Retail forex broker FXOpen is again showing its commitment to cryptocurrency community by launching a new service to add PAMM accounts to its offering, a move that effectively allows digital currency traders to become money managers for other users.
The PAMM technology, or Percent Allocation Management Module, has been widely used by traders in the forex and similar markets, though it was relatively rare to find managed accounts services available to users of Bitcoin or its likes.
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This new service facilitates the relationship between skilled traders and their followers and provides crypto portfolio managers the ability showcase their performance in a relatively uncharted space.
The money managers can open a PAMM Crypto account as a Master and trade CFDs on FXOpen’s suite of cryptocurrencies such as Bitcoin, Ethereum, Litecoin and DASH. On the other side, the new offering allows investors to follow trading strategies of Master traders by selecting this type of account as a Follower.
PAMM products have been a significant trading volume generator for retail brokers in traditional markets, and the recent hype around cryptocurrency is more than enough to justify FXOpen’s step to offer a product that is attractive for clients, and we even expect more brokers to follow suit.