam Eder, a representative from AxiTrader said that initially the firm will focus on marketing myfxbook to its own existing customer base. AxiTrader’s representative believes that their traders have been very quick to take to myfxbook, claiming: “Already two of the top three performing traders on myfxbook are AxiTrader clients.”
Commenting on copy trading as a source for trading volumes and the social trading trend, AxiTrader’s representative said: “Copy trading will be a volume generator for us…we anticipate copy and social trading along with other forms of managed trading to eventually account for over half of our total volume.”
Asked about choosing to partner with myfxbook, the AxiTrader’s representative said: “myfxbook allows our customers to “go shopping” for successful trading strategies. We will have more satisfied and happy customers. This makes myfxbook a key aspect of our client retention strategy,” continued Mr. Eder.
The FX firm foresees a consolidation in the social trading market around two major players, one of them being myfxbook, and that according to Mr. Eder is “a contributing factor to our alliance with myfxbook.”
Goran Drapac, AxiTrader’s CEO commented in a press release: ‘AxiTrader is pleased to partner with myfxbook, the acknowledged leader in trading system comparisons and we believe their auto trade system will become the benchmark of the copy trading industry.”