Synergy FX Expands Product Offer with Leverate's Social Trading Technology

Online trading technology provider, Leverate, has partnered with Australian straight-through processing Forex broker, Synergy FX, to offer the broker’s clients copy trading opportunities.

Under the deal, the Sydney-based brokerage, which specializes in managed trading accounts, will integrate Leverate’s updated Sirix webtrader into its existing MT4 online Trading Platform , allowing the broker to add social and copy trading to their existing portfolio of products.

In essence, Synergy FX traders will be able to copy other traders’ actions through data gleaned from Sirix’s established social network.

Synergy FX sees copy trading as a way to educate its current client base, and ultimately to increase the volume of trades that it processes.

The introduction of copy trading capabilities coincides with Synergy FX’s upcoming launch of the Synergy FX academy. By utilizing Leverate’s social trading technology, clients will be able to gain insights into the activities of experienced and sophisticated traders, some of whom have recently met with success through the delivery of the Phoenix trading strategy, which has achieved returns of 120% in the last 23 months.

At present, the antipodean firm is the only Australian broker with the requisite licenses from the Australian Securities and Investments Commission (ASIC) to offer copy trading services in this way.

ASIC has been cracking down on services in which operators are trading on behalf of their clients. Just last year, it restricted the operations of Monarch FX for four years for using trading software to automatically execute trades on clients’ accounts without instructions for each transaction despite not being licensed to do so.

Given that Synergy FX is licensed to operate managed accounts on behalf of clients, it will be able to fully utilize the Leverate’s social and copy trading technology to execute trades using managed client funds.

This partnership will lead to more opportunities for finding, following and copying Master traders.

Synergy FX CEO, Christian Dove, commented on the firm’s new social and copy trading capabilities: “This new partnership with Leverate is yet another example of the strides we are taking as we continue to differentiate ourselves from others. Being the only brokerage that is fully licensed to provide this trade copying opportunity is something our clients will benefit from the most, as they will be able to copy an entirely new set of traders."

“Australian traders are going to benefit the most from this partnership, as it will lead to more opportunities for finding, following and copying Master traders, including those who have not elected to officially work as Fund Managers,” added Leverate CEO Kobi Gur.

The addition of a new Australian partner makes up for the fact that a number of clients have chosen to move away from Leverate’s Sirix webtrader in recent months. In June, Finance Magnates reported that Australian brokerage, Pepperstone, would use a new cloud-based solution from Fortex. While late last year, long-time Sirix user, markets.com, launched its own webtrader platform solution.